Economy

ABIDJAN (Capital Markets in Africa): African economies remain resilient with a stable outlook in 2023-2024, despite the tightening global financial conditions, the African Development Bank (http://www.AfDB.org) has projected in a new report. The report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023 (https://apo-opa.info/40FddSu), estimates Africa’s average GDP to stabilize at 4% in the next two years, up from 3.8% in 2022. Presenting the report on 17 February on the sidelines of the 36th African Union Assembly…

LAGOS (Capital Markets in Africa)- The Nigerian economy ended 2022 on a strong footing, expanding by 3.5% YoY in Q4’22, aided by a resilient non-oil sector. The positive print in the non-oil sector reflected gains in the services sector, stemming from strong ICT, trade and financial services performances. From our assessment, the relatively impressive 4G and 5G network coverages, elevated CAPEX spending, and the growing expansion of Fintechs boded well for the telecommunication sector (+10.35%)…

ADDIS ABABA, Ethiopia, February 19, 2023/ — African leaders have pledged to take immediate action to integrate the recommendations from the newly released Africa’s Macro-Economic Performance and Outlook report into their national development plans. Zambian President Hakainde Hichilema said the study, conducted by the African Development Bank Group, provided an impetus for the continent’s leaders to forge ahead with needed reforms. His remarks were read on his behalf by Zambia’s Minister of Finance and National…

LAGOS (Capital Markets in Africa) – A brief history of monetary and fiscal policy of the twentieth century would go something like this. Monetary policy before the Great Depression of the 1930s was a much more limited endeavour in comparison to its contemporary scope, and it took a back seat to fiscal policy. Under John M. Keynes’ influence of fiscal policy came to be seen as an economic cure-all, relegating monetary policy to the rear…

LAGOS (Capital Markets in Africa) – S&P Global Ratings affirmed Nigeria’s long- and short-term foreign and local currency sovereign credit ratings at ‘B-/B’, with a ‘stable’ outlook on the long-term ratings. It attributed the ratings’ affirmation to expectations of high global oil prices in the 2022-23 period and a rebound in activity across most non-oil sectors, which will partially mitigate balance of payments and fiscal risks. Still, it considered that the economy’s heavy reliance on…