Features | - Part 220

Nigerian Property Crash Attracts Funds Looking Beyond Recession

LAGOS (Capital Markets in Africa) – A property market crash in Nigeria offers opportunities for brave investors betting that Africa’s most populous nation will deliver high returns when it climbs out of recession. Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online. Investing…

Nigeria Senates Reject Three-Year Spending Plan

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Nigeria’s Senate rejected the government’s spending plan for the next three years, less than a week after dismissing its $30 billion foreign-borrowing strategy on the grounds that the proposals lacked details. Budget and National Planning Minister Udo Udoma “is meeting with his fellow Senators today” on the matter, and will resubmit the 2017-19 spending framework with all details requested by Nov. 7, ministry spokesman James Akpandem said Friday by phone from the…

Nigerian Senate rejects Buhari’s plan to borrow $30 billion abroad

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s Senate rejected President Muhammadu Buhari’s plan for foreign borrowing of $30 billion through 2018 on technical grounds, without debating it. In a letter presented to the Senate last week, President Buhari said he planned to use $11.3 billion of the funds for government projects and programs and $10.7 billion for “special national infrastructure projects.” As a result, Buhari asked the Senate to immediately approve $575 million that the World Bank pledged in loans…

IMF says expects board to consider Egypt loan in next few weeks

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should be ready for board approval in the next few weeks and insisted that it would not call for cuts to food subsidies. “Progress has been made on a number of objectives and actions under that program in the subsequent period and we expect the program to come to the board within the next…

South Africa can avoid credit downgrades , Finance Minister says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa is making progress towards avoiding rating downgrades despite the economy not growing fast enough, Finance Minister Pravin Gordhan told a trade union gathering on Wednesday a week before reading his mid-term budget speech. Ratings agencies have warned they could cut the country’s credit rating to “junk” by year-end if the country does not lift growth to at least 1 percent annually. “As a country we have to understand…

FIX Technology: Three Years on the Nigerian Capital Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Any analysis of Frontier markets will, inevitably, underline the role of technology and best-in-class operational processes and establish them as key drivers to moving a market from “frontier” to an “emerging markets” classification. Enabling technology and transparent efficient processes are, therefore, essential ingredients for these markets to achieve their full potential; serving both a national need for developmental capital and wealth creation, as well as an international need for…

How is Africa Navigating the new Reality: Contraction or Expansion?

Posted on by The Editorial Team

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

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