Features | - Part 242

Nigeria | Central Bank of Nigeria to Create N750 Billion Agriculture Intervention Fund

LAGOS, Nigeria, Capital Markets in Africa: The Federal Government, yesterday, said it will collaborate with the Central Bank of Nigeria, CBN to create N750 billion agriculture fund as part of its commitment to making agriculture the mainstay of the Nigerian economy, just as it is committed to tackling the smuggling of poultry products into the country. The Minister of State for Agriculture, Mr. Heineken Lokpobiri, who disclosed this at the 2016 National Summit of the…

Desperate for Dollars, Investors Line Up for a Sure-Fire Loser

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: The hot trade in Egypt’s stock market is a sure thing — a guaranteed money-loser. Clients have been snapping up shares of Commercial International Bank Egypt on the Cairo market, paying in Egyptian pounds, only to turn around and sell them in London for dollars at a loss of as much as 30 percent, brokers say. Big international companies are so desperate to get dollars that they’re willing to…

Sierra Leone Pension Fund Buying Government Debt as Rates Rise

Posted on by The Editorial Team

Freetown, Sierra Leone, Capital Markets in Africa: Sierra Leone’s state-owned pension fund is increasing its holdings of government debt after rates more than doubled this year on Treasury bills sold by the West African iron-ore and cocoa producer. The National Social Security and Insurance Trust, or Nassit, is also increasing the maturities of its fixed-income investments, Alpha Keita, head of the fund’s Treasury Investment Division, said in an interview in Freetown, the capital. Nassit holds 105…

SWIFT’s messaging traffic grows by 12.5 percent in Africa

Posted on by The Editorial Team

Mauritius, 17 May 2016 – Data from SWIFT shows that Africa’s traffic growth has outperformed the total growth of SWIFT globally. In the year to date, total message traffic volumes grew by 12.8% versus 5.4% growth for SWIFT worldwide, illustrating that Africa plays an increasingly important role in SWIFT’s global business. Levels of growth were also significantly higher than in EMEA at 3.2% and the Americas at 6.7%, and closely behind Asia Pacific at 15%….

Goldman Surprised by Sudden Oil-Market Turn as Glut Vanishes

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected. A decline in production driven by unexpected supply disruptions, as well as sustained demand, have resulted in a “sudden halt” to the output surplus, Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a report dated May 15. Other banks such as Morgan Stanley, Barclays Plc and Bank of America Corp. also noted that supply losses are leading markets to…

Nigeria Inflation Quickens to Fastest Pace in Almost 6 Years

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigerian inflation accelerated for a sixth consecutive month in April and at the highest pace since August 2010, after an increase in gasoline and electricity prices in Africa’s largest economy. The inflation rate rose to 13.7 percent from 12.8 percent the month before, the Abuja-based National Bureau of Statistics said in an e-mailed statement, the same median estimate of 14 economists surveyed by Bloomberg. Prices rose 1.6 percent in the month. Rising fuel and electricity…

Algeria Signs Oil, Gas Deal as OPEC Member Boosts Sales

Posted on by The Editorial Team

Algiers, Algeria, Capital Markets in Africa: Algeria will supply oil and other energy products to Jordan for the first time under a memorandum of understanding signed on Monday, as the OPEC member seeks to diversify sales after years of stagnating oil production. Algeria’s state-run Sonatrach Group will start liquefied natural gas and liquefied petroleum gas shipments to Jordan in September, followed by crude oil, Algerian Energy Minister Salah Khebri said in an interview in Amman. Sonatrach and National Electric Power…

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