Finance | - Part 138

Nigeria not sure yet how much to borrow from World Bank

LAGOS (Capital Markets in Africa) – Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion. “The figure will depend on the (2017)…

IMF may consider extending Ghana aid deal, says its Ghana country head

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) may consider extending its three-year aid deal with Ghana if the new government requests an extension, the Washington-based lender said on Wednesday. The West African country is more than halfway through a $918 million programme signed in April 2015 to restore fiscal balance to an economy dogged by deficits, high public debt and inflation. The government of Nana Akufo-Addo, which took office in January…

Afreximbank and Ecobank agree US$500m programme for African trade and investment promotion

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LOME (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. The cooperation between the two institutions will support efforts at promoting intra-African…

Africa’s richest man Dangote plans rice mill in Nigeria to tap growing demand

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LAGOS (Capital Markets in Africa) – Dangote Group, controlled by Africa’s richest man Aliko Dangote, plans to launch a rice mill with a farm scheme in Nigeria to tap growing demand for paddy in Africa’s biggest economy, the company said on Monday. Rice demand in Nigeria hit 6.3 million metric tonnes (MT) in 2015, with 2.3 million metric tonnes produced at home, leaving the country reliant on imports, according to the agriculture ministry. Dangote Group…

Egypt making good progress in IMF programme, Lagarde says

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CAIRO (Capital Markets in Africa) – Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday. In November, Cairo agreed on the three-year loan deal with IMF, which involved tough economic reforms, such as cutting its budget deficit and floating the Egyptian pound. The currency plunged as low as around 19.50…

Nigeria aims to present reform plan in Feb for $1 bln World Bank loan

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LAGOS (Capital Markets in Africa) – Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014, has been in talks with the Washington-based lender for a year to secure a…

Nigeria sells US$1 billion to Eurobond Market Despite Investors’ Naira Concern

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LAGOS (Capital Markets in Africa) – Nigeria returned to international capital markets for the first time since 2013 and sold US$1 billion of 15-year bonds at 7.875 percent, which is below the initial target of about 8.5 percent. The US$ 1 billion Eurobond was approved by the Nigeria’s parliament to help finance its budget deficit -mainly for capital expenditures. Nigeria’s economic growth and U.S. dollar earnings are likely to gradually improve in 2017, supported by…

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