West Africa | - Part 20

Nigeria’s Buhari Seeks Approval of $7 Billion Borrowing Plan

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari asked lawmakers to approve a plan for the government to borrow $7 billion through 2018 from abroad to develop railroads and support an economic recovery. The Export-Import Bank of China approved $6 billion of loans for railroad projects, including $3.5 billion to build a line connecting the commercial capital, Lagos, with the south eastern city of Calabar, according to a letter from Buhari to the lawmakers, which Bloomberg saw…

Ivory Coast Said to Plan $1 Billion Eurobond Sale by End of July

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. The government is negotiating to sell bonds with 10-year maturity and the sale will probably happen in June or July, according to the people, who asked not to be…

Nigeria Said to Let Market Set Naira Rate on Exchange Window

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two…

Nigerian Banks Seen Benefiting as Dollars Start to Flow

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – An increase in dollar sales by Nigeria’s central bank is giving the country’s lenders reason to cheer. “We see an improvement in the number of letters of credit, bills being settled and remittances being allowed,’’ Segun Ajibola, president of the Chartered Institute of Bankers of Nigeria, said in an interview in Lagos, the nation’s commercial hub, on April 21. “Ordinarily, a margin will always be left behind for banks,…

Nigerian finance minister says country needs to tap its non-oil revenues

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigeria plans to get out of recession by boosting government revenues and cracking down on corruption, Finance Minister Kemi Adeosun said on Thursday, and will also issue more international debt to pay for infrasturcture projects. The country is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, weakened the currency and caused dollar shortages frustrating business and households. World Bank chief…

Ivory Coast slashes budget on low cocoa prices, President Says

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast has cut planned spending for 2017 by 10 percent due to a sharp drop in world prices of cocoa, its leading export, President Alassane Ouattara said, according to Thursday’s edition of national newspaper Le Patriote. The move is a major concession by a government that has prided itself on its stewardship of the West African country – the world’s biggest cocoa exporter – during its recovery from…

Nigeria’s Buhari Suspends Top Aides Over Graft Allegations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari suspended two senior administration officials linked to graft allegations and ordered an investigation, the presidency said. David Lawal, secretary to the government, is being probed for alleged violations of “law and due process” in the award of contracts, presidential spokesman Femi Adesina said Wednesday in an emailed statement. Ayo Oke, head of the National Intelligence Agency, is facing investigation over the discovery of $38 million and other currencies in…

« 1 … 18 19 20 21 22 … 28 »