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INTO AFRICA September 2019 Edition – Reviewing 2018 African Outlook

Welcome to the September 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Reviewing 2019 African Outlook. According to the July 2019 Word Economic Outlook, the growth in sub-Saharan Africa is expected at 3.4 percent in 2019 and 3.6 percent in 2020, 0.1 percentage point lower for both years than…

Nigeria Holds Key Rate at Record High Before Presidential Vote

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank held its key rate at a record high as it warned of rising inflationary pressures, it said. The decision to retain the rate at 14 percent was unanimous, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. All eight economists in a Bloomberg survey forecast the pause. Key Insights By keeping the rate at this level for more than two years, the bank has sought…

Abubakar Will Change Nigeria’s Central Bank Governor If Elected

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s main opposition candidate, Atiku Abubakar, said he would appoint a new central bank governor and float the naira if he wins next month’s elections. Godwin Emefiele is not doing a good job, Abubakar said, adding that he’d make the change when the governor’s first term ends in June. “I don’t think he’s pursued the right policies,” Abubakar, 72, said Wednesday in an interview in Nigeria’s commercial capital, Lagos. “We have…

Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal — an hour’s ferry ride from the oil…

Nigeria Approves MPC Members to Break Hiatus on Policy Rate

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s monetary-policy authorities can finally get back to the business of setting the country’s interest rates following a four-month hiatus. The Nigerian Senate on Thursday approved the appointment of two new central bank deputy governors and three other Monetary Policy Committee members, paving the way for a meeting to review interest rates for the first time this year. The lawmakers confirmed President Muhammadu Buhari’s nomination of Aishah Ahmad and Edward Adamu as…

Nigeria MPC Meeting Delayed by Up to 10 Days, Emefiele Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s Monetary Policy Committee meeting will be delayed by between a week and 10 days, central bank Governor Godwin Emefiele said. The postponement is to allow the Senate time to screen and approve nominees to the MPC, Emefiele said in an interview broadcast on CNBC Africa on Thursday. The meeting will take place “by latest, the first week of April,” he said. Senate lawmakers on March 13 finally agreed to start…

Nigeria Central Bank’s Acting as Piggy Bank, MPC Member Says

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LAGOS (Capital Markets in Africa) Nigeria’s central bank is acting like a “piggy bank” with its funding of the government, according to a member of the Monetary Policy Committee who said he struggles to understand the regulator’s economic rationale. Monetary data showed a “sharp rise” in the Central Bank of Nigeria’s financing of the government deficit this year, Doyin Salami said after the MPC’s July 24-25 meeting, according to a central bank statement published Tuesday. The regulator’s…

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