Economy | - Part 9

Nigeria to Cut Stake in Oil Assets Under Buhari’s Growth Map

LAGOS (Capital Markets in Africa) – Nigeria plans to sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year program to lift the economy from its worst slump in a quarter century and create 15 million jobs. Buhari proposes in a 2017-2020 economic blueprint to reduce the government’s stake in joint-venture oil assets and other holdings. Selling them will “optimize their efficiency and reduce fiscal burden on the government,” according to the proposal posted on the…

Ivory Coast to Review 2017 Budget Amid Slump in Cocoa Prices

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will revise its budget for 2017 after prices for the beans dropped by a third since the middle of last year, according to a government official. While the slump in cocoa prices weighs on income, the West African nation also has to provide for new expenditures, government spokesman Bruno Kone said by phone. Ivory Coast’s “resources are largely sufficient to face these expenses…

Nigeria’s economy shrinks by 1.51% in 2016 for first time in 25 years

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s economy contracted 1.5 percent in 2016 due to lower oil revenues and a shortage of hard currency, the National Bureau of Statistics said on Tuesday, its first annual contraction in quarter of a century. Africa’s largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered the OPEC member’s public finances and battered the naira currency. Crude sales make up two-thirds…

South Africa’s 2017 Budget Analysis: A tough and taxing year ahead – STANLIB

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Johannesburg (Capital Markets in Africa) – The South African Minister of Finance, Pravin Gordhan, delivered a tough budget for 2017/2018, highlighting the need for significant tax increases, especially on wealthier individuals, while at the same time endeavouring to contain government expenditure. Although the government’s fiscal parameters are expected to remain largely under-control over the coming year, there is a lack of new initiatives to meaningfully stimulate the economic growth of the country. Under these circumstances,…

Zambia Ratings Affirmed by Fitch; Outlook Negative

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LUSAKA (Capital Markets in Africa) – Fitch Ratings has affirmed Zambia’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with Negative Outlook. The issue ratings on Zambia’s long-term senior unsecured foreign- and local-currency bonds and short-term senior unsecured local-currency securities are also affirmed at ‘B’. The Country Ceiling is affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs at ‘B’. Zambia’s ‘B’ IDRs reflect a combination of the country’s persistent fiscal…

Nigeria says sees no need to go to IMF, plans its own reforms

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LAGOS (Capital Markets in Africa) – Nigeria sees no need to apply for an International Monetary Fund programme as it is pursuing its own economic reform plan, Finance Minister Kemi Adeosun said on Tuesday. Sharp falls in the price of crude oil, its main export, have tipped Africa’s biggest economy into its first recession for 25 years and hammered the naira currency, prompting speculation it might need IMF funding to cover a growing budget deficit….

West African CFA franc zone to see strong growth, increased risks, Says IMF

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

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