funding |

Central Bank of Nigeria boosts key industries with $2.83 bln for economic recovery

LAGOS (Capital Markets in Africa) – Nigeria’s central bank has disbursed $2.83 billion to critical sectors of the economy in December and January, it said in a statement on Thursday, in an attempt to kick-start a struggling economy and alleviate a drought of foreign currency. Nigeria’s economy is wallowing in its first recession in a quarter of a century, hamstrung in part by low exports of the crude oil on which the government depends for…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

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ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Nigeria Heads to London, U.S. for First Eurobond Since 2013

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LAGOS (Capital Markets in Africa) – Nigeria will meet investors this week for its first Eurobond sale in more than three years as Africa’s most populous nation battles an economic contraction and the worst dollar squeeze in almost a decade. Beginning Friday, officials will hold roadshows in London and the U.S. before the proposed issue of 15-year bonds, the country’s longest-maturity dollar notes yet, according to a person familiar with the matter, who is not…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

Kenyan private equity firm Fanisi Capital launches second fund

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NAIROBI (Capital Markets in ) – Kenyan private equity house Fanisi Capital is looking to raise $75-100 million for its second fund to invest in firms in East Africa, it said on Wednesday. Fanisi, which has already invested its first fund worth $50 million in healthcare, food processing and education, said up to $40 million of the new fund will be raised locally. “Several leading pension funds have already committed to putting money into the…

Denham Capital and GreenWish Partners Sign Strategic Partnership

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NIGERIA, Capital Markets in Africa: Denham Capital, a leading global energy-focused private equity firm, and GreenWish Partners, a renewable energy investment company dedicated to sub-Saharan Africa, today announced a partnership to develop, build and finance a portfolio of 600 megawatts (MW) of renewable energy assets across sub-Saharan Africa by 2020. The capital commitment will allow the African renewables platform to carry out a USD$1 billion project pipeline. Charlotte Aubin-Kalaidjian, CEO of GreenWish, said, “We look…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

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LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…