Nigeria | - Part 13

Development Agencies Investing $1.6 Billion in Nigeria Power

LAGOS (Capital Markets in Africa) – International development agencies are investing $1.6 billion in Nigeria’s plan to expand its power-grid capacity threefold in four years, the head of the country’s transmission company said. The World Bank, the French Development Agency, the European Union and the Islamic Development Bank are among agencies committing funds to projects in Nigeria to boost transmission capacity to 20,000 megawatts from the current 7,000 megawatts, Usman Mohammed, managing director of state-owned Transmission Company…

Nigeria States Seen Issuing Sukuk Bonds Next Year

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LAGOS (Capital Markets in Africa) – Some Nigerian states are working toward issuing sukuk bonds within a year as more investors are attracted to Islamic finance in Africa’s biggest oil-producing country, transaction advisers say. Nigeria’s federal government has put 100 billion naira ($282 million) in sukuk bonds on sale at 16.47 percent from Sept. 14 to Sept. 20 in its first ever such offering. The proceeds of the sale would be used for road construction…

Unintended Result of Nigerian Dollar Hunt Is Naira Shortage

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LAGOS (Capital Markets in Africa) – First Nigerian businesses were hit by a dollar shortage. Now there aren’t enough naira. A central bank requirement that companies back forward dollar purchases with naira is drying up supplies, helping to underpin a 2.1 percent gain since the local currency fell to a record low against the greenback on Aug. 9. At the same time, an increase in government borrowing is spurring banks to invest in the safety of sovereign debt rather…

Aliko Dangote Ups Bidding War for PPC With Cash, Share Offer

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fuelling a bidding war. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel…

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…

Wall Street Braces for Emerging-Market Jolt by Dodging Dollar

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LAGOS (Capital Markets in Africa) – After two years of almost uninterrupted gains in developing-nation currencies against the U.S. dollar, it’s time for a new strategy. That’s the assessment of traders who’ve grown anxious that the greenback’s 16 percent slide against a basket of emerging-market currencies since January 2016 has gone too far. The latest inflation reading in the world’s largest economy added to concern, possibly giving the Federal Reserve cover to tighten monetary policy. At the same time,…

Rand Merchant Bank Report shows South Africa Drops Position, Nigeria Not Among the Top 10.

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JOHANNESBURG (Capital Markets in Africa) – One of the most important findings of Rand Merchant Bank’s (RMB) seventh edition of Where to Invest in Africa is that the African continent could find itself hovering on the brink of disaster if it continues to depend on its current economic fundamentals and does not usher in economic diversification. Where to Invest in Africa 2018 highlights those countries which have understood the need to adapt to the prolonged slowdown in commodity…

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