Nigeria | - Part 24

Nigerian Central Bank to Keep Tight Monetary Policy, Nnanna Says

LAGOS (Capital Markets in Africa)- Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost double the upper limit of the bank’s 6 percent to 9 percent target. “We are battling with liquidity as it were, so tight monetary…

March’s Inflation Trends Across the African Continent

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LAGOS (Capital Markets in Africa) – Angola’s inflation eased to 36.52 percent year-on-year in March from 38.32 percent in February, data from the National Statistics Agency reported. Price increases on a month-on-month basis slowed 1.91 percent in March compared to a 2.3 percent previously. Algeria’s consumer price inflation stood at 7 percent year-on-year in March from 4.7 percent a year earlier. The National Statistics Office reported. Inflation reached 1.6 percent in March compared with the…

INTO AFRICA May 2017 Edition: Africa’s Insurance Markets Uncovered

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LAGOS (Capital Markets in Africa) – Welcome to the May 2017 edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. This edition focuses on the Insurance sector and is titled: Africa’s Insurance Markets Uncovered marks an exciting time in the sector. Please download by clicking: INTO AFRICA PUBLICATION: MAY 2017 EDITION. The insurance sector remains under-developed in Africa (it generates barely 1.7% of global insurance premiums) despite being home to 15% of the World’s population,…

Nigeria Seeks $5.2 Billion From World Bank for Electricity

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LAGOS (Capital Markets in Africa) – Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political risk insurer, the Multilateral Investment Guarantee Agency, could provide equity and debt of $1.4 billion for gas and solar power programs, according to Power, Works, and…

Stress Sign: Black Market’s Cheaper Than Official Naira Rate

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LAGOS (Capital Markets in Africa) – Nigeria’s new currency market is showing just how severe the country’s dollar shortage is. The naira is falling to levels weaker than the black-market rate in a foreign-exchange window set up for international investors and hedge funds last month. It’s a sign of how dysfunctional currency markets have become in Africa’s largest economy as officials enforce multiple exchange rates and trading and import restrictions. Funds including Chicago-based Frontaura Capital, South Africa’s Allan…

IMF Sees `Subdued’ Growth Outlook for Sub-Saharan Africa

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LAGOS (Capital Markets in Africa) – Sub-Saharan Africa’s economic growth outlook is “subdued” as the region’s oil producers delay policy adjustments needed to trigger and sustain expansion momentum, the International Monetary Fund said. The area’s gross domestic product will probably expand 2.6 percent this year from 1.4 percent in 2016, the IMF said in an emailed copy of its Regional Economic Outlook. The modest recovery from the worst performance in more than two decades last year will…

Dangote Cement Profit Rises as Price Gains Offset Lower Volumes

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material and Nigeria’s biggest company, said first-quarter profit rose 34 percent as a price increase offset lower volumes sold and operations on the rest of the continent helped bolster sales. Net income increased to 70.6 billion naira ($220 million) in the three months through March, compared with 52.8 billion naira a year earlier, the Lagos-based company said in a statement on Friday….

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