Nigeria | - Part 47

Zambia to re-finance $2.8 billion Eurobonds in 2017, Nigeria targets 2.1 mln b/d in January

LAGOS (Capital Markets in Africa) – Zambia plans to refinance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015, Finance Minister Felix Mutati said on Wednesday. “The strategy for the Eurobonds next year is refinancing. We want to refinance the Eurobonds and get longer dated bonds at a bit of lower cost so that we minimise our debt,” Mutati told reporters. Mutati said the equivalent of 19 percent of Zambia’s gross domestic…

Nigeria’s President to submit 2017 fiscal budget to legislatures on Dec.14

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari plans to submit next year’s spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion). The record spending plan will seek to boost spending to help pull Africa’s largest economy out of its first recession in 25 years, caused largely by low global oil prices….

Sub-Saharan Africa Region Remains Under Fiscal and External Pressures, says Fitch

Posted on by The Editorial Team

LAGOS ( Capital Markets in Africa) – The Rating Outlook for Sub-Saharan Africa (SSA) sovereigns in 2017 remains Negative, reflecting continued weakness of fiscal and external balances, rising government debt, weak economic growth and, in some countries, risks of political instability, says Fitch Ratings in a new report. While commodity prices have regained some ground, many commodity exporters in the SSA are still running substantial budget and current account deficits and are facing financing strains…

Nigeria Export Agency Sees Roads, Rail Routes to Growth Recovery

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LAGOS (Capital Markets in Africa) – Nigeria’s push to end its economic contraction requires expanding the country’s road and rail networks for an export-led recovery that would ease a reliance on oil, head of the West African nation’s export agency said. “It’s important we build roads that lead to markets,” Segun Awolowo, chief executive officer of the Nigerian Export Promotion Council, said in an interview in the capital, Abuja. “The rail needs to move goods…

Nigerian Equity Markets | 5 Dec 2016: Equities Close Flat despite Sustained Rally in Oil & Gas Stocks… NSE ASI up 1bp

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The equities market closed flat today as a sustained rally in Oil & Gas stocks offset sell-offs in Industrial Goods and Banking equities. Consequently, the All Share Index gained a marginal 1bp to close at 25,743.03 points while market capitalisation added N758.6m to settle at N8.9tn; thus ensuring the rebound in equities which began last week after a prolonged period of intense sell pressure was sustained. The major buffers to…

Nigeria- Morocco’s Cooperation Carries Immense Economic Prospects for West Africa

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LAGOS (Capital Markets in Africa) – The historical visit of Morocco’s Monarch to Nigeria highlighted the significance of the discussion between the two countries surrounding the construction of a gigantic pipeline, dubbed the Trans-African Pipeline. This joint effort to establish a strong economic collaboration paves the way for an excellent opportunity to make up for lost time to achieve the regional integration that is critical to addressing the real needs of Africans. The Trans-African Pipeline…

Nigeria Capital Markets Update Week Ending Dec 2 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The local Bourse opened the week bearishly but trended northwards by mid-week and sustained uptrend till Friday, driving the ASI up 1.6% W-o-W. This bucked 6 consecutive weeks of losses. Interestingly, mid-week rebound in the market coincided with developments in the oil market where OPEC members reached an agreement to cut production by 1.2mb/d. The announcement already triggered a rally in oil prices to US$54.1/b. The uptrend in the ASI…

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