Nigeria | - Part 72

Nigeria | China’s Africa Push Reaches Currencies in Deal Investors Decry

LAGOS, Nigeria, Capital Markets in Africa: Strategists are criticizing Nigeria’s latest plan to rescue its currency — this time by relying on Chinese cash. On a visit to Beijing last month, President Muhammadu Buhari signed a currency agreement aimed at encouraging trade with China and reducing Nigeria’s demand for dollars to relieve pressure on its dwindling foreign reserves. While the deal, details of which are still being negotiated, helps China’s push into Africa’s largest economy, it will…

Nigerian President Replies to British PM ‘Return the Stolen Funds’

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian President Muhammadu Buhari said he isn’t demanding an apology from the U.K. after comments from Prime Minister David Cameron that the country was “fantastically corrupt.” President Buhari was asked if his country was “fantastically corrupt” as Cameron had claimed, Nigerian President Muhammadu Buhari answered “yes,” and said that he wasn’t demanding an apology for the comments. In addition, he said “What I am demanding is the return of assets” that are the product of corruption…

Nigeria |MasterCard Sees Growth in Nigerian Traders Without Bank Accounts

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LAGOS, Nigeria, Capital Markets in Africa — MasterCard Inc. plans to introduce new payment systems in Nigeria that will target merchants who don’t have bank accounts and rely mostly on cash transactions. The company is working with the umbrella organizations of Nigerian traders and collaborating with banks and technology companies to start offering the services this year, Omokehinde Ojomuyide, MasterCard’s vice president and area business head for West Africa, said May 6 in an interview in Lagos,…

Investing in Africa’s Equity: Balancing Risk, Return and Regret

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LAGOS, Nigeria, Capital Markets in Africa: Broad-based performance of African equities in 2015 was something many investors like to forget, if they do not regret their investment decision in the first place. Investors following the herd and buying into the asset class for the first time in the heydays of 2013 can be regularly found in the latter category. Others, who remained on the sidelines so far, can now buy great African businesses at much…

Nigeria | Nestle Nigeria Plc Q1 2016: Leveraging on Stronger Value Brands

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LAGOS, Nigeria, Capital Markets in Africa — Nestlé Nigeria Plc (“Nestlé “or “the Company”) published its Q1: 2016 results last weekend with the Company showing an impressive growth in revenue on the back of its stronger value brands despite the recent constraints on consumer spending. While leveraging on its rich product portfolio and its cost-cutting measures, which led to moderation in cost to sales ratio and drop in finance charges, Nestlé’s profitability metrics improved significantly…

Nigeria edging closer to China — Bank of America Merrill Lynch

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Lagos, Nigeria, Capital Markets in Africa — Buhari’s recent trip to China generated impressive headlines on funding. If the whole $6bn infrastructure loan is disbursed, it could give a significant boost to Nigeria’s productivity. However, in the short term, the focus is on some important details of the currency swap arrangement and to what extent it can alleviate the pressure on Nigeria’s FX reserves. CBN lauds currency swap with China, but important details are missing The…

Nigeria | More details emerge on Nigeria’s fiscal plans — BoAML

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Senators have urged Buhari to sign the budget into law after he requested it be sent to him to check for any unapproved adjustments. The local press has reported that this should happen within weeks but the whole budgeting process has been fraught with delays since it was first started in December 2015. The current delays relate to the allocation of the US$30bn headline expenditure, but the…

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