Nigeria | - Part 77

Nigeria’s Treasury Single Account boosts revenue and reduces borrowing — Kemi Adeosun Says

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Finance Minister Kemi Adeosun said the government had collected more than 2.2 trillion naira (US$11 billion) since consolidating revenue into a single account tagged Treasury Single Account (TSA) and this may help reduce Nigeria’s borrowing requirements. The Finance Ministry will determine how much of the funds in the TSA will be used to fund the 2016 budget and what will be left to pay for pending expenditure commitments, Mrs. Kemi Adeosun…

African Stock Market January 2016: Tunisia equity triumph, rewards investors amid of global equity markets panic

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LAGOS, Nigeria, Capital Markets in Africa — Global equity markets opened 2016 on a panic mood amid of negative outlook on China’s growth prospects and commodity slumps. As a result, African equity market performance measured by country equity benchmark index returns ended in negative for the month, with four gainers and fourteen losers on the local currency basis. Still on local basis return, the January’s average return of -3.0 percent (relatively to -0.9 percent in…

Nigerian Central Bank keeps interest rate at 11%, turns deaf hear to currency devaluation …

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ABUJA, Nigeria, Capital Markets in Africa — Nigeria’s central bank Monetary Policy Committee (MPC) held the policy rate at 11 percent after lowering it from a record 13 percent in November 2015, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. That was in line with economists and analysts expectations. Emefiele said the twelve members of the bank’s Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve…

Nigeria’s 2016 Budget Deficit Widen As Oil Price Slump

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Lagos, Nigeria, Capital Markets in Africa — The Nigeria’s 2016 budget deficit is estimated at 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s largest economy. The gap will increase to NGN 3 trillion (US$15.1 billion) from NGN 2.2 trillion, or 3 percent of gross domestic product, and will remain within the “comfort zone for the international credit rating agencies,” Finance Minister Kemi Adeosun stated in an e-mailed statement on Thursday. The…

IMF Cuts South Africa’s and Nigeria’s Economic Growth Forecast for 2016

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LONDON, Capital Markets in Africa — The International Monetary Fund (IMF) recently published the latest update to its world economic outlook. The document is tagged “Subdued Demand, Diminished Prospects”. In the January publication, the global economic prospects is downgraded to projected at 3.4 percent in 2016 (compare to 3.6 percent in October 2015 forecast) and 3.6 percent in 2017 (3.8 percent in October 2015 release). The pickup in global activity is projected to be more…

Nigerian Stock Exchange Introduces Circuit Breaker as Stocks Plunge

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Lagos, Nigeria, Capital Markets in Africa —- Nigeria’s stock exchange introduced a circuit breaker to limit price fluctuates (fall/rise). Trading on the Nigerian Stock Exchange will be stopped for 30 minutes if the All Share Index moves 5 percent from the previous day’s close between 10:15 a.m. and 1:45 p.m. (local time), the Lagos-based exchange stated in a statement on its website. The market will close for the day if the circuit breaker is triggered for…

African Equity Markets in 2015: BRVM Bourse 2015 Champion, Botswana runner-up, Zimbabwe worst market

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Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns produced a negative returns in 2015, with four positive growths and fourteen negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted performance basis, with just one equity market produced a positive return. These unimpressed performances (compared to 2014) across African equities can be attributed to interlocked negative feedback loops between declining commodity…

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