West Africa | - Part 18

Nigerian Equities Down by 46bps, Profit-Taking in GTBank Continues

LAGOS (Capital Markets in Africa) – The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%. Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed in sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%). Activity level was also thin as volume and value traded fell 41.7% and 36.5% to…

Benin Seeks to Spend $15 Billion Next 5 Years to Boost Economy

Posted on by The Editorial Team

PORT-NOVO (Capital Markets in Africa) – Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, an amount that the government seeks to raise by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund…

AfDB Group approves €769.78 million for urban transport in Ivory Coast

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ABIDJAN (Capital Markets in Africa) – The Board of Directors of the African Development Bank Group (AfDB) has approved a loan of 769.78 million euros to Côte d’Ivoire aimed at significantly improving urban transport in the city of Abidjan. This financing will contribute to improving the living conditions of the people living in Abidjan through the development and rehabilitation of road infrastructures. More specifically, the project involves the development of 87.9 km of fast urban…

Multinational companies see long-term growth potential in Nigeria — Moody

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Lagos, Nigeria, Capital Markets in Africa — Multinational companies operating in Nigeria remain committed to participating in the long-term growth of Africa’s biggest economy and most populous country. This is despite the current environment of a continued low oil price and slowing economic expansion, Moody’s Investors Service said in a report published today and titled “Nigeria — Multinational Companies: Long-term Growth Strategies Resilient Despite Weak Oil Price Environment”. Large companies are sticking to their long-term…

Tourism in West Africa: an economic, social and cultural opportunity

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Abidjan, Cote D’Ivoire (Capital Markets in Africa) —- Whereas tourism is acknowledged as a driver of socio-economic development and growth in Africa, as evidenced in the last African Tourism Monitor, the 2015 edition of the annual report on competitiveness in travel and tourism, released in early May by the World Economic Forum (WEF), points out that West Africa lags behind when it comes to the travel sector. The ten West African countries assessed in the report…

PwC Survey: Optimism and opportunities abound in Africa’s Infrastructure space

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Lagos, Nigeria (Capital Markets in Africa) — Dealing with Africa’s infrastructure backlog and its future demand is high on the agenda of leaders and civil society on the continent and abroad. While the continents infrastructure currently lags well behind that of the rest of the world with some 30% in a dilapidated condition, there is widespread recognition that there are vast business opportunities on the continent as a growing consumer market continues to develop as well as a large number…

African economies grew by 3.9% GDP in 2014 amid global and regional shocks

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Abidjan Cote D’Ivoire (Capital Markets in Africa) — African economies registered 3.9% average GDP growth in 2014 compared to the 3.7% in 2013. This reflects resilience to global and regional shocks which affected the continent last year, according to the African Development Bank Group’s Annual Report, which was released Wednesday, May 27 in Abidjan. According to the report, despite the negative impacts of low commodity prices, the Ebola epidemic in West Africa as well as…

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