The Editorial Team |

African Startup Funds Fall for First Time in Almost a Decade

LAGOS (Capital Markets in Africa) — Funding for African startups slowed for the first time after nearly 10 years of growth as investors in the fledgling tech scene were put off by the Covid-19 pandemic, according to venture capital firm Partech Partners. Companies on the continent raised $1.43 billion in 2020, down 29% from a year ago, Partech Partners said in a report. Just two deals above $50 million closed last year compared with 10…

Nigeria Raises Borrowing Limit in New Debt Management Plan

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LAGOS (Capital Markets in Africa) — Nigeria increased the amount it is allowed to borrow as a proportion of gross domestic product to 40% from 25% as part of a new debt-management strategy approved by cabinet Wednesday. The higher limit will enable borrowing to fund the budget deficit and other government obligations, including promissory notes issued to settle arrears, as well as lending from the central bank, the Debt Management Office said in a statement…

Nigeria Delays Plans to Regulate Cryptocurrencies and Dealers

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LAGOS (Capital Markets in Africa) — Nigeria’s Securities and Exchange Commission has suspended previously announced plans to regulate cryptocurrencies, until those dealing in them are able to open bank accounts in the West African nation. Last week, the Central Bank of Nigeria ordered financial institutions to close accounts dealing in cryptocurrencies, saying the transactions posed risks to the economy, but those measures are now on hold. “For the purpose of admittance into the SEC regulatory incubation…

More African Nations Seen Tapping G-20 Debt Plan on Revenue Drop

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LAGOS (Capital Markets in Africa) — The economic damage wrought by the coronavirus will probably lead more African nations to seek debt restructuring, the head of the United Nations Economic Commission for Africa said. Chad last month became the first state in Africa to request relief under a Group of 20 initiative to help countries cope with the economic fallout from the pandemic. Ethiopia applied two days later, followed by Zambia, which last year became…

U.K. Economy Caps Worst Year Since 1709 With a Surprising Surge

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LONDON (Capital Markets in Africa) — The U.K. economy grew at double the pace expected in the fourth quarter, showing signs of resilience to coronavirus restrictions at the end of a year that delivered the worst recession since 1709. Figures published Friday to add some weight to the Bank of England’s view that while the economy will likely shrink in the first three months of the year, a successful vaccine rollout and a surge in…

Ethiopia Will Approach Private Creditors Only as Last Resort

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ADDIS ABABA (Capital Markets in Africa) — Ethiopia plans to only approach private creditors as part of its debt-restructuring efforts if it runs out of other options. Yields on the nation’s Eurobonds plunged by the most in eight months. “The debt treatment will be carried out on a case-by-case basis and under a fair burden-sharing principle,” Brook Taye, a senior adviser at the Finance Ministry, said by text message. “This does not put private creditors…

Vaccines, Energy Top South African President’s Priority List

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa pledged to intensify efforts to rebuild an economy shattered by the onset of the coronavirus, with vaccine procurement and enhanced energy security among his top priorities. The government has secured 9 million single-shot vaccines from Johnson & Johnson, with 80,000 expected to arrive next week and 500,000 over the next four weeks, Ramaphosa said in a state-of-the-nation address on Thursday. Talks are ongoing to secure sufficient…

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