Economy

Nigerian Political Landscape:Beyond the Change Chorus

Beyond the Change Chorus… Open for Business Again? Against the intense apprehension by local and international observers, Nigeria’s 2015 Presidential Elections turned out peaceful and successful following the incumbent’s concession of defeat prior to the final announcement by the electoral umpire – INEC. The election, which was keenly contested by All Progressives Congress (APC) – Gen. Muhammad Buhari (GMB) and Peoples Democratic Party (PDP) – Goodluck Ebele Jonathan (GEJ) saw the emergence of GMB as…

Nigeria: 2015 Election analysis

Posted on by The Editorial Team

At the time of writing, the election results had still not officially been declared by the Independent National Electoral Commission (INEC). Problems with biometric card readers delayed voter accreditation, and a few attacks on election centres caused a delay in the voting process itself. This led INEC to extend the vote by one day from March 28 to March 29 in some areas. We do not expect to see significant changes in policy regardless of…

Fitch Affirms Nigeria at ‘BB-‘; Outlook Revised to Negative

Posted on by The Editorial Team

London, March 30 (Fitch): Fitch Ratings has affirmed Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB-‘ and ‘BB’ respectively. The Outlooks on the Long-Term IDRs have been revised to Negative from Stable. The issue ratings on Nigeria’s senior unsecured foreign currency bonds are affirmed at ‘BB-‘. The Country Ceiling is affirmed at ‘BB-‘ and the Short-Term Foreign Currency IDR at ‘B’. Under EU credit rating agency (CRA) regulation, the publication of…

Tourism overtakes gold in foreign exchange earnings in Tanzania

Posted on by The Editorial Team

According to the East African News, tourism has now overtaken gold to become the chief foreign exchange earner for Tanzania. USD 2.05bn in earnings was generated in tourism in the 12 months to January 2015. This was an increase of 8.47% from the US$1.89bn earned in the 12 months ending January 2014, overtaking gold as Tanzania’s leading foreign exchange earner. The Bank of Tanzania’s February Monthly Economic Review indicates that gold exports plunged from USD…

Cote d’Ivoire forecasts double-digit growth for 2015

Posted on by The Editorial Team

Cote d’Ivoire, the world’s top cocoa producer whose economy was battered by a civil war and ensuing political unrest, should see double-digit growth this year according to Prime Minister Daniel Kablan. The West African country has seen its economy expand on average by 9.0% since 2012, and this year “we want to reach double-digit growth,” the Prime Minister added. “We are ambitious in Cote d’Ivoire,” he went on, adding that he expected the country to…

Zimbabwe domestic borrowing up 52 pct to $544 mln y/y in Jan

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 percent in the same period a year ago, the central bank said on Thursday. The southern African country is struggling with falling revenue from taxes, which stood at $469 million in January against a target of $542 million, as the economy stalls and businesses are forced to lay-off workers or shut down. The central bank said the government…

African Inflation Snapshot: February 2015

Posted on by The Editorial Team

Angola inflation rises to 7.73 percent: Angola’s consumer inflation edged up to 7.73 percent year-on-year in February from 7.44 percent in January, data from the statistics office. On a month-on-month basis, prices were up 0.76 percent after a 0.72 percent increase previously. Botswana’s inflation falls to 2.8 percent: The annual inflation rate in February 2015 was 2.8 percent, a drop of 0.8 of a percentage point on the January 2015 rate of 3.6 percent. Annual…

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