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Nigerian Senate rejects Buhari’s plan to borrow $30 billion abroad

LAGOS (Capital Markets in Africa) – Nigeria’s Senate rejected President Muhammadu Buhari’s plan for foreign borrowing of $30 billion through 2018 on technical grounds, without debating it. In a letter presented to the Senate last week, President Buhari said he planned to use $11.3 billion of the funds for government projects and programs and $10.7 billion for “special national infrastructure projects.” As a result, Buhari asked the Senate to immediately approve $575 million that the World Bank pledged in loans…

‘Ethiopia to overtake Kenya as Eastern Africa’s top economy’

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ADDIS ABABA (Capital Markets in Africa)- Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years. The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya’s output…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

Ivory Coast Raises Cocoa Price for Farmers 10% From 2015

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will boost the minimum price paid to farmers for their beans 10 percent from last year. Growers will get a minimum 1,100 CFA francs ($1.86) a kilogram (2.2 pounds) for beans for the main crop starting in October, according to Abdourahmane Cisse, the country’s budget minister. That’s up from 1,000 CFA francs last season. The main crop runs from October to March. “My own view…

Former OPEC President Optimistic There Will Be Deal in Algiers

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ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

Richest African Dangote Plans to Buy Arsenal in Four Years

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LAGOS, Capital Markets in Africa: Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years. Dangote, a Nigerian worth $10.9 billion, according to the Bloomberg Billionaires Index, announced his intention to buy the club last year. He said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition. “There’s no doubt” he’ll buy Arsenal and “it’s not a…

Egypt Edges Closer to IMF $12 Billion Loan Approval

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CAIRO, Capital Markets in Africa: Egypt will request a meeting of the International Monetary Fund’s executive board within days after meeting the requirements for a $12 billion loan, the lender’s largest ever in the region. “We are making very good progress on getting the required $5 billion to $6 billion” stipulated by the IMF before the board reviews the loan, Egypt’s Deputy Finance Minister Ahmed Kouchouk told reporters at a two-day Euromoney conference that began on Monday in…

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