AfDB projects moderate economic recovery for Nigeria

Businessam StaffMay 22, 2017

The African Development Bank (AfDB) has projected a moderate economic recovery for Nigeria, saying growth would be at 2.2%. This is contained its 16th Africa Economic Outlook launched Monday at its 52nd Annual meetings holding in India. “The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% […]

Africa’s growth linked to rebound in commodity prices – AfDB

adminMay 22, 2017

Africa has been projected to see a lift in economic growth this year and next on the back of a rebound in global commodity prices, according to Reuters and the African Development Bank’s (AfDB) African Economic Outlook, launched Monday at the 52nd Annual Meetings of the African Development Bank Group, taking place in Ahmedabad, Gujarat […]

Nigeria’s Central Bank will keep policy tight, Nnanna Says

adminMay 20, 2017

Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said before an interest-rate announcement next week. Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost […]

Africa disappoints on global emerging market expectations

Businessam StaffMay 20, 2017

Africa has disappointed the world on its expected emergence as a strong and virile market, according to economic watchers. The continent instead of riding on the birth of democracy in most of its countries and an equally working population, slipped into debts despite billions of dollar debt being forgiven her. At the turn of the […]

Rising dollar debts still a worry for Africa

Businessam StaffMay 19, 2017

*Govts advised to embrace local currency liabilities… Despite having a chunk of their dollar denominated debts written off in 2005, most African governments are still neck deep in foreign currency debts, which have been estimated to be rising to the $500 billion mark, according to Reuters. Analysts are worried that over a decade later, most […]

Global shares, dollar lick wounds as Trump rout eases

Businessam StaffMay 19, 2017

The dollar limped toward its worst week since August on Friday and world stocks headed for their first weekly fall in five, as storms surrounding Donald Trump’s U.S. presidency and Latin America’s biggest economy, Brazil, began to calm. The most eventful week of 2017 for markets started with stocks at record high but then saw […]

Markets Wrap: Stocks steady after volatile week; crude rises

Businessam StaffMay 19, 2017

Global equities showed signs of stabilizing at the end of a turbulent week in which investors confronted political crises in Washington and Brazil. Oil headed for a second weekly gain as OPEC members supported Saudi Arabian and Russian pledges to extend supply cuts. Stocks in Europe gained, paring their worst week since November. Gold resumed gains […]

Nigeria Central Bank clears 36 items for access to official forex

Businessam StaffMay 18, 2017

Nigeria’s central bank has given further clarity to 36 items that are eligible to access foreign exchange at the official window of the country’s much watched currency markets. The CBN, in a communication to authorised market dealers signed by Woritka Dauda Gotring, its director of trade and exchange, said importers were now free to source […]

MTN in fresh trouble, fined $8.5m over breach of license

Businessam StaffMay 18, 2017

Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group, 7 billion francs (8.5 million dollars) for running its IT services outside the country in breach of its license. The regulator said in a ruling posted on its website in Kigali that MTN Rwanda was hosting its IT services hub […]