Nigeria economy slump continues as GDP contracts 0.5% in first quarter

Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March as oil output declined. Gross domestic product in Africa’s most populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction of in the final three months of […]

Access Bank, FBNQuest analysts see Nigeria MPC retaining key rates

Analysts at Nigeria’s Access Bank and FBNQuest are betting that the country’s key monetary policy rates would be retained at the ongoing Central Bank Monetary Policy Committee meeting which ends, Tuesday. Godwin Emefiele, governor of the CBN, who is chairing the meeting, is expected to announce decisions reached after two days of deliberations and the […]

AfDB projects moderate economic recovery for Nigeria

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

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

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

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

*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

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

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 […]