IMF recommends economic diversification for increased GDP growth in Africa
Businessam Staff
December 15, 2017
Christine Lagarde, International Monetary Fund (IMF) chief, has extolled the benefits of diversified economies for African countries, saying even minor increases in export diversification could boost GDP growth rates. Lagarde who delivered an address at the Chamber of Commerce in the Republic of Benin during the week, said economic diversification not only helps to kickstart […]
2018 might not be quite so happy for OPEC producers, says IEA
Businessam StaffDecember 15, 2017
The International Energy Association (IEA) has said that year 2018 might not necessarily be a happy New Year for those who would like to see a tighter market, especially members of the Organisation of Petroleum Exporting Countries (OPEC). The agency’s current outlook for 2018 indicates that total growth in supply could exceed demand growth, which […]
Nigerian stocks trade lower on sell-offs in Dangote Cement, others
Businessam StaffDecember 14, 2017
The Nigerian bourse sustained a downtrend at the end of Thursday’s trading session as sell-offs in Dangote Cement, a major cap, brought the all-share index down by 1.6 percent to 37,933.70 points. To this end, year-to-date gain contracted to 41.2 percent despite market capitalization gaining N76.9 billion in value to settle at N13.5 trillion. An […]
Fuel, cars top most imported goods in the world but Nigeria fails to tap into refining
Steve OmanufemeDecember 14, 2017
The most imported goods around the world are petroleum and cars, according to data from the Observatory of Economic Complexity, organized into a map by vouchercloud. Covering the imports of 187 of the world’s 195 nations, the map reveals that the biggest import for more than half of these countries is fuel with Nigeria’s being […]
U.S. Fed tightening may squeeze portfolio flows to Nigeria, emerging markets by $70bn
Businessam StaffDecember 14, 2017
Tighter U.S. Federal Reserve monetary policy is likely to reduce overseas purchases of emerging market stocks and bonds, according to an IMF Blog seen by businessamlive. Robin Koepke, the author of the blog noted that a key question facing global investors today is what impact the US Federal Reserve’s monetary policy normalization process will have […]
African banks face risk of macroeconomic contagion from large holdings of govt securities
Businessam StaffDecember 14, 2017
Moody’s Investors Service says its negative outlook for the African banking system in 2018 reflects high macroeconomic risks that expose banks to asset quality pressures, reduced government support and sovereign credit risk. In a report, African Banks 2018 Outlook, published this week, Moody’s says African banks face the risk of macroeconomic contagion through a range […]
Analysts foresee Nigeria’s economy in sluggish recovery in 2018 at 2.2%
Jerome UshakangDecember 14, 2017
Financial and economic analysts at Financial Derivative Company (FDC) have foreseen a sluggish economic recovery in 2018. Bismarck Rewane, the chief executive officer of the FDC in a presentation at the Lagos Business School (LBS) Breakfast Session December 7, said economic recovery in 2018 will be slow, adding that overall gross domestic products (GDP) growth […]
Ahead NBS data, headline inflation seen dipping to 15.88% in November
Businessam StaffDecember 14, 2017
Ahead the release of November inflation numbers on December 19, 2017, by the National Bureau of Statistics (NBS), analysts at Financial Derivative Company, a Lagos-based research and data company, have forecast that headline inflation will decline for the 10th consecutive month to 15.88 percent in the month of November. In their FDC Monthly Economic Update […]
Fitch sees bleak outlook for reinsurance on back of Q3 weather catastrophes, depressed prices
Businessam StaffDecember 13, 2017
Fitch ratings has seen bleak future for reinsurance because of Hurricanes Harvey, Irma, Maria and a couple of earthquakes that also contributed to catastrophe losses in Q3 2017. It said while market conditions are forecast to improve, outlook on global reinsurance is negative. The credit rating agency cited three factors impacting reinsurer profitability: intense market […]
US SEC warns ‘extreme caution’ over cryptocurrency investments, says there are ‘substantial risks of theft, loss, including from hacking’
Businessam StaffDecember 13, 2017
Jay Clayton, the head of the US Securities and Exchange Commission has warned bitcoin and other cryptocurrency investors to beware of scams and criminal activity in the sector. In the financial regulator’s strongest statement yet a statement, the SEC chair said: “If a promoter guarantee returns, if an opportunity sounds too good to be true, […]