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Nigeria retains third most attractive investment destination in Africa
October 14, 2021--Nigeria has retained its spot as the third most attractive country in Africa for foreign investment in 2021 according to the Absa Africa Financial Markets Index 2021 report.
23 African countries were surveyed in the report which used six pillars to rank their openness and attractiveness to foreign investment with South Africa and Mauritius coming first and second respectively.
The report also noted that "South Africa, Mauritius and Nigeria maintain their lead in the index, despite having lower overall
scores than last year's."
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Source: punchng.com
Nigeria: EconomyInvestment Experts Weigh CBN's 2.86% Forecast
October 6, 2021--Investment analysts have said that the Central Bank of Nigeria's (CBN) projection of economic growth at 2.86 percent for 2021 is credible only to the extent that the expansion recorded in the second quarter of the year (Q2, 2021) was driven by the base effect in 2020.
They stated that the country might record a higher growth beginning first quarter 2022 following a pick-up in fiscal spending ahead of the general election.
The CBN had effected a downward review of the economic growth forecast to 2.86 percent for 2021 from 3.15 percent earlier projected despite the expansion in the economy in the second quarter of the year. The National Bureau of Statistics (NBS) had pegged Q2'21 GDP growth at 5.01 percent.
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Source: allafrica.com
Africa's Pulse Volume 24-October 2021-Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa
October 5, 2021--Africa's Pulse is a biannual analysis of the near-term macroeconomic outlook for the region, published around the World Bank/IMF Spring and Annual meetings each April and October. Each issue also includes a special focus on a particular development challenge that is shaping Africa's economic future.
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view the Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa's Economic Future
Source: World Bank
Africa: Is the Resource Curse Hard-Baked Into African Economies? China's Approach Hints That It May Not Be
October 4, 2021--Countries with abundant natural resources- gold, diamonds, crude oil- often fail to transform that advantage into favourable development outcomes. This is known as the natural resource curse. Countries like Nigeria, Angola and the Democratic Republic of Congo are often cited as examples.
Several explanations have been offered for the resource course. These include the lack of government accountability usually associated with large windfalls from natural resources relative to other sources of tax revenues. Others are an increase in the local currency against major currencies such as the US dollar, which makes it difficult for other sectors of the economy to compete globally. This is referred to as the Dutch Disease, named after the economic crisis that hit the Netherlands in the mid-1970s after the discovery of oil in the North Sea.
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Source: allafrica.com
Nigeria: Foreign Investors' Exit, Higher Money Market Instrument Yield Depress Stock Market By N107.66 Billion in Nine Months
October 1, 2021--The stock market of the Nigerian Exchange Limited (NGX) in nine months of 2021 has dropped by N107.66billion, attributable to foreign investors exit, double-digit inflation rate and movement of liquidity to money market instruments.
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Source: allafrica.com
World Economic Forum Regional Action Group for Africa Financing the Future of Energy
September 23, 2021--Africa's power sector will play a central role in the transition from fossil fuel-driven power generation to a renewable-strong energy mix. The migration to a multi-stakeholder-oriented net-zero power grid is being driven by "the 3Ds:"
Decarbonization: moving from fossil fuel sources to renewables
Decentralization: Shifting from centrally managed generation, transmission, and distribution to decentralized systems
Digitalization: Leveraging digital technology to advance the transition
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Source: weforum.org
Nigerian Stocks Deepen Loss Amid Investors' Reluctance to Hold Bank Shares
September 22, 2021--The all-share index dropped 21.16 points.
Nigerian stocks encountered more strain on Wednesday as the benchmark index slowed 0.05 per cent to its lowest point in more than six weeks and trading activity remained subdued, stoking fears that the turning point needed for the market to reverse its negative year-to-date yield is not yet in the horizon.
Equity investors have been desperate since the week began to get rid of bank stocks at all cost, causing a glut of sales orders that is weakening their valuation and, by extension, the broad performance of stocks.
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Source: allafrica.com
Nigerian Stocks Halt Fragile Recovery On Worsening Investors' Apathy
September 17, 2021--September 17, 2021--Unity led gainers, appreciating by 9.62 per cent to close at N0.57.
Nigerian stocks were 0.15 per cent weaker on Thursday, ending a brief and feeble rally reported at the previous session as investors'apathy in shares deteriorated further, causing an already depressed trade volume level to slide by 8 per cent.
WAPCO, Eterna, Honeywell and GTCO led the retreat, which brought stocks to their lowest level so far in September.
Market breadth was negative as 17 laggards emerged compared to 10 advancers.
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Source: allafrica.com
South Africa: SA Economy Grows By 1.2 Percent in Second Quarter
September 7, 2021--South Africa's Gross Domestic Product (GDP) increased by 1.2% in the second quarter of 2021, Statistician-General Risenga Maluleke said.
Maluleke was releasing results of the 2021 second quarter GDP during a press briefing on Tuesday.
During this period-the months of April, May and June- transport, storage and the communication industry increased by 6.9%, making the largest contribution to GDP growth - 0.5 percentage points.
The statistics agency said increased economic activity was reported for land transport and communication services.
The personal services industry increased by 2.5% and contributed 0.4 of a percentage point to GDP growth. Increases were reported for community services and other producers.
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Source: allafrica.com
FDC: Nigerian equities emerged best 'investment asset class' to hedge against inflation
September 5, 2021--Financial Derivatives Company (FDC) has ranked the Nigerian equities as the "best investment asset" class to hedge against inflation between August 2020 and August 2021.
This is contained in the FDC's August 2021 inflation vs investment return data.
In December 2020, the Nigerian Stock Exchange (NSE) was named the best-performing stock market among the 93 equity indexes tracked by Bloomberg across the world.
The NSE had recorded its best annual return in 2020 - since 2013-with a 45.7 percent gain.
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Source: thecable.ng
