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Nigeria's GDP Records 3.11 Percent Growth in First Quarter of 2022
May 23, 2022--Nigeria's Gross Domestic Production (GDP) has sustained a positive growth to record a 3.11 per cent in the first quarter of 2022.
But the figure is a slight drop from the 3.98 per cent recorded in Q4.
Speaking at a press conference on Monday, the Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS), Semiu Adeyemi Adediran, said the Nigerian economy has maintained a positive trend for the sixth consecutive quarter after the economic shock by the COVID-19 pandemic.
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Source: allafrica.com
Ethiopia set to get its long-awaited stock exchange
May 20, 2022--Country's Ministry of Finance signed a cooperation agreement this week, having initially announced ESX in 2020
Ethiopia has moved a step close to getting its long-awaited Ethiopian Securities Exchange (ESX).
The ESX was first announced in 2020. The Ethiopian Ministry of Finance, the Ethiopian Investment Holdings, and FSD Africa have signed an agreement on Wednesday to establish the ESX, according to a report on financial website Finbold.
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Source: zawya.com
Africa's Pulse in Five Charts: Boosting Resilience Through Social Protection
April 20, 2022--Since emerging from its first recession in 25 years, economic growth in Sub-Saharan Africa is estimated at 4% in 2021, up by 0.7 percentage point from the October 2021 projections, and up from -2.0% in 2020.
However, growth recovery in the region has slowed in the second half of 2021 due to the impact of the Delta COVID-19 variant, elevated debt levels in many countries, lingering supply bottlenecks, the plateauing of metal and mineral prices, rising inflation and tightening financial conditions.
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Source: worldbank.org
Nigeria: IMF Raises Nigeria's 2022 Economic Growth Forecast
April 19, 2022--The IMF projected the country's economy to grow by 3.1 per cent by 2023 from the 2.7 per cent it earlier projected.
The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2022 to 3.4 per cent from its earlier projection of 2.7 per cent announced in January.
The IMF announced the new projection in its World Economic Outlook update released on Tuesday.
It also projected the country's economy to grow by 3.1 per cent by 2023 from the 2.7 per cent it earlier projected.
It, however, reduced the global growth projection to 3.6 per cent for 2022 and 2023, given the Russia/Ukraine War.
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Source: allafrica.com
Nigeria: How Nigeria's Newly Launched Exchange-Traded Derivatives Market Can Profit Stock Investors
April 19, 2022--The NGX has lined up seven derivative contracts for the first phase, all of which have gained the consent of the Securities and Exchange Commission.
Now that the liquidity in the Nigerian stock market is worrisomely low when set beside January's and daily size of trade is miles apart from its pre-pandemic level, capital market authorities have launched the first exchange-traded derivatives market in West Africa, marked by Thursday's introduction of two futures contract, NGX 30 Index and NGX Pension Index.
The combined value of the transactions executed on the bourse last year stood at N.9 trillion, according to NGX Domestic and Foreign Portfolio Investment Report issued January.
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Source: allafrica.com
UN report: 41 Countries in Africa face maximum exposure in 'three-dimensional crisis' as a result of war in Ukraine
April 15, 2022--Antonio Guterres unveils six champions including African Union chair Macky Sall to drive global action
A United Nations report has found that more than 70% of Africa's economies are at severe risk from Russia's war in Ukraine.
The African Development Bank is one of several international organizations, including UN specialized agencies and development lenders that are considering a plan to boost food production in Africa and avert a heavy toll on the African continent.
UN Secretary-General Antonio Guterres announced the establishment of the 32-member UN Global Crisis Response Group-which he chairs-in March. Its members are the heads of the various organizations. Its first brief, released on Wednesday in New York, found that 41 African countries face maximum exposure to at least one emergency caused by the war.
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Source: afdb.org
How Africa Can Navigate Growing Monetary Policy Challenges
April 4, 2022-- Tools such as foreign exchange intervention can ease the effects of shocks but need to be carefully weighed against potential longer-term costs.
Sub-Saharan African countries face important monetary policy challenges. The pandemic dented economic growth, and even now the recovery is likely to leave output below the pre-crisis trend this year.
Several countries in the region have also seen inflation increase, a challenge that is in some cases compounded by fiscal dominance emanating from high public debt levels.
Many of these economies may also face capital outflows as the major central banks in advanced economies withdraw policy stimulus and raise interest rates in the period ahead. The economic impact of the conflict raging in Ukraine-including the attendant sharp rise in energy and food prices-is likely to further intensify the challenges.
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Source: IMF
Zimbabwe: Three New ETFs to List On ZSE
March 1, 2022--The Securities and Exchange Commission of Zimbabwe (SecZim) expects at least three new exchange traded funds (ETFs) to list on the Zimbabwe Stock Exchange (ZSE) this year as the capital markets continue to grow.
ETFs are baskets of different types of investments such as stocks, commodities and bonds that are pooled into a single entity, which then offers shares to investors that are subsequently traded on major stock exchanges.
In Zimbabwe, Old Mutual pioneered the ETF listings when it listed the Old Mutual Zimbabwe Stock Exchange Top Ten Index Exchange Traded Fund (ETF) in January 2021.
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Source: allafrica.com
Zimbabwe: Datvest To List Modified Consumer Staples ETF
March 1, 2022--The ZSE has already granted approval for the listing of the Datvest Modified Consumer Staples ETF on the ZSE by way of Introduction.
ETFs are baskets of different types of investments such as stocks, commodities and bonds that are pooled into a single entity which then offers shares to investors that are subsequently traded on major stock exchanges.
The Modified consumer staples-ETF will constitute of 10 counters which are Delta, National Foods, Innscor Africa, Hippo Valley Estates, Simbisa Brands, Ok Zimbabwe, Meikles Limited, TSL Limited, Afdis Distillers and Dairibord Holdings.
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Source: allafrica.com
South Africa: Economy Projected to Grow By 2.1 Percent in 2022
February 23, 2022--The country's real Gross Domestic Product (GDP) is expected to grow by an average of 2.1 % in 2022, Finance Minister Enoch Godongwana said on Wednesday.
However, GDP is expected to grow by an average of 1.8 % over a three-year period.
The upward revision comes after the National Treasury had projected the GDP growth to grow at an average of 1.7 % over a two-year period when it tabled its Medium Term Budget Policy Statement (MTBPS) in November last year.
"We have revised our economic growth estimate for 2021 to 4.8%, from 5.1 % at the time of the MTBPS."
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Source: allafrica.com
