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Nigeria: Economy Enters Negative Growth
August 24, 2020--Nigeria's Gross Domestic Product (GDP) growth rate contracted by -6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday.
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Source: allafrica.com
World's Biggest Free-Trade Pact Targets First Deal in 2021
August 16, 2020--The first commercial deal under an Africa-wide free trade zone will take place on Jan. 1 as outstanding talks are set to move online, the African Union said.
While the African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations on the protocol for trade in goods, including tariff concessions.
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Source: bloomberg.com
Nigeria Stock Market Opens Week With N8bn Loss
August 10, 2020--The nation's bourse opened trading for the week on Monday with a loss of N8 billion, the first decline in seven consecutive trading sessions.
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Source: allafrica.com
Rand slides to 10-week low, could face more pain ahead
August 6, 2020--The rand, already on a losing streak, could be heading for more pain as emerging markets face ongoing pressure, analysts warned on Thursday.
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Source: FIN24
Foreign investors losing interest in SA bonds
August 4, 2020--Foreign investors continue to desert South Africa's bond market in July, with their share of government debt falling to the lowest level in more than eight years.
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Source: news24.com
Rand slips to a three-week low in the wake of poor US growth
July 31, 2020--The rand slipped to a three-week low on Friday, this amid continuing Covid-19 uncertainty in global markets.
The local currency opened trade at R16.75 on Friday and ended the day 1.5% weaker at R17.01.
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Source: FIN24
Trade Pact Could Boost Africa's Income by $450 Billion, Study Finds
July 27, 2020--The African Continental Free Trade Area (AfCFTA) represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion, a new World Bank report has found. If implemented fully, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035.
The report suggests that achieving these gains will be particularly important given the economic damage caused by the COVID-19 (coronavirus) pandemic, which is expected to cause up to $79 billion in output losses in Africa in 2020. The pandemic has already caused major disruptions to trade across the continent, including in critical goods such as medical supplies and food.
view the World Bank The African Continental Free Trade Area Economic and Distributional Effects report
Source: World Bank
African Development Bank Regional Economic Outlook 2020: COVID-19 response and economic diversification crucial to growth recovery in Southern Africa, the most affected region
July 27, 2020--Report recommends inclusive, broad-based and pro-poor policies to address inequality and reduce poverty rates
Impact of COVID-19 in South Africa projected to affect rest of Southern African economies
A higher level of preparedness is urgently needed to prevent and mitigate the COVID-19 pandemic in Southern Africa, including additional resources for testing and to reduce the impact on households and the economy, the African Development Bank said in its new Southern Africa Regional Economic Outlook.
In the worst-case scenario, growth in Southern Africa would fall to -6.6% in 2020 before recovering to 2.2% in 2021.
Growth is projected at -4.9% in the baseline case, mainly driven by the deep recession in South Africa, induced by a fall in commodity prices, containment measures, weather-related events, and the structural issues related to public utilities. The region's growth is projected to be the most affected by COVID-19.
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Source: afdb.org
Nigeria: Country Refines Own Gold For First Time
July 16, 2020--Nigeria has for the first time refined its own gold and purchased the refined product into a new gold reserve.
On Thursday, the Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country's first artisanally-mined and refined gold.
The cheque was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) on Thursday at the launch of the gold purchase programme in Abuja.
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Source: allafrica.com
Nigeria: Equities Market Opens Negative, As Investors Lose N55 Billion
July 14, 2020-Trading activities at the local bourse started the week bearish as the benchmark index moderated 44bps to close at 24,200.60 following sell-offs in MTNN (-1.0percent), Zenith (-3.0percent) and Guaranty Trust Bank (-2.0percent ).
As a result, investors lost ₦55.2bn as market capitalisation fell ₦12.6tn while year to date loss worsened -9.8percent.
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Source: allafrica.com
