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African Domestic Bond Fund lists on Botswana Stock Exchange
September 21, 2022--The African Domestic Bond Fund (ADBF), an exchange-traded fund, has been listed in the local Pula currency on the Botswana Stock Exchange (BSE). The listing, on 15 September 2022, follows the Fund's primary US dollar listing on the Mauritius Stock Exchange in 2018.
The Pula-denominated listing will offer investors an innovative tool to gain exposure to African local currency fixed income.
ADBF is the first multinational fixed income exchange-traded fund in Africa. It was launched by the African Development Bank as part of initiatives to strengthen African economies by reducing their dependency on foreign-currency-denominated debt, increasing the range of available financing options, and acting as a catalyst for regional market integration.
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Source: afdb.org
Concerns grow as Nigeria's inflation surges to 17-year high
September 15, 2022--Nigeria's consumer inflation surged to 20.5% in August, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa's largest economy
Nigeria's consumer inflation surged to a 17-year high in August 2022, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa's largest economy.
The Nigerian National Bureau of Statistics (NBS) reported in its latest consumer price index that inflation rose to 20.5% in August, up from 19.6% in July this year and 17% in August last year.
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Source: abcnews.go.com
A new report signals progress on African countries' efforts toward readiness for green growth
September 8, 2022--Kenya, Morocco and Tunisia have incorporated into their constitutions rights to a clean and safe environment
The African Development Bank and the Global Green Growth Institute (GGGI have launched a report analysing the readiness of seven countries - Morocco, Tunisia, Kenya, Rwanda, Senegal, Gabon and Mozambique- to drive green growth.
The joint report was launched on the sidelines of Africa Climate Week, in Libreville, Gabon. It assessed the status and trends of green growth as well as countries' preparedness for the green growth transition across a number of metrics. It also offered recommendations for the countries surveyed in the report.
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Source: afdb.org
Nigerian Stocks Scrape Fragile Rally As Turnover Drops
August 16, 2022--The all-share index expanded 80 points to close at 49,709.5, while market capitalisation closed higher at N26.8 trillion.
Nigerian stocks inched up 0.2 per cent on Tuesday, the market's first advance since Wednesday, but that does not seem a sure-footed rebound as the number of decliners more than doubled that of gainers.
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Source: allafrica.com
Africa: 9 Out of 10 Africans Likely to Use Made-in-Africa Tech Solutions-Report
August 10, 2022-A new report that includes the surveyed opinions of 4,500 Africans from Kenya, Nigeria and Ghana has revealed that the recent wave of technology innovation coming out of Africa is changing how Africans view the continent, even as it revealed that nine out of 10 Africans (91.7 per cent) are likely to use technology solutions that are made in Africa.
The Africa Innovation Impact Report, which was compiled by Talking Drum Communications, a communications consultancy that works with African technology companies, and Survey54, an artificial intelligence-powered market research company, revealed that, four out of five (84.6 per cent) of Africans stated that recent developments in African technology had impacted the perception of the continent.
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Source: allafrica.com
Nigeria: Economy Grew At 3.4 Percent, Says Ubosieleh Report
August 9, 2022--A new report by Ubosi Eleh & company, an estate and valuer firm, says the nation's economy grew at 3.4% to beat the 3% figure projected by the International Monetary Fund (IMF).
The Ubosi Eleh & company annual report, now in its third edition, having debuted in 2019, reviewed the real estate situation in 2021.
The 3.4% economic growth was a significant highlight of the 128-page report that described the rate as the fastest and strongest annual rate since 2014 and that it was uncharacteristically driven by the non-oil sector. The report added that Nigeria's GDP grew by 5.01% year on year in the second quarter of 2021.
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Source: allafrica.com
As Africa's digital economy grows, expensive internet hinders investor activity in some countries
July 27, 2022--A new report detailing the cost of mobile data in different markets across the world bears the evidence of why internet use in most of Africa remains low despite the growing broadband internet coverage.
The Worldwide Mobile Pricing 2022 report, which surveyed 233 countries and territories, shows that five of the 10 most expensive countries to buy mobile data in the world are in sub-Saharan Africa.
Mobile data is so costly in these countries that 1GB costs at least $10, which is 250 times more expensive than Israel, the country said to have the world's cheapest data.
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Source: techcrunch.com
African Economic Outlook 2022: African Development Bank and IMF experts underscore the urgency of climate financing for Africa
July 26, 2022--African Development Bank and International Monetary Fund (IMF) experts have stressed the urgency of mobilizing climate financing for Africa during a panel discussion on the African Development Bank's 2022 African Economic Outlook hosted by the IMF in Washington, DC on Monday.
Participants at the meeting heard that African countries need to mobilize $1.6 trillion between 2022 and 2030 to meet their Nationally Determined Contributions to fight climate change, So far, they have only received $18.3 billion annually, leaving a financing gap of $108 billion annually. With current trends, Africa's NDCs will not be achieved.
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Source: imf.org
Nigeria's Inflation Rate Hits 18.6%
July 15, 2022--The new rate is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.
Nigeria's inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month, the National Bureau of Statistics (NBS) said on Friday.
The new rate is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.
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Source: allafrica.com
Nigeria: Over 13 Million Nigerians Hold Cryptocurrencies-UN Report
July 12, 2022--No fewer than 13 million Nigerians are in possession of digital assets, as the United Nations Conference on Trade and Development (UNCTAD) has rated the West African country third among countries with the highest number of cryptocurrency holders in Africa.
Latest data from the UN agency's policy brief indicated that the country was trailing Kenya and South Africa, with about 6.3 per cent of the Nigerian population owning or holding cryptocurrencies.
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Source: allafrica.com
