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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
Free Trade Deal Boosts Africa's Economic Development
June 30, 2022--Highlights
A new agreement creating Africa's first continent-wide free trade area could generate greater economic benefits than previously estimated.
The African Continental Free Trade Area (AfCFTA), if fully implemented,could raise incomes by 9 percent by 2035 and lift 50 million people out of extreme poverty.
To realize its potential benefits, the agreement must accomplish its most ambitious goals, which include harmonizing policies on e-commerce, investment, and intellectual property.
The African Continental Free Trade Area (AfCFTA) could deliver far greater benefits in terms of jobs, growth, and poverty reduction than previously estimated-making it a potential game changer for Africa's economic development if its ambitious goals are fully realized.
view the World Bank Making the Most of the African Continental Free Trade Area : Leveraging Trade and Foreign Direct Investment to Boost Growth and Reduce Poverty report
Source: worldbank.org
More African Central Banks Are Exploring Digital Currencies
June 23,2022--Several sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria's October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a CBDC.
CBDCs are digital versions of cash that are more secure and less volatile than crypto assets because they are issued and regulated by central banks
As the Chart of the Week shows, South Africa and Ghana are running pilots while other countries are in the research phase.
The South African Reserve Bank is experimenting with a wholesale CBDC, which can only be used by financial institutions for interbank transfers, as part of the second phase of its Project Khokha. The country is also participating in a cross-border pilot with the central banks of Australia, Malaysia and Singapore.
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Source: SEC.gov
World Bank Nigeria Development Update (NDU)-The Continuing Urgency of Business Unusual JUNE 2022
June 14, 2022--This latest edition of the NDU says that inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further due to the rise in global fuel and food prices caused by the war.
And that is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year due to the rise in prices, particularly food prices.
The report also states that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.
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Source: worldbank.org
