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Nigeria Anticipates Economic Recovery in 2022 Despite Impact of Covid-19
November 12, 2022--Numeh Ekeghe writes that 2022 will usher in vista of economic development opportunities and recovery despite the negative impact of COVID-19, as she reviews the events that shaped the economy in 2021
Two years into the COVID-19 pandemic it has become evident that the virus is here to stay and economies would have to adapt.
While the Nigerian economy has been able to survive the COVID-19 induced recession, analysts say the country may not witness a faster growth than it had last year.
With large vaccine deliveries now in place, Nigeria's fight against COVID-19 has devolved to one against vaccine hesitancy, and it is expected that vaccine mandates for government agencies would come into force over 2022, which should increase vaccination coverage across the population.
Growth at the end of the third quarter of 2021 stood at 4 per cent, with that, annual year-on-year (YoY) growth expected to be around 3.5 per cent. For 2022, analysts believe that while the country would continue to experience growth, it may remain within the 3.5 per cent band as the country works its way into an election year.
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Source: allafrica.com
Nigerian Stocks Head Into Second Day of Flat Trade With N3.2 Billion Loss
December 22, 2021--Decmber 22, 2021--The all-share index closed at 42,388.57, dropping 6.14 basis points.
Nigerian equities saw a weak movement in price movement for the second day on the trot on Tuesday, inching up by as little as 0.01 per cent even though the quantity of shares traded rose by 94 per cent when set beside what was recorded on Monday.
Investors placed sell orders on millions of shares in UACN, which set stocks' value on a downward course, with similar pressure on those of Zenith Bank helping the slide.
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Source: allafrica.com
Economy steadily recovering, but growth still fragile-CBN
December 15, 2021--THE Central Bank of Nigeria, CBN, Tuesday, said Nigeria's economy is on recovery path but the growth is still fragile and below potential.
Consequently, while commending the banks for supporting the recovery efforts, the CBN Governor, Godwin Emefiele, charged them to initiate uncommon measures that would boost the recovery drive through credit to productive sectors.
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Source: vanguardngr.com
Nigeria central counterparty clearing for securities door to safer future
December 10, 2021--Nigeria has launched the first central counterparty (CCP) clearing system for securities trades in West Africa. This paves the way for exchange-traded derivatives. NG Clearing Limited launched the CCP yesterday, 9 December.
NG Clearing will facilitate the clearing and settlement of exchange-traded derivatives, manage counterparty risk, reduce systemic risk, and promote the safety and integrity of Nigeria's capital market.
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Source: africancapitalmarketsnews.com
RMB releases list of 2021 Top 10 investment-attractive African countries
December 9, 2021--Operating environments, fiscal scores and development plans-key to investment-attractiveness in a Covid world
RMB's Where to Invest in Africa 2021 report positions Egypt as Africa's top investment destination, with Morocco following and South Africa in third place.
Based on their operating environments, other high-scoring countries have moved up the rankings-notably Rwanda and Botswana, now in fourth and fifth position respectively.
The positive global sentiment that saw the year 2020 in was short-lived when SARS-CoV-2 began ravaging the globe. The nature of the virus and lockdown legislation demanded a new sociological construct that still tilts the scales of the work-life balance. Recession hit- putting amongst others the spotlight on salient aspects of human interaction. COVID-19 brought into sharp focus the vast disparities in access to basic health and wellbeing services across countries. It was also a catalyst for the adoption and utilisation of technology as a means to interface.
South Africa: SA Economy Shrinks By 1.5 Percent in the Third Quarter
September 7, 2021--South Africa's Gross Domestic Product (GDP) decreased by 1.5% in the third quarter of 2021, Statistics South Africa (StatsSA) said on Tuesday.
During this period, the trade, catering and accommodation industry decreased by 5.5%, contributing -0.7 of a percentage point to GDP growth.
The statistics agency said decreased economic activities were reported for wholesale, retail and motor trade, and catering and accommodation services.
Statistician-General Risenga Maluleke said between July and September, the manufacturing industry decreased by 4.2% in the third quarter, contributing -0.5 of a percentage point to GDP growth.
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Source: allafrica.com
Will today's launch of day trading transform Nairobi Securities Exchange?
November 22, 2021--Nairobi Securities Exchange launches day trading in listed shares today 22 November. The programme starts with unleveraged intra-day trading and will expand to cover leveraged day trading once rules are in place. The aim is to boost liquidity and trading activity on this leading African stock exchange.
Geoffrey Odundo, CEO of the NSE, commented in this report in Business Daily: "Day trading is a welcome move for local investors who have previously lobbied for the activation of the intraday trading, as they seek to take advantage of intraday price movements and increase their profit margins. We are confident of a bullish market performance going forward."
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Source: africancapitalmarketsnews.com
Nigeria: GDP Grew By 4.03 Percent in Third Quarter-NBS
November 19, 2021--The National Bureau of Statistics (NBS) yesterday revealed that Nigeria's Gross Domestic Product (GDP) grew by 4.03 per cent in the third quarter (Q3) of 2021, compared with the 5. 01 per cent recorded in the preceding quarter of same year.
The Statistician General of the Federation (SGF)/Chief Executive, NBS, Dr. Simon Harry, who revealed this at a media briefing, said the negative impact of the COVID-19 continued to impact on economic performance.
He said despite the slower growth, the Q3 performance was considered a tremendous improvement over both Q1 and Q2 of the year, adding that there had been steady growth of the economy.
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Source: allafrica.com
North Africa Economic Outlook 2021: Growth expected to recover to pre-pandemic levels on rebound in oil, vaccines and trade
November 5, 2021--Real gross domestic product growth in North Africa was largely negative in 2020, at -1.1% with a -5.1 percentage point drop over 2019, the African Development Bank's 2021 edition of the North Africa Economic Outlook reports.
Released on November 3, the report finds that in 2020, North African economies experienced three shocks: the Covid-19 pandemic, a collapse in oil prices and a steep drop in tourism. Growth was also cut short due, in part, to sharp contractions in the region's main trading partners. This output loss was found to be less severe than projected on account of prompt interventions by governments to mitigate the impacts of the pandemic.
Egypt managed to achieve positive growth (+3.6%), one of the few countries in the world to do so in 2020. On the other hand, Libya's economy contracted by -60.3%, Tunisia’s by -8.8%, Morocco’s by -7.1%, Algeria’s by -4.6%, and Mauritania's by 3.6%.
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Source: African Development Bank
Are foreign investors buying on Nairobi Securities Exchange?
November 3, 2021--Trading by foreign investors was picking up at Kenya's Nairobi Securities Exchange last month, just as the NSE20 index of blue chip prices retreated. A report by stockbroker AIB-AXYS Africa forecasts a strong last quarter: "Banking, manufacturing stocks and the NSE's sole listed telco Safaricom are tipped to lead in market performance in the last quarter of the year as the effects of the easing of curfew restrictions filter through into the economy".
During the first 3 weeks of October, foreign participation in the NSE trading was 64% of the total trading, up from 48.5% in August and 49.9% in September. The average was 64.7% in 2020.
In terms of value traded on the NSE, the Statistical Bulletin Q3 2021 from the regulator Capital Markets Authority (CMA) shows equities turnover in the quarter to September was KES 31.4bn ($282m), down 17% from KES 38bn in Q2.
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Source: africancapitalmarketsnews.com
