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Bitcoin Will Persist In Nigeria, But The Ban Changes Things
February 17, 2021--You have probably heard the news about the Central Bank of Nigeria (CBN) imposing a ban on financial services for cryptocurrency exchange operators, as well as the incongruent excuses for its action. You may have also heard of several connected controversies, like how it's linked to the #endSARS protests, aid for which was partly funded in bitcoin.
What you probably don't know, though, is how this is related to the economic shock from the COVID-19 pandemic, the huge arbitrage gap in the naira (NGN) prices across the Nigerian currency market, the decline in Nigeria's inflow remittances and the emotional tension of individuals whose funds are sadly trapped in all of this.
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Source: bitcoinmagazine.com
Five Questions About Nigeria's Road to Recovery
February 15, 2021--The COVID-19 pandemic has placed Nigeria at a critical juncture. The country entered the crisis with falling per capita income, high inflation, and governance challenges. Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector-led growth will set Nigeria on a more sustainable path to recovery.
The IMF's latest economic assessment of Africa's largest economy recommends exchange rate reforms and strengthened efforts to increase government revenues.
What is the economic outlook for Nigeria in 2021 and beyond?
Nigeria's recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5 percent. Real GDP is expected to recover to its pre-pandemic level only in 2022. The near-term outlook is subject to downside risks from pandemic-related developments with Nigeria experiencing a second wave. Over the medium term, a subdued global recovery and decarbonization trends are expected to keep oil prices low and Organization of the Petroleum Exporting Countries quotas in place, restricting oil-related activities, fiscal revenues, and export proceeds. Non-oil growth is also expected to remain sluggish, reflecting inward-looking policies and regulatory uncertainties.
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Source: IMF
Nigerian Stocks-No Recovery As Investors Lose N426bn
February 11, 2021--The All Share Index slipped 1.96 per cent.
Nigerian stocks were down by 1.96 per cent or N425.919 billion on Wednesday, bringing the month to date loss close to N1 trillion as selling pressure weighed on a market beset by loss-making since February began.
Investors put up large volumes of shares in Fidson, CAP, Regal Insurance, Sovereign Trust Insurance and Sunu Assurance for sale, making them contribute the most to the downtrend.
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Source: allafrica.com
Nigerian Stocks in Longest Losing Streak So Far in 2021
February 9, 2021--Equities continue to fall as consumer goods, bank stocks stoke losses.
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Source: allafrica.com
6 reasons why Africa's new free trade area is a global game changer
February 6, 2021--AfCFTA, the largest global free trade area by countries participating, could transform the continent's economic prospects.
It aims to be a model of cross-border cooperation in an era of growing isolationism.
The agreement must overcome implementation challenges to realize its many benefits.
The arrival of COVID-19 in 2020 has rapidly reshaped countries, societies and communities. Our response to the pandemic has changed political and social systems and created new social norms. Now the world continues to face a plethora of challenges-including climate change, inequality, technological change, migration and displacement-that are both complex and evolving, and which demand collective action.
Most pressingly, the full economic impact of the pandemic is still not fully understood: The IMF projected a historic global GDP contraction of 4.4% in 2020 and a partial and uneven recovery in 2021, with growth at 5.2%.
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Source: World Economic Forum
Zimbabwe: ZSE Outsmarts African Peers
February 2, 2021--The Zimbabwe Stock Exchange (ZSE) was the second best performing bourse, after the Egyptian Exchange, last week among seventeen regional stock markets tracked by researchers at African Markets.
During the week ending January 15, the ZSE was spurred by significant advances in the mining index led by the nickel producer, Bindura Nickel Corporation, which lifted its share price 11,49% to close at ZWL$3,8 pushing the resources index 8,46% to 4054,04 points.
The primary All-Share Index advanced 4,85% to settle at 2586,90 points, with the industrials putting on a 4,78% charge to 8617,80%.
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Source: allafrica.com
Africa's Development Dynamics report shows digitalisation of economic sectors will kick-start a new growth cycle after COVID-19
January 19, 2021--The response to the COVID-19 crisis builds momentum for Africa's digital transformation to overcome the pandemic and create more productive jobs, according to the 2021 edition of Africa's Development Dynamics (AfDD) launched today.
The COVID-19 pandemic is the hardest shock to African economies in 25 years. Gross domestic product (GDP) has decreased in 41 countries in 2020, compared to 11 countries in 2009 when the Global Financial Crisis hit.
Yet Africa's governments are facing today's crisis with lower financial resources than they did then: over 2010-18, domestic revenues per capita decreased by 18%, and external financial flows per capita by 5%. Tax-to-GDP ratios had already been stagnating at 16.5% between 2014 and 2018 in 30 African countries, despite important tax reforms. Public revenues should contract even further, by about 10% in at least 22 African countries between 2019 and 2020; total national savings could drop by 18%, remittances by 25% and foreign direct investment by 40%.
In that context, Africa's booming digital sector offers an opportunity for governments to help kick-start a new growth cycle in the aftermath of the COVID-19 crisis, according to the report. By encouraging the spreading of digital technologies, data and interconnection to all sectors, starting with healthcare, African countries can accelerate economic transformation and the creation of productive jobs, in line with the Aspirations of the African Union Agenda 2063.
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Source: OECD
Nigerian Stocks Rise for Fifth Straight Day On Bellwether Gains
January 15, 2021--Market breadth was significantly positive as 49 equities emerged compared to seven losers.
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Source: allafrica.com
Africa's Free Trade Area Opens for Business
January 14, 2021African countries opened their markets on 1st January under the continental free trade agreement and duty-free trading of goods and services across borders is now underway despite the COVID-19 pandemic and other teething problems.
The new market, created under the African Continental Free Trade Area (AfCFTA) agreement is estimated to be as large as 1.3 billion people across Africa, with a combined gross domestic product (GDP) of $3.4 trillion. This has a potential of lifting up to 30 million Africans out of extreme poverty, according to the World Bank.
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Source: allafrica.com
Africa: Top Five Risks for African Businesses in 2021
January 12, 2021--In 2021, businesses will face a globally fragmented recovery from COVID-19; now is the time embrace risk and focus on the rebound.
The COVID-19 pandemic, emerging digital threats, climate change and the US China relationship are among the top five risks for businesses in 2021, published Monday by Control Risks, a specialist global risk consultancy.
Underpinning these risks, the danger of missing the rebound in a year of multi-speed recovery is a top risk for business in the coming year.
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Source: allafrica.com