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Nigeria: Report-Unfavorable Economic Climate, Access to Credit Constraining Businesses
November 5, 2020--The Central Bank of Nigeria's (CBN) October 2020 Business Expectations Survey Report has once more identified insufficient power supply, financial challenges, high interest rate and competition as some of the factors constraining businesses in the country.
The report posted on the central bank's website also identified unfavourable economic climate, unclear economic laws, unfavourable political climate, insufficient demand, access to credit and lack of equipment as other factors hampering business activities in the country.
view the Central Bank of Nigeria (CBN)Business Expectations Survey Report for October 2020
Source: allafrica.com
Nigeria Records $1.4bn Trade Deficit in August
November 4, 2020--Nigeria recorded $1.4 billion trade deficit in August 2020 even as the value of external trade increased by 12 per cent to $5.8 billion from $5.1 billion in July.
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Source: allafrica.com
Rand weakens as market anxiously waits for a clear winner
November 4, 2020--Analyst says the US election is currently the main driver of the market and with all the volatility going on in the market, anything is possible.
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Source: news24.com
Nigeria at 60
October 29, 2020--Nigeria gained independence from Britain 60 years ago. With civil unrest, security and economic problems dominating events in 2020, find out why the future of Africa's most populous country is in the hands of the young, and whether it can ever be unified.
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Source: FT.com
South Africa: SA's Economy to Contract By 7.8 Percent This Year
October 28, 2020--As a result of the devastating impact of the Coronavirus pandemic, South Africa's economy is expected to contract by 7.8 % this year in real terms.
The National Treasury said this in its Medium-Term Budget Policy Statement on Wednesday.
This comes after COVID-19 and the measures taken to protect public health resulted in steep declines in consumption, investment and exports.
"GDP growth is expected to rebound to 3.3 % in 2021, and to average 2.1 % over the medium term. Based on this projection, the economy will only recover to 2019 levels in 2024.
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Source: allafrica.com
SA stocks rise with risk-on sentiment boosting Anglo
October 23, 2020--South Africa's main stock index rose 0.8% as of 10:31 a.m. in Johannesburg, the biggest gain since 12 October, as increased appetite for riskier assets lifts miners.
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Source: news24.com
Sub-Saharan Africa's Difficult Road to Recovery
October 22, 2020--The COVID-19 pandemic represents an unprecedented health and economic crisis for sub-Saharan Africa. Within months, the spread of the virus has jeopardized years of development and decades-long gains against poverty in the region while threatening the lives and livelihoods of millions of people.
In our latest Regional Economic Outlook, we project -3 percent growth in sub-Saharan Africa's GDP in 2020, representing the worst outcome on record for the region. The drop will be even larger for economies dependent on tourism and commodity exports. Growth in the region should rebound modestly in 2021 to 3.1 percent, but for many countries, a return to 2019 levels won't occur until 2022-24.
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Source: IMF
SA stocks gain as Richemont gets luxury peer boost
October 16, 2020--Friday's strength trims the market's weekly decline to 0.3%, still set to drop for the first week in three.
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Source: news24.com
Nigeria: Inflation Climbs Further, Rises Above 13.71% in September
October 15, 2020--After attaining the highest level in 28 months in September, Nigeria's headline inflation climbed further, the latest figures by the National Bureau of Statistics (NBS)show.
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Source: allafrica.com
'Africa Must Think Continental, Focus On Wealth Creation'
October 14, 2020--The Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi has reiterated the need for African countries to adopt a continent-wide approach to business and also focus on wealth creation.
This, he said would make businesses in the continent to be relevant in the global value chain.
According to Ayeyemi, for the African Continental Free Trade Agreement (AfCFTA) to become a reality, there must be commitment and readiness for trade facilitation by the individual nations.
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Source: allafrica.com
