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Nigeria's Economy to Grow By 3% in 2023-UN
January 30, 2023--Commodity exporters in Africa will likely face weaker market conditions given the expected global economic slowdown, it said
The Nigerian economy is expected to grow by 3 per cent in 2023, the United Nations (UN) has said.
The UN, in its 2023 World Economic Situation and Prospects report published on its website, said high inflation and power supply issues are impacting growth in Nigeria.
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Source: allafrica.com
Africa-Economic Growth Decelerates Before Full Recovery From Pandemic-Led Contraction
January 25, 2023--Confluence of shocks on economies raised imbalances and elevated risks, says UN
Economic growth in Africa is forecast to slow down this year while the level of economic activities remains below the pre-pandemic level, according to the United Nations World Economic Situation and Prospects (WESP) 2023, which was launched today.
A series of severe and mutually reinforcing shocks-the COVID-19 pandemic, the war in Ukraine and resulting food and energy crises, surging inflation, debt tightening, as well as the climate emergency- battered the world economy in 2022. Against this backdrop, world output growth is projected to decelerate from an estimated 3.0 per cent in 2022 to 1.9 per cent in 2023, marking one of the lowest growth rates in recent decades.
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Source: allafrica.com
Africa's economic growth to outpace global forecast in 2023-2024-African Development Bank biannual report
January 19, 2023--African Development Bank's new report calls for bold policy actions to help African economies mitigate compounding risks
Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024.
This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa's Macroeconomic Performance and Outlook report for the region, released in Abidjan on Thursday.
With a comprehensive regional growth analysis, the report shows that all the continent's five regions remain resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks. It also identified potential risks and called for robust monetary and fiscal measures, backed by structural policies, to address them.
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Source: afdb.org
East Africa may issue single currency in next four years-report
January 16, 2023--The location of the East African Monetary Institute will be finalised soon
The East Africa Community (EAC) anticipates a single regional currency in the next four years, Kenya's The Star newspaper reported.
Although a technical working group suggested the deadline be pushed to 2031, EAC Secretary-General Peter Mathuki expected the East African Monetary Union to be achieved within the next four years.
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Source: zawya.com
Africa: Economies in Africa Had It Rough in 2022
December 31, 2022-Record inflation, high debt levels and weak currencies sent the cost of living soaring in many parts of sub-Saharan Africa throughout the year.
When Richard Gbewornyo graduated as a videographer in Accra, he was ready to go into the field and start shooting.
But hardly any assignments came his way in 2022. He's now an Uber driver in Ghana's capital-although that puts very little in his pocket.
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Source: allafrica.com
Nigeria Ranks 11th of 20 Countries With Largest Oil Reserves
December 30, 2022--Nigeria has ranked 11th position on a top-20 list of countries with largest proven oil reserves, a publication by Insider Monkey has shown.
Despite the impressive attainment on the list, Nigeria's crude oil reserve has remained stagnant at 37 billion barrels for the past 10 years due to low exploration for new discoveries
According to the report, data from the Energy Information Administration (EIA) and other sources were used to sift out the largest countries with crude oil reserves as of 2021
Nigeria;s crude oil is one of the most preferred due to its low sulfuric content, and low corrosiveness to refinery infrastructure.
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Source: allafrica.com/
World Bnak-Nigeria Country Economic Memorandum: Charting a New Course
December 15, 2022--STORY HIGHLIGHTS
The report describes the main trends, challenges, and opportunities for growth and job creation in Nigeria over the past 20 years and proposes a path forward with actionable policy options.
Unlocking private investment will enable the creation of more and better-quality jobs in a sustainable manner.
Nigeria can become a rising growth star again if it implements a comprehensive set of bold reforms in a timely manner.
The latest describes the main trends, challenges, and opportunities for growth and job creation in Nigeria over the past 20 years and proposes a path forward with actionable policy options. Despite its vast natural resources and a young, entrepreneurial population, development in Nigeria has stagnated over the last decade and the country is failing to keep up with the GDP growth of its peers. Declining private investment and demographic pressure pushes young Nigerians to pursue opportunities overseas.
Nigeria was a rising growth star globally in the 2000s due to the implementation of several structural reforms in a context of increasing oil prices; yet this fast growth was not accompanied by robust job creation. Between 2001 and 2010, Nigeria ranked among the top 15 fastest growing economies in the world, with an average annual growth rate of 8.2. However, the hard-won income gains from the 2000s evaporated between 2011 and 2021, due to the lack of deeper structural reforms, global shocks, conflicting macroeconomic policies, and increased insecurity percent. view more
Are Africa's stock exchanges lagging?
Market capitalization on African exchanges was $1.2 trillion at the start of 2020 and rose to $1.3 trn by July 2022. Meanwhile the market capitalization on world exchanges climbed from $80 trn to $95 trn.
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Kenya: NSE Links With Seven African Capital Markets view more
African Development Bank, World Bank to jointly launch Electricity Regulatory Index reports for Africa and the world view more
Source: worldbank.org
December 9, 2022--African capital markets are falling behind the growth of global markets. African markets have 1.4% of global market capitalization and the share is falling, says Nandini Sukumar, CEO of the World Federation of Exchanges.
Africa's 26 African exchanges have averaged 2 IPOs per month across the continent, compared to 670 on world exchanges in December 2021 and over 700 in July 2021.
Source: africancapitalmarketsnews.com
December 9, 2022--Investors at the Nairobi Securities Exchange(NSE) will now be able to trade in seven stock exchanges across 14 African countries having access to over 2,000 companies with roughly USD1.5 trillion market capitalization.
This is after the African Exchanges Linkage Project (AELP) unveiled an e-platform (The AELP Link), enabling seamless cross-border securities trading among the seven African stock exchanges.
Source: allafrica.com
December 8, 2022--The African Development Bank and the World Bank joined forces to launch parallel reports, respectively capturing the state of power sector regulation in Africa, and more broadly across the developing world. The launch event was attended by 240 attendees including government officials, regulatory entities, development finance institutions and African and international private sector stakeholders.
The African Development Bank's Electricity Regulation Index (ERI), running since 2018, has been widely adopted by regulators and other stakeholders across the African continent to benchmark electricity regulatory environments and to guide reforms in the sector. The new fifth edition covers 44 of the 45 African countries that host independent regulatory authorities.
Source: worldbank.org
