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IMF Staff Country Report-Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
February 16, 2023--Summary:
Economic recovery continued to broaden in 2022. Higher oil prices are yet to deliver tangible benefits amid contraction of oil production and costly fuel subsidies. Elevated inflation and lingering external sector pressures, if left unaddressed, may exacerbate macroeconomic instability.
This could impact growth, food security and ultimately social cohesion given extreme inequality and high poverty. The upcoming elections provide an opportunity for the new administration to advance structural reforms and offer a more prosperous future.
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Source: imf.org
IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria
February 6, 2023--Nigeria's economy has recouped the output losses sustained during the COVID-19 pandemic supported by favorable oil prices and buoyant consumption activities. Gross domestic product (GDP) adjusted for inflation has already reached its pre-crisis level and the third quarter of 2022 marked the eighth consecutive quarter of positive growth-despite continued challenges in the oil sector.
Growth is estimated at 3 percent for 2022.
Headline inflation declined in December 2022 for the first time in 11 months, but at 21.3 percent remains high-driven by elevated international food prices, large parallel market premiums and monetary policy accommodation. While the Central Bank of Nigeria raised the Monetary Policy rate (MPR) by a cumulative 500 basis points in 2022 and another 100 bps in January 2023, inflation remains above the MPR.
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Source: imf.org
Kenya: NSE Amends Trading Rules to Support Block Trades
February 2, 2023--The Nairobi Securities Exchange (NSE) has amended its trading rules to allow for block trades as it seeks to drive more liquidity in the market.
A block trade is a large, privately negotiated securities transaction. Normally, block trades are arranged away from public markets to lessen the effect on the security's price.
At the NSE, block trades shall constitute the sale of shares whose value exceeds Sh3 billion in value and constitute 5 per cent or more of an Issuer's total issued shares subject to a maximum of 24.99 per cent.
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Source: allafrica.com
Kenya: Retail Investors At the NSE Hit 300,000 On Digitalization
February 1, 2023--The number of retail investors participating in Unit Trusts has risen significantly over the past decade driven mainly by the use of technology that has seen market players attract more clients, a new report shows.
According to the CMA Q4 Soundness report, the number of retail investors in capital market products rose to 300,000 as of September 2022 from 84,000 in September 2012.
This has led to a 5-fold increase in Assets Under Management (AUM) by CISes to more than Sh155 billion as at the end of the quarter under review, compared to the corresponding period in 2012.
CMA notes that the increase in retail investors has also been fueled by the approval of more fund managers and asset classes under umbrella Collective Investment Schemes (CIS).
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Source: allafrica.com
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/
