September 22, 2023/United Capital
Anglophone West Africa
Nigeria
- Dangote refinery imports crude as NNPCL swaps oil for loans.
The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed.
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- Foreign airlines’ trapped funds hit $783m — IATA.
The International Air Transport Association has said that as of August 2023, Nigeria accounts for $783m of airlines’ blocked funds.
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- N7tn needed to reconstruct South-East roads – Umahi.
The Minister of Work, Senator Dave Umahi, has disclosed that over N7tn is required to reconstruct Trunk “A” roads in the South-East. The minister made this disclosure while inspecting some of the federal roads in Imo State.
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- FG issues licence for 500MT Autogas plant.
The Federal Government on Tuesday intensified the push for gas usage in automobiles and domestically by issuing an Approval To Construct licence to Noretek Energy Limited for the construction of 500 metric tonnes autogas plant in Abuja.
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- FIRS revenue collection hits N8.5tr, hopeful of meeting N12tr 2023 target.
The Federal Inland Revenue Service (FIRS) has expressed optimism about achieving its N12 trillion revenue target for the year, having realised N8.5 trillion as of mid-September.
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- AMCON recovers 70% of N4 trillion bad debts
The Asset Management Corporation of Nigeria (AMCON) revealed that it has successfully recovered more than 70 per cent of the N4 trillion in bad debts from debtors, despite prevailing concerns related to interest rates.
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- Oil companies, agencies owe FG $9.85bn revenue – NEITI
The Nigeria Extractive Industries Transparency Initiative disclosed the total unremitted revenues to the federation by some relevant government agencies and companies in the oil and gas sector in 2021 increased to over $9.85bn.
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- Inflationary pressure depresses FGN Savings Bond by 14.4%
There are indications that investors’ interest in the FGN Savings Bond is waning as the value of subscription fell by 14.4% to N8.8 billion Year-on-Year, YoY, at end August 31, 2023, a situation attributed to rising inflation rate among other factors. The figure was N10.287 billion in the same period ended August 31, 2022.
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- Nigeria servicing 108 W’Bank loans worth $14bn – Report
Nigeria is currently servicing about $14.12bn worth of World Bank loans. The figure covered the amount disbursed on about 108 approved loans. It was observed that the oldest loan being serviced was approved as far back as 1989 under Gen. Ibrahim Babangida, while the most recent loan being serviced was approved in 2018 under the former administration of Muhammadu Buhari.
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- Nigeria, Cuba sign MoU on food security, agriculture advancement
Nigeria and Cuba have signed a Memorandum of Understanding on food security and agriculture advancement. The signing ceremony on the sidelines of the G77+ China Leaders’ Summit, took place at the Ministry of Agriculture of Cuba in the presence of officials from both countries.
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Ghana
- Ghana’s economy grew 3.2% in second quarter of 2023 – statistics office
Ghana’s economy grew 3.2% year-on-year in the second quarter of 2023, compared with a revised growth rate of 3.3% in the previous quarter, the country’s statistics agency said on Wednesday.
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- “Reparations must be paid for Slave Trade” – President Akufo-Addo
The President of the Republic, Nana Addo Dankwa Akufo-Addo, has demanded for the payment of reparations for the countries affected by the Trans-Atlantic Slave Trade.
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- Treasury Bills t Unlikely to Be Included in Ddep in Near Term – Fitch
Ratings agency, Fitch, says it does not expect Treasury bills to be included in the Domestic Debt Exchange Programme in the near term. According to the UK-based firm, despite the high yield on the short term securities, it was the only financing tool left for the government, and therefore it would be suicidal to include it in the domestic debt restructuring.
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Francophone West Africa (WAEMU)
Senegal
- Senegal’s Sall backs PM Ba for 2024 presidential elections
Senegal President Macky Sall on Saturday designated Prime Minister Amadou Ba as the ruling party’s candidate for the 2024 presidential elections, presidential and governmental sources said.
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Ivory Coast
- Ivory Coast and Senegal cocoa and cashew farmers gain €26 million EIB and Cofina investment
Sustainable agriculture, including cocoa and cashew production, in Ivory Coast and Senegal has been given a €26 million boost, as the European Investment Bank and Cofina Group confirm an agreement to support core farming operations within the region.
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- ECOWAS Moves to Implement Lagos-Abidjan Highway Project
The Commission of the Economic Community of West African States has hinted that the 1028-km Abidjan-Lagos highway project will begin in January 2024 starting with procurement for the main construction and the actual construction work. To this end, the commission has begun a validation workshop in preparation for the implementation of the project expected to link major cities.
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Mali
- Mali, Niger and Burkina Faso establish Sahel security alliance
Mali, Burkina Faso, and Niger have signed a mutual defence pact, as the three Sahel countries aim to help each other against possible threats of armed rebellion or external aggression. The charter, known as the Alliance of Sahel States, binds the signatories to assist one another – including militarily – in the event of an attack on any one of them.
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East Africa
Kenya
- Kenya debt stock approaching $70bn, as share of external borrowing rises, shilling falls.
The stock of Kenya’s overall debt has crossed the KES10.0tn ($68bn) mark on increased borrowing during President Willam Ruto’s first year in office. Data from the National Treasury and the Central Bank of Kenya (CBK) place the debt stock at KES10.19tn at the end of June 2023 up from KES8.58tn a year earlier.
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- Kenya Discloses Terms of April $200Mn Syndicated Loans.
A group of lenders including Citibank, Rand Merchant Bank, Standard Bank and Standard Chartered Bank provided $100mn and €93mn to be repaid in the respective currencies. Dollar facility will be repaid in six equal half-yearly installments of $16.66mn from April 15, 2025 through to Oct. 15, 2027.
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- Kenya Central Bank’s Thugge Sees Inflation 5.5%-6% by End-Dec.
Inflation seen easing on lower food prices as weather improves, decline in fuel consumption, Central Bank of Kenya Governor Kamau Thugge says in speech at conference in capital, Nairobi.
Rwanda
- Rwanda Growth Slows as Agriculture Stagnated on Heavy Rains.
Rwanda’s economic growth slowed to 6.3% on the year in the second quarter compared to 9.2% in the previous three months on heavy rainfall in April and May that disrupted agricultural output.
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Tanzania
- World Bank Cuts Tanzania 2023 GDP Growth Est. to 5.1% From 5.3%.
Global headwinds and drought to curb East African nation’s economic growth in 2023, Washington-based lender says in its Tanzania Economic Update.
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Southern Africa
South Africa
- South Africa Holds Rates Again, Says Inflation Risks Persist
South Africa’s central bank kept its benchmark interest rate unchanged, while signaling that borrowing costs are likely to stay higher for longer because of persistent inflation risks. The monetary policy committee maintained the rate at a 14-year high of 8.25% for a second consecutive meeting, Governor Lesetja Kganyago said at a briefing north of Johannesburg on Thursday.
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- South Africa’s economic freedom ranking slips to new low.
South Africa’s economic freedom ranking has taken another hit, according to the 2023 Economic Freedom of the World (EFW) report. South Africa now ranks 94th out of 165 countries, a slight decline from its 93rd position last year.
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- South African retail sales fall 1.8% year on year in July
South African retail sales fell 1.8% year on year in July after declining by a revised 1.8% in June, Statistics South Africa figures showed on Wednesday. Retail sales in July were unchanged month-on-month, sales in the three months to the end of July were down 2.2% compared with the same period last year, the statistics agency said.
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Zambia
- Govt Rakes in $107m in FISP Savings
The government has saved US$107 million through the introduction of efficient fertilizer procurement mechanisms in the 2023/2024 Farmer Input Support Program (FISP). Agriculture Minister Reuben Mtolo said the average wholesale price had also reduced to an average $880 per tonne.
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Angola
- International reserves with a monthly average of USD 14.033 billion
In Angola, international reserves went from USD 18.23 billion in 2017 to USD 14.66 billion by the end of 2022, a reduction of around USD 3.57 billion. According to data compiled by ANGOP, based on summaries published by the Central Bank, in the period under analysis, January to August 2023, the lowest value of the IR stock was observed in the month of June, the period in which they were set 13.681 billion US dollars.
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- Angola exports first food products to the USA
Twenty-three tons of food products will be exported, this Thursday, for the first time, from Angola to the United States of America (USA), by the Angolan food processing company Food Care, within the scope of the American Food Law. Growth and Opportunities for Africa (AGOA). AGOA gives eligible sub-Saharan African countries duty-free access to the US market for more than 1,800 agricultural products.
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- More than five thousand operators have already received micro credits from PREI.
At least five thousand operators have already received micro credits, for a global amount of around eight billion kwanzas, under the Informal Economy Reconversion Program, INAPEM’s PCA. According to the President of the Board of Directors of the National Institute for Support to Micro, Small and Medium Enterprises (INAPEM), the Reconversion Program for the informal economy now brings a new paradigm in this second phase (2023 to 2027).
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Central Africa
Cameroon
- Cameroon lost over CFA8mln to EPA with EU in H1 2023, up 61% YoY
Over the first six months of 2023, Cameroon lost a total of CFA8.6 billion in customs revenue due to the implementation of its Economic Partnership Agreement (EPA). This represents an increase of 61% compared to the same period in 2022, according to data provided by the Directorate General of Customs.
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- Cameroon: govt raises log export tax by 345% in 6 years to promote local processing
The tax imposed by the Cameroonian government on log exports increased from 17.5% in 2017 to 60% in 2023. This means that over 6 years, the rate has been raised by 343%.
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- Extractive companies’ payments reach CFA776bn in 2021, up by 17%
Payments made by companies active in the extractive sector in Cameroon reached CFA776 billion in 2021, according to figures reported by the Extractive Industries Transparency Initiative (EITI). Compared to the previous Covid-hit year when the amount was CFA663 billion, this makes an increase of 17%.
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Democratic Republic of Congo
- Congo still has difficulty securing investments in Inga power project -president
Democratic Republic of Congo still has difficulty securing investments for its Inga power project, the president said, adding that the World Bank and China are interested. The multibillion-dollar project, which will harness the power of the Congo River, has been repeatedly delayed by red tape and disagreements between Congo and its partners.
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