January 24, 2025/United Capital Research
Anglophone West Africa (WAEMU)
Nigeria
- FG, States, LGCs share N1.424 trillion December 2024 revenue
The Federal Government, States, and Local Government Councils have shared a total sum of N1.424tn as revenue for Dec-2024. Compared to the N1.727tn shared for Nov-2024 revenue, there was a decline of 17.54% or N303.00bn. According to the Federation Account Allocation Committee (FAAC), the total distributable revenue comprised N386.124bn from statutory revenue, N604.872bn from Value Added Tax (VAT), N31.211bn from the Electronic Money Transfer Levy (EMTL), and N402.714bn from Exchange Difference revenue.
- Govt targets passage of Digital Economy Bill by Q2
The Federal Government of Nigeria has set its sights on passing the Digital Economy Bill by Q2-2025, as part of its ongoing efforts to strengthen the country’s digital infrastructure and foster economic growth. The bill, which is currently in the process of review, is expected to lay the foundation for comprehensive legislation to guide Nigeria’s digital economy, including technology innovation, e-governance, and digital services, it will also address critical issues such as infrastructure development, talent cultivation, and regulatory transparency.
- Nigeria’s public debt rises by N8.02 trillion to N142.3 trillion in Q3 2024
According to the Debt Management Office (DMO), Nigeria’s total public debt rose to N142.3tn as of 30-Sep-2024, representing an increase of 5.97% (N8.02 tn) compared to N134.3tn in Jun-2024. Nigeria’s external debt in dollar terms grew marginally by 0.29%, from $42.90bn in June to $43.03bn in September. However, the naira equivalent of external debt surged significantly by 9.22%, rising from N63.07tn to N68.89tn during the same period.
- FG approves licence for 10,000 barrels per day refinery
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced the approval of a licence for the construction of a 10,000 barrels per stream day refinery at Imode In Ughelli, Delta State. This latest development signifies that Nigeria now has about 11 modular and regular refineries, adding to the nation’s refining capacity.
- FG projects N84tn revenue in 2025
Nigeria is planning to rake in about N84.67tn from the sale of crude oil in 2025. According to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, the 2025 budget’s crude oil production target is 2.062 million barrels per day and the plan is to sell the crude at $75 per barrel. Komolafe also noted that there was a 1.45% growth in national oil reserves and a 26.00% increase in oil production between Apr-2023 and Nov-2024.
Ghana
- Ghana’s poultry sector in crisis, urgent revamp needed
Eric Opoku, the Minister-Designate for Food and Agriculture, has stressed the urgent need for reforms in Ghana’s poultry sector, describing it as being in crisis. Speaking during his vetting on Monday, January 20, Opoku highlighted that addressing the sector’s challenges is essential for ensuring food security and driving economic growth. According to him, the poultry industry is currently facing significant difficulties, including a substantial gap between demand and supply.
- Gov’t surpasses T-bills target by GHS 2.5 bn
For the third consecutive time, the government has exceeded its Treasury bill (T-bill) target, surpassing it by GHS 2.5 billion. The latest auction results from the Bank of Ghana reveal that while the government aimed to raise GHS 6.3 billion, it received bids totaling GHS 8.8 billion. This led to an oversubscription of 39.14 percent in the money market.
- Ghana delayed delivery of 370,000 t of cocoa in the 2023/24 season
Ghana has delayed the delivery of 370,000 metric tons of cocoa in the 2023/24 season due to poor output, its food and agribusiness minister-designate told a parliamentary committee Monday, up from the 350,000 tons previously reported by Reuters. The unprecedented move to delay delivery from the previous 2023/24 season to the ongoing season follows a sharp drop in production to a two-decade low, Eric Opoku said during his vetting process in parliament.
Francophone West Africa
Mali
- B2Gold says Mali risks reduced, to continue exploration spending.
Canadian miner B2Gold said it is moving forward with plans to invest $10-million in exploration at the Fekola gold complex in Mali this year after a settlement with the government over its mining code reduced the risk of disruption.
Ivory Coast
- Côte d’Ivoire reforms investment code to attract investors.
The reform, implemented in September 2024, aims to streamline administrative procedures and enhance support for businesses. Mr. Soro Nagolo, President of the CGECI’s Business Environment and Competitiveness Commission, emphasized that the revised code seeks to create a more favorable environment for businesses by simplifying administrative processes and strengthening support for structuring projects.
- EIB supports Côte d’Ivoire’s low-carbon transition and sustainable cocoa industry.
Côte d’Ivoire has secured a 50 million euro loan from the European Investment Bank (EIB) to expand its membership in the African Trade & Investment Development Insurance (ATIDI), a key step toward strengthening sustainable trade and investment across Africa, Trend reports.
Senegal
- Senegal suspends onion imports to support local production.
The Senegalese government, through the Market Regulation Agency (ARM), has announced a temporary suspension of onion imports effective January 25, 2025. This decision aims to promote the sales of locally produced onions and support domestic farmers. According to a circular issued by the ARM, the suspension is based on anticipated harvests expected to hit the market in February 2025. The agency believes that this measure will help regulate the onion market, particularly during upcoming religious holidays.
- Capricorn Energy receives $50m from Woodside for Senegal interests.
Capricorn Energy said it had received $50m from Woodside Energy after satisfying all terms and conditions under the sale and purchase agreement relating to the disposal of its production sharing contract (PSC) interests in Senegal.
East Africa
Kenya
- Kenya to start publishing core inflation data to boost targeting
Kenya’s statistics office will begin publishing core inflation data to help monetary authorities to better predict the impact of their interest rate decisions on the economy, officials said. The statistics bureau has been focusing on headline inflation in its monthly releases, including volatile components such as food and fuel, forcing the central bank to disaggregate the data and work out the non-food and non-fuel inflation.
- Kenya says to scrap one-year debt instrument
Kenya will stop issuing a one-year Treasury bill as part of a strategy to help reduce the amount of short-term debt and will instead favour longer dated maturities, according to the National Treasury. The east African country will now only be issuing two Treasury bills notes, the 91-, and 182-day instruments. “The target is to gradually reduce the stock of Treasury bills while lengthening debt maturity and issuance of medium to long term debt securities,” the Treasury said in a debt management strategy paper.
- Diaspora remittances surpass CBK forecast to hit record Sh640bn
Kenyans living and working abroad sent home a record of $4.94 billion (Sh640.75 billion) in the year ended December 2024, marking 18 percent growth that shattered the Central Bank of Kenya (CBK) estimates. CBK data shows the growth was from $4.18 billion (Sh542.89 billion) inflows in the previous year, with December 2024 crowning the record performance.
- Power prices decline on lower fuel charge and stronger shilling
Electricity prices have marginally dropped, driven by a fall in fuel costs and forex adjustment charges, extending relief to homes and businesses. The Energy and Petroleum Regulatory Authority (EPRA) set the Fuel Cost Charge (FCC) at Sh3.55 from Sh3.57 last month.
Mozambique
- TotalEnergies’ Mozambique LNG project faces delay beyond 2029
TotalEnergies’ $20 billion Mozambique LNG project will not be operational by 2029 as hoped, the French oil major said, citing the need to end force majeure and ensure security at the project site. TotalEnergies had previously said that it hoped to lift force majeure and restart construction on the long-delayed liquefied natural gas project by the end of 2024, which would allow it to come online by 2029. However, a $4.7 billion loan from the U.S. Export-Import Bank (EXIM) has yet to be re-approved, after construction on the project was frozen in 2021 due to violent unrest in the northern Cabo Delgado region near the project site — before any disbursements were made.
- Mozambique’s government bond tumbles on debt restructuring report
Mozambique’s sole international market bond tumbled in value on Monday after a news report that the new government is weighing a debt restructuring following weeks of post-election protests that have impacted state revenues. The bond, which matures in September 2031, dropped more than 2 cents on the day to 81.5 cents on the dollar. It had fallen as low as 78.6 cents at the end of last year after a series of deadly protests in the wake of a hotly-contested presidential election in October.
- Mozambique’s Maputo port volumes dip after post-election unrest
Mozambique’s largest port, Maputo, reported a 1% decline in volumes in 2024 mainly due to post-election protests that forced border closures and road blockages, the port operator said. The southeast African country was rocked by opposition protests after a disputed Oct. 9 vote won by Daniel Chapo and his Frelimo party, which has governed Mozambique since 1975. The unrest has left more than 300 people dead following a crackdown by security forces.
Tanzania
- Tanzania’s Annual Inflation Hits Record Low of 3.1% in 2024, the Lowest Ever
Tanzania’s annual inflation rate decreased to 3.1% in 2024 from 3.8% in 2023. This was driven by a drop in food inflation to 2.1% in 2024 from 6.8% in 2023, following government efforts to boost food production and supply.
- Tanzania confirms outbreak of Marburg virus
Tanzania’s President Samia Suluhu Hassan confirmed an outbreak of the deadly Marburg virus in the northwest of the country, with one confirmed case so far. “Laboratory tests conducted at Kabaile Mobile Laboratory in Kagera and later confirmed in Dar es Salaam, identified one patient as being infected by Marburg virus,” she said at a press conference.
- TIC registered $9.3 billion investment projects in 2024
The Tanzania Investment Centre (TI) registered 901 investment projects worth $9.3 billion (Sh23.01 trillion) in 2024, marking a 41.6 percent increase from 2022. The growth can be attributed to the government’s continuous efforts to enhance the investment climate in collaboration with TIC.
Uganda
- Fintech takes banking sector by storm
The rapid growth of financial technology (fintech) is reshaping Uganda’s banking sector, providing new opportunities for financial inclusion and transforming how Ugandans manage their money. According to a report by Financial Sector Deepening Uganda (FSD Uganda), the fintech sector in Uganda created over 10,000 jobs in 2022. This is expected to increase to over 20,000 jobs by 2025. As of October 2024, there were 184 fintechs in the country.
- UIA seeks Shs173.9bn for FY2025/26 to drive industrialization
The Uganda Investment Authority (UIA) is seeking Shs173.9billion for the Financial Year 2025/2026 to cover wage and non-wage expenditures, with the bulk of the money, Shs161.5billion in already approved external financing going for ongoing infrastructure development in industrial parks. UIA officials said that in the financial year 2025/26, UIA’s key priority intervention would be promoting Uganda as the preferred destination for foreign and domestic investment in Africa to increase the value of investments. Another key intervention is improving domestic and international competitiveness and a “doing business environment” through an efficient one-business-stop centre to reduce business costs.
Southern Africa
South Africa
- Inflation quickens less than expected in December
South African inflation quickened at a slower pace than expected in December, providing room for policymakers to cut interest rates later this month. Consumer prices rose 3% from a year earlier, compared with 2.9% in the prior month, Pretoria-based Statistics South Africa said on Wednesday in a statement on its website. That was less than the 3.2% median of 15 economists’ estimates in a Bloomberg survey.
- Cost of living crisis: Medical aid costs up 43%, food prices soar
It is indeed very good news that the inflation rate remained below the midpoint of the South African Reserve Bank’s inflation range of 3% to 6% for the fifth consecutive month in December 2024, and that it has stayed within the range for the last 19 months.
- Ramaphosa signs off on Expropriation Act
South African President Cyril Ramaphosa assented to a new law that makes it easier for the state to expropriate land in the public interest, subject to equitable compensation being paid. The Expropriation Act, which replaces and updates existing legislation that dates to 1975, comes into effect after five years of parliamentary deliberations and public consultations and is consistent with the nation’s constitution, the presidency said in a statement on Thursday.
- South African GDP growth expected to surprise to the upside in 2025
A report out this week by Capital Economics says GDP growth is likely to exceed 2.3% this year, underpinned by the mining and retail sectors. This is well above National Treasury’s 1.7% forecast for 2025, and the International Monetary Fund’s 1.5% projection for the year. Others have put the expected growth at 1.5-2% for 2025.
- SA’s financial planning industry hits 5 000 certified professionals
South Africa’s financial planning industry now boasts 5 001 Certified Financial Planning (CFP®) professionals, the Financial Planning Institute (FPI) announced in a statement on Thursday. This milestone was reached on 31 December last year.
Zimbabwe
- Merger deal’s demise a blow to national economic ambitions
The collapse of the long-awaited merger between CBZ Holdings Limited (CBZHL) and ZB Financial Holdings (ZBFHL) marks not only the end of four years of painstaking negotiations but also a significant blow to Zimbabwe’s economic ambitions, particularly its vision of becoming an upper-middle-income economy by 2030. The fallout from this deal points to the sharp divides that still exist between the business community and regulatory bodies in the country, as well as the contrasting views on how to balance corporate strategy with national economic goals.
- Zimbabwe: RBZ holds firm on tight liquidity policy amid industry pressure
The Reserve Bank of Zimbabwe (RBZ) remains resolute in maintaining a tight liquidity stance, despite mounting pressure from industry leaders who argue that an injection of funds is critical to sustaining operations across sectors.
- Zimbabwe Mining sector poised for growth
The Chamber of Mines Zimbabwe president, Thomas Gono, has expressed optimism about the mining sector’s prospects this year, forecasting significant growth across key minerals driven by expansion efforts and fovourable government policies.
- Delta invests US$13m in agric sector
Delta Corporation Limited, Zimbabwe’s largest brewer, has committed approximately US$13m to the 2024/2025 summer cropping season. This strategic investment is aimed at reducing raw material costs and empowering outgrowers through targeted support.
Central Africa
Cameroon
- Cameroon aims to double cacao, coffee production, yet also save forests
Cameroon’s government says it plans to invest heavily in agriculture over the next decade and combine economic growth and sustainable development, while preserving its forests. A recent agreement signed between the government and the Central African Forest Initiative (CAFI) will invest $60 million toward achieving these aims.
- Tussle between Camwater and World Bank over water prices.
The international organisation is calling for the price of a cubic metre of drinking water to be raised to 270 FCFA. This has been rejected by the government, which doesn’t want to provoke a fresh wave of social unrest.
