Friday, September 03, 2021 / 1:55 PM / United Capital Research / Header Image Credit: Global Africa
Anglophone West Africa
Nigeria According to media reports quoting data from Nigerian National Petroleum Corporation (NNPC), fuel subsidy payments between January to July printed at N757.0bn, implying an average monthly cost of N108.1bn. At this rate, the NNPC would incur N1.3tn to finance fuel subsidy payments in 2021.
The Minister of Finance has announced that Nigeria will launch its planned N2.3tn worth of Eurobond issue on October 11th. The country would hold roadshows starting from investors in Lagos to investors in New York and UK and within the week, the pricing of the dollar-dominated issuance will also be done.
The Central Bank of Nigeria (CBN) has engaged a Barbados-based digital financial technology firm, Bitt Inc., as a technical partner for its e-Naira project due for unveiling before the end of the year. The firm is expected to establish a subsidiary in Nigeria of which it would hold an equity stake in.
The president announced the sacking of the Minister for Agriculture, Sabo Nanono as well as the Minister for Power, Engineer Saleh Mamman. We expect to receive more details on the sacking on the ministers later this week.
Ghana According to the Ghana Investment Promotion Centre (GIPC), Ghana recorded investments worth $874.0m across 122 projects in H1-2021, 32.2% higher than the $627.5m recorded in H1-2020. Breaking the report into domestic and foreign, $829.3m came from foreign sources while $44.7m came from local sources.
Based on data from the Bank of Ghana’s 2020 banking industry fraud report, total fraud cases recorded in 2020 climbed to 2,670 cases, compared to the 2,311 cases recorded in 2019. In terms of value of money involved in the fraud cases, the figures skyrocketed to GHC1.0bn in 2020, from GHC115.5m in 2019.
The German Federal Ministry for Economic Cooperation and Development has awarded a grant of 100,000 Euros for the training of 90 small and medium enterprises (SMEs) in Ghana to improve on their competitiveness, including workplace practices.
The World Bank approved $103.4m for Ghana via the Ghana Landscape Restoration and Small-Scale Mining project which aims to reverse the degradation of about 3 million hectares of landscapes and strengthen the country’s integrated natural resource management.
Francophone West Africa Ivory Coast Eni announced a major oil discovery in block CI-101 offshore Cote d’Ivoire. The block is […]
