Friday, March 11, 2022 / 9:38 PM / United Capital Research / Header Image Credit: Getty
Anglophone West Africa
Nigeria According to recently released CBN’s capital importation data, breakdown shows a drop in Nigeria’s Foreign Portfolio Investments (FPI) to $3.4bn from $5.2bn the previous year. It represents two consecutive years of FPI decline, having dipped 68.5% in 2020 from $16.4bn in 2019.
The Bureau of Public Enterprises (BPE) disclosed the NNPC’s interest in acquiring Federal Government-owned power plants in its bid to boost power generation and supply in the country. The NNPC had earlier stated that it had signed a contract with China Machinery Engineering Company (CME) and General Electric (GE) to provide 50MW of electricity to Maiduguri.
The president of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Gillis-Harry disclosed a 2.0x multiple projection on the approved N3.0tn subsidy payment by the government by FY-2022 on the back of rallying crude oil price.
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending announced the facilitation of the flow of over N146.0bn into Nigeria’s agro-processing industry to date from various sources. It outlined the sources to include Deposit Money Banks, development financiers, private equity investment firms, and other financial institutions. Also, he stated that the move was to create a stronger linkage between segments of Nigeria’s agricultural value chain and subsequent AVC-linkage to commercial bank finance.
According to media reports, the Federal Executive Council (FEC) approved a ban on foreigners and their representatives from purchasing Nigeria’s agricultural produce at the farm gate. Hence, only licensed and duly registered local buying agents can buy produce directly from farmers.
Ghana According to recently released data by Ghana Statistical Service (GSS), Ghana’s Consumer Price index (CPI) rose by 15.7% y/y in Feb-22 vs. 13.9% in Jan-22, its highest since Oct-16.
In a statement issued and signed by the Secretary of Bank of Ghana (BOG), the apex bank announced that it has not granted approval for the use of a cryptocurrency named "Freedom Coin" in the banking and payment sector.
Francophone West Africa
Ivory Coast According to Bloomberg, Ivory Coast members of exporter group, Gepex, saw cocoa processing rise 8.7% y/y to 50,699 tons in Feb-22. According to Bloomberg, Ivory Coast Cocoa regulator, Le Conseil du Café-Cacao disclosed plans to commence a cocoa-tracing program from April-22, following pressures to prove the sustainability of supplies of […]
