Snapshot on the African Economy as @ 101221

Snapshot on the African Economy as @ 101221

Friday, December 10, 2021/ 03:00PM / United Capital Research / Header Image Credit: World Bank

Anglophone West Africa

Nigeria The National Bureau of Statistics (NBS) released the Q3-2021 Foreign Trade in Goods Statistics, showing that Nigeria’s total trade in merchandise increased by 58.6% y/y in Q3-2021 to N13.3bn (a 10.4% q/q increase from Q2-2021).

Furthermore, Nigeria recorded a foreign trade deficit for the 8th consecutive quarter, reaching a negative trade balance of N3.0tn, compared to N1.9tn recorded Q2-2021.

Total imports stood at N8.2tn in Q3-2021, a 51.5% y/y increase from N5.4tn in Q3-2020 and 17.3% q/q. On the other hand, total exports stood at N5.1tn in Q3-2021, a meagre 1.0% q/q increase compared to Q2-2021. Crude-related exports accounted for 89.8% of total export value recorded in Q3-2021.

Also, the Nigerian President sent the Finance Bill 2021 to the two chambers of the National Assembly for consideration and approval, to facilitate effective implementation of the 2022 budget.

The Nigerian Communications Commission (NCC) disclosed Friday 10th of December to be the scheduled date for the much anticipated $197.0m mock auction of the 5G spectrum for qualified telecommunication companies, in preparation for main auction scheduled for Monday, 14th December 2021, with roll-out to begin 2022 in 12 states.

Ghana The Republic of Ghana and the Co-operative Republic of Guyana expressed commitment towards strengthening bilateral relations on the back of the recent meeting between the presidents of both countries.

The Republic of Ghana received a total of 2.9m doses of the Johnson & Johnson vaccine, from a collaborated effort of the Governments of the United States of America and Denmark, in support of the national vaccination programme against COVID-19.

Francophone West Africa

Senegal The first case of the Omicron variant of Covid-19 was confirmed by health researchers in Senegal. According to a report by ‘the Herald’, the Republic of Senegal joined the African Trade Insurance Agency (ATI) as its 20 th member state, with total subscription capital contribution of €15.0m, following financial support from the European Investment Bank (EIB). Ivory Coast According to a report from Bloomberg, the total amount of cocoa sent by farmers to the ports amounted to a total of 80,079 tons in Oct-2021, which represents a 12.0% y/y decline in comparison to 90,995 tons a year earlier. East Africa Kenya Kenya’s horticulture exports (3 rd highest FX earner after tourism and tea exports) increased by […]

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