Despite Global Headwinds, Remittances Grew by 5% in 2022.
Remittances to low- and middle-income countries increased by an estimated 5% to $626 billion in 2022. Remittances to China, however, are thought to have decreased by almost 4% as a…
Ghana: A Record-high Interest Rate of 31.4% was Reached.
At the end of October 2022, the average interest rate on loans provided by banks to individuals and businesses in the nation was 31.4%. This is because increases in the…
Nigeria’s Trade Balance is 86% Worse Off Due to Weak Exports.
Nigeria’s trade balance has been negative quarter over quarter, as exports have decreased by 19.8% to N5. 93 trillion in the third quarter of 2022, from N7. 4 trillion in…
Egypt Hopes to Issue its First Panda Bonds.
According to Deputy Finance Minister Ahmed Kouchock, Egypt plans to issue its first panda bonds by the end of this fiscal year. At a gathering at the American University in…
Global Central Bank Push for Rate Increase.
Central banks overseeing six of the 10 most heavily traded currencies delivered 350 basis points (bps) of rate hikes between them last month. The U.S. Federal Reserve, the Bank of…
NNPC Signs $1.4 billion Financing Agreement For Hydrocarbon Project.
The Northern Hydrocarbon Funding Limited has a $1. 4 billion external project finance arrangement, according to the Nigerian National Petroleum Company (NNPC) Limited. The deal, known as Project Panther (under…
Bonds Suffer as Credit Suisse Stocks Hit New Record Lows.
There were no signs that investors’ worries about the future of the Swiss lender were lessening as shares of Credit Suisse fell to new record lows and the cost of…
Ghana’s Debt Restructuring: Eurobond Holders Face Possible 30% Cut.
As the government pursues a debt exchange program to meet the requirements for a loan from the International Monetary Fund, domestic bond holders will see significant interest rate reductions and…
CBN Approves New Rules to Combat Money Laundering.
In order to implement the provisions of the Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation of Weapons of Mass Destruction Financing (AML/CFT/CPF) regulations, the Central Bank of…
Registrars for Capital Markets Demand Proper Identity Management.
To encourage investment in Nigeria’s capital market, the Institute of Capital Market Registrars has called for proper identity management. This was stated in a statement released in Lagos by Mr.…
Banks lend N1.2tn to Construction Firms.
The loans obtained by operators in the country’s construction sector from banks increased from N1. 025tn in January 2022 to N1.157tn in October 2022. According to CBN data, firms borrowed…
Recession affects Businesses in the Manufacturing, Oil, and Service Sectors.
During the third quarter of 2021 and the same period of 2022, the Nigerian GDP shrank by 1. 78 percent. The total nominal GDP for the quarter under review was…
FG Calls for Closer Ties with Canada to Advance both Countries’ Trade Objectives.
According to the Federal Government, Nigeria and Canada must collaborate closely to accomplish a number of shared objectives, including enhancing ongoing educational cooperation and boosting commerce. Vice President Yemi Osinbajo…
At Shs80 trillion in Debt, a Crisis is Imminent in Uganda.
Increases in the budget deficit and public debt are likely to hinder Uganda’s capacity to grow economically and place it in a “public debt safety trap” where an excessive reliance…
Fed Insiders Anticipate Small Rate Increases to Occur Soon.
The Federal Open Market Committee, which sets interest rates, is largely expected to reduce its rate hike in December from four straight increases of 0. 75 percentage points to 0.5%.…
On Account of Asset Auctions, Bad Loans have their Largest Decline in 15 years.
On account of more property auctions, the repayment of non-performing debt, and poor credit write-offs, the size of defaulted loans decreased in September by the greatest monthly margin in 15…
According to the ILO, Global Unemployment is Worsening.
According to the latest edition of the International Labour Organization Monitor on the World of Work, unemployment and inequality will rise because multiple economic and political crises are threatening global…
IMF Criticizes Nigeria’s Monetary and Fiscal Policies.
The Central Bank of Nigeria’s monetary policy has been criticized by the International Monetary Fund. It said Nigeria has been ineffectual in containing growing inflation. The IMF recommended the Central…
Uganda Government is Advised to Cut Taxes to Boost the Industrial Sector.
Amos Nzeyi, executive chairman of Crown Beverages Limited (CBL), has urged the government to lower taxes on manufacturing in order to lower production costs and enable the sector’s expansion in…
IFC Mulls Debt Investment in M-KOPA.
With operations in Kenya, Uganda, Nigeria, and Ghana, M-KOPA (“M-KOPA” or “the Company”) is an established platform that offers necessary goods and services across the African continent on a credit…
Nigeria’s Growth is Projected by the IMF to be 3% in 2022.
Nigeria’s projected real GDP growth for 2022 has been lowered by the International Monetary Fund from 3. 4% to 3%, citing poor oil output and the negative consequences of recent…
UK Efforts to Repair Finances Result in Higher Taxes and Energy Costs.
Jeremy Hunt, the head of the Treasury, pledged to increase funding for essential public services like health and education while simultaneously imposing tax increases and spending cuts totalling 55 billion…
Naira Redesign might cause Dollar to Drop to N200, According to EFCC chairman
The redesign of naira notes, according to Abdulrasheed Bawa, head of the Economic and Financial Crimes Commission (EFCC), may cause the dollar to drop below N200. President Muhammadu Buhari was…
Funders are now Interested in ESG, According to KPMG
According to KPMG, capital providers are increasingly eager to examine how their funds are leveraged to create stakeholder value through Environmental Social Governance (ESG) to enhance societal well-being. Mr. Stephen…
Under Buhari, CBN Grants $3.5 billion for International Education.
Data acquired on Sunday from the Central Bank of Nigeria’s website indicated that under President Major General Muhammadu Buhari, the educational sector of Nigeria saw significant capital flight (retd). According…
Egyptian Fintech Equity and Financing Round Led by EIIC and Sawari
The Egyptian finance firm, Blnk, formed in 2021 by Amr Sultan and Tarek Elsheikh, has revealed that it has earned $32 million in pre-seed and seed stages. The funding was…
Quona Capital Closes a $332 million Fund to Finance Fintech Businesses in Developing Nations.
Quona Capital, a venture capital firm, has announced that Fund III, its third fund, has reached its final closure at $332 million. Surpassing its original goal of $250 million. With…
Buyoya Promoted to be IFC’s Regional Director for West Africa.
Olivier Buyoya has been appointed as the new regional director for the International Finance Corporation (IFC) in West Africa. Buyoya, a Burundian, will cover 13 nations, according to the World…
Consumption Costs Reach N57 trillion as a Result of Rising Inflation.
Consumption spending in Nigeria increased to N57.08 trillion in the first half of 2022 due to rising inflation. According to the National Bureau of Statistics’ “Nigerian Gross Domestic Product Report…
Foreign Medical Spending by Nigerians Falls by 65% In Q1 of 2022.
Nigerians spent $185 million on foreign (medical) health services in the first half of 2022; a 65% decrease from the $528 million spent in the same period in 2021. Nigerians’…