- The Central Bank of Nigeria (CBN) has revealed main business activities and sectors in the Nigerian economy that are eligible to access its 75 BN NGN (194.42 MM USD) Youth Investment Fund. They are technology/innovation; agriculture and related value chain; green economy and renewable energy sector; manufacturing, hospitality/tourism; construction and logistics and supply chain.
- The CBN has revealed that the consumers are optimistic of an improved economy in Q4-2020 and the next 12 months. This is even as the CBN stated that consumers’ confidence increased with indices of 1 and 30.5 points respectively.
- The United Nations Population Fund (UPNFA) will inject 95 MM USD (approximately 3 TR UGX) to promote sexual, reproductive health services and rights in Uganda starting next year, over the next five years.
- Sharon Tem, the acting chief executive officer of African Gold Refinery, has urged Uganda to consider the prospect of building gold reserves at the central bank as part of deepening the financial system. Tem advised that backing Uganda currency with gold reserves could boost investor confidence and attract more capital into the country.
- Fitch expects Zambia to default on its government debt in the coming months, having become locked in a row with its creditors over delaying some of its bond payments. Zambia finance ministry issued a statement repeating a request for a number of its debt payments to be deferred until April 2021.
- Earnings by tea farmers in the East of Rift Valley comprising Murang’a, Embu, Meru and Kirinyaga counties continue to outperform those of their counterparts in western Kenya. Farmers in these eastern counties earned 3 BN KES (306 MM USD), representing 64.3% of the total compared to 18.5 BN KES (170 MM USD) that the western region earned in 2019/2020.
- In Namibia, the Ministry of Mines and Energy confirmed that fuel pump prices for November 2020 will remain unchanged The ministry will strive to continue softening the burden on consumers and, at the same time, keep the fuel pump prices stable to ensure the sustainability of the National Energy Fund.
- Namibia has been praised for having one of the largest savings pools in Africa, but the question of where such funds are invested and how they are benefiting Namibians still lingers. Since 2013, the asset base of non-banking institutions has been growing by an average of 18 BN NAD (1.11 BN USD) per year.
- Nigeria is reaching out to the United States and South Korea to persuade them to back its pick to head the World Trade Organization (WTO) after the candidate’s last-minute rejection threw the selection process into confusion. The United States on Wednesday voiced its opposition to former Nigerian Finance Minister Ngozi Okonjo-Iweala.
- A senior opposition commander of the National Salvation Front (NAS) in Upper Nile region has declared that he is no longer loyal to General Thomas Cirilo Swaka, days after two senior members of the group resigned from NAS.
- The Rwanda Stock Exchange (RSE) this year gained two additional players to reach the minimum 10 players requirement for consideration under the World Bank Doing Business Report’s protection of minority investors indicator. This follows the entrance of two new players: cross listing of RH Bophelo Limited as well Cimerwa’s listing by introduction.
- Nigerian Stock market (NGSE) began the first trading session in November on a negative note. The All Share Index decreased by 17% and settle at 30,479.39 points, as Investors’ losses stood at 26.81 BN NGN (69.49 MM USD). Consequently, the YTD performance stands at 13.57%.
Note: Weekly values are calculated on Friday of each week.
- Africa GreenCo Group has just received 5 MM USD from InfraCo Africa, a company of the Private Infrastructure Development Group (PIDG), as well as from the Danish government’s Investment Fund for Developing Countries (IFU) in order to develop the renewable energy market in Zambia.
- LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and Africa, announced that it has entered into a Strategic Alliance Agreement (SAA) with NAMCOR Exploration and Production Limited (NAMCOR E&P) through its subsidiary, LEKOIL Exploration & Production Namibia Limited (LEKOIL Namibia). NAMCOR E&P seeks to invest capital in the acquisition of interests in well-managed oil producing assets in politically stable jurisdictions as a means of securing long-term sustainability.
- The World Bank Group had placed 18-month sanctions on two major Chinese engineering companies over fraudulent practices in an electrification scheme in Zambia. China Electric Design and Research Institute (CEDRI) failed to disclose a conflict of interest and presented false documents with its parent company’s name in order to meet the requirements of a contract. The parent company, China National Electric Engineering (CNEEC), failed to oversee CEDRI’s misconduct.
- Motor vehicle dealer Isuzu East Africa has raised its market share to 1% in the nine months ended September as its sales held up relatively better compared to its rivals registering 3,067 unit sales out of 7,637 the industry’s total sales.
- Zambia has secured an agreement with China Development Bank (CDB) to defer its debt repayments to help it weather the impact of the coronavirus on its economy. The deal relates to a loan facility insured by the state-owned China Export & Credit Insurance Corporation.
- The pharmaceutical giant, Cipla, posted 33% y-o-y decrease in its consolidated net profit in Q1-2020 as the firm’s operational performance was hit by the covid-19 disruption and high base for sales last year.
- Guernsey-incorporated Shanta Gold plans to invest 5 BN KES (161 MM USD) in pre-production capital expenditure in its gold mining activity in western Kenya. The firm expects to have a productive life of nine years should it be confirmed to be economically viable.
- Amu Power is in talks with its partners in the stalled 1,050-megawatt coal-fired power plant in Lamu with a view to advance the project. The venture has faced a series of setbacks including revocation of an environmental license, delays in raising funds from banks and an announcement by the technical partner General Electric that it is exiting the coal power business.
- Absa Bank Kenya has announced a commitment to plant 10 million trees across Kenya by 2025 in line with the bank’s renewed sustainability agenda. This declaration focus on three key areas: climate action, recycling, and sustainable sourcing.