- Zimbabwe launched an agricultural commodities exchange system that will ensure that market forces will determine the prices of farm produce and close the existing arbitrage gaps caused by middlemen. The commodities exchange will be supported by a warehousing receipt
- Forex turnover dropped by 32%, as the Naira’s exchange rate at the NAFEX window remained stable against the dollar to close at 394 NGN/1 USD during intra-day trading on Monday, December 21.
- President Museveni revealed that his government has agreed with his Kenyan counterpart Uhuru Kenyatta, who has accepted to import surplus sugar from Uganda noting that Uganda has been having an annual surplus sugar of 220,000 tons.
- Uganda will build its standard gauge railway even if Kenya fails to extend its line to Malaba. Construction of the long-delayed SGR will now start in 2022/2023 even as the connection with Kenya remains doubtful point.
- South Africa inflation rate increased to 3% in October compared to 3% in September. The increase was mainly driven by food and non-alcoholic beverages. However, food prices are not expected to increase rapidly over the short- to medium term, mainly due to excellent agricultural production.
- In Nigeria, the supply of Liquefied Petroleum Gas (LPG) also known as cooking gas, has increased to 793,000 metric tonnes, MT in the first 11 months of 2020, an increase of 7% when compared to 588,890 MT recorded in the corresponding period of 2019.
- According to the Minister of Industry, Trade and Investment, Adeniyi Adebayo, Nigeria is yet to see the potential of Free Trade Zones (FTZs) as an instrument for economic growth due to poor implementation.
- Pricewater houseCoopers (PWC) has predicted that the Nigerian Gross Domestic Product (GDP) will contract by 2% y-o-y in 2020 compared to 3% growth in 2019. this estimation is based on a prediction that the country’s economic growth rate in Q4-2020 could most likely decrease between -1.5% and 0.5%.
- Kenya Airways is waiting for clearance from the US Federal Aviation Administration (FAA) after it completed the conversion of one of its Boeing 787 Dreamliner into a cargo aircraft. The completion, which was done a couple of weeks ago, now awaits a greenlight from the US regulator to see whether they will be allowed to fly the cargo on aircraft or not.
- The Minister of Health, Dr. Osagie Ehanire, has stated that Nigeria is ready for its Covid-19 vaccination strategy, revealing that the FG plans to acquire vaccines valued at 400 BN NGN (1.04 BN USD).
- The Nairobi Securities Exchange (NSE) launched the Unquoted Securities Platform (USP), a market infrastructure to facilitate the trading, clearing and settlement of securities of unquoted companies, following approval granted by the Capital Markets Authority. The USP will offer issuers an opportunity to access the capital markets for long term funding through private placements whilst enjoying flexibility in listing requirements and obligations.
- The Nigerian Stock Exchange (NGSE) gained 334 BN NGN (3.01 BN USD) on Monday due to buying interest in Dangote Cement and 22 other stocks. Specifically, the market capitalization increased 74% to close at 19.570 TR NGN (176.86 BN USD) compared to 19.236 TR NGN (173.84 BN USD) achieved on Friday.
Note: Weekly values are calculated on Friday of each week.
- The Board of Directors of Eterna Plc, one of the leading independent oil and gas downstream operators in Nigeria has approved plans by some of its major shareholders to divest or sell their equity holdings in the firm to a new investor.
- Zenith Bank Nigeria Plc has recorded an impressive 8% and 76.4% y-o-y increase in its USSD banking transaction value and volume respectively, for the year ended 2019. The bank’s USSD transaction value grew from 380.25 BN NGN (997.37 MM USD) in 2018 to 497.29 BN NGN (1.3 BN USD), indicating a 30.8% increase.
- Mastercard has partnered with Junior Achievement Nigeria (JAN) to offer a series of programs that will equip school students and young adults in Nigeria with essential skills that will bridge the digital and financial literacy gap and prepare them for future success as digital entrepreneurs.
- Safaricom and its partners have signed an agreement to borrow up to 500 MM USD (55.7 BN KES) from America’s sovereign wealth fund US International Development Finance Corporation to fund expansion into Ethiopia’s telecommunications market.
- Edible oil manufacturer Bidco has won a decade-long battle with the Kenya Revenue Authority (KRA) after the Tax Appeals Tribunal quashed tax demand of 3 BN KES (11.74 MM USD).
- Twiga Food vendors will be compensated 10,000 KES (90.38 USD) in cash per month if they are hospitalized for more than two days in a new insurance cover with listed underwriter Britam. The e-commerce platform has partnered with the insurer to develop the business interruption insurance cover named ‘Soko Afya’ to protect against income loss.
- Unity Bank Nigeria Plc has projected a decrease in its Profit After Tax (PAT) to 312 MM NGN (818,360 USD) in Q1-2021, indicating a decline of 6% from the figure recorded in Q3-2020.
- Royal Exchange Plc has projected an increase in its Profit after Tax (PAT) to 83 MM NGN (1.31 MM USD) in Q1-2021, indicating 244% increase from the figures recorded in Q3-2020.