- Prices of agricultural products are starting to rebound as the easing of lockdown measures in Uganda open up places of food consumption. Evans Nakhokho, the chief manager, Agribusiness at Centenary bank, stated that economic recovery interventions had triggered 5% increase in food prices.
- In Namibia, the Ministry of Mines and Energy confirmed that fuel pump prices for December 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.
- 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 Q1-2021. This is even as the CBN stated that consumers’ confidence increased with indices of 1 and 30.5 points respectively.
- Investors in Tanzania have shifted their interest from external to internal borrowing in an increasing appetite for Treasury securities. Recent data from the Bank of Tanzania (BoT) shows that the stock of domestic debt was 315 TR TZS (6.55 BN USD) in September 2020, compared to 152.5 BN TZS (65.27 MM USD) in August 2020.
- The vice-President Samia Suluhu Hassan has assured the importance of the private sector in driving Tanzania’s economy forward. The government recognizes and values the role of the private sector in building a strong national economy, which is competitive and industrial based.
- The Nigerian government announced that it would open the floodgate of petrol imports and provide the foreign exchange required for the purpose to marketers in the hope of making the distribution of fuel competitive.
- Kenya has developed a one-year marketing strategy for its horticulture products with a 10% exports growth target in 2020/2021. Export markets include the European Union, UK, Australia, UAE, Russia, China and the US.
- Israel sent a first delegation to Sudan to discuss potential economic and humanitarian co-operation after the countries announced a US-brokered agreement on October 23 to take steps toward establishing relations.
- South Sudan Minister of Defense and Veteran Affairs, Angelina Teny, announced on Monday, November 23, that the unification and deployment of the unified forces may delay for a few more months as the government has found some loopholes in the process.
- The Nairobi Securities Exchange (NSE) has extended the suspension of Nairobi Business Ventures (NBV) from trading on the bourse until 30th November 2020. The extension of suspension was approved and issued by the Capital Market Authority.
- Nigerian bourse (NGSE) ended Monday’s trading session with a slight decrease, as the All Share Index dropped by 04% to close at 34,121.78 points. Thus, the YTD performance currently stands at 27.56%. A total volume of 568 million units of shares, valued at 7.32 BN NGN (19.2 MM USD) exchanged hands in 8,928 deals.
Note: Weekly values are calculated on Friday of each week.
- Popular motorbike taxi-hailing App SafeBoda has quit the Kenyan market, after two years of operations. The Ugandan funded app cited an economic downturn caused by the coronavirus pandemic.
- One of the largest food and beverage companies in Africa, Nestle Nigeria Plc, has announced the payment of a total 81 BN NGN (51.96 MM USD) as interim dividend to its shareholders. The company is expected to pay an Interim dividend of 25 NGN per share will be paid for all the outstanding 792,656,252 ordinary shares of the company.
- The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.
- The Group Executive Director of Dangote Cement, Michel Pucheros, announced that Dangote Cement, Africa leading cement producer with nearly 6Mta (Million Metric Tonnes Annually) capacity across Africa, has exported 7 clinker vessels to date to other African countries.
- United Securities Limited has formally notified its numerous customers and stakeholders that it has obtained regulatory approval from the Corporate Affairs Commission to change its name to Coronation Registrars Limited.
- Carbacid has reported 22% increase in net profit for the year ending July 2020 recording 324 MM KES (2.9 MM USD) compared to 264 MM KES (2.4 MM USD) in a similar period last year. This increase makes it one of the few companies to report double-digit growth in earnings amid Covid-19 pandemic.
- The Treasury will give 6 BN KES (54.64 MM USD) to Kenya Power as part of the 9 BN KES (108.37 MM USD) the government owes the utility firm for managing the electricity network under the rural electricity scheme.