In Nigeria, Moody's expects the benchmark interest rate cut’s impact on the economy to be minimal. Indeed, according to Aurélien Mali, one of the rating agency’s vice presidents, “the Central Bank of Nigeria’s benchmark interest rate cut was expected… However, its possible effects on growth should be minimal because its transmission to the real economy and to lending rates is low in...

In the coming ten years, Nigeria will invest $20 billion into its infrastructures, the trade and investment minister Okechukwu Enelamah (photo) indicated this week during a press conference.  “Our target is that we’d like to see infrastructure spending increase to the $10- $20-billion range over the next 5 to 10 years because we think that’s the level of our need,”...

The African Development Bank has approved a US$20 million equity investment in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners Limited, a private equity firm, focused on high growth middle market businesses across West Africa. Uhuru Partners Limited is composed of an experienced indigenous team with strong local networks, extensive knowledge of the West Africa market and...

The Board of the African Development Bank has approved a €12.5 million equity investment in Adiwale Fund 1, a first-generation private equity fund targeting high growth potential Small and Medium Sized Enterprises ( SMEs)  in Francophone West Africa. With a target fund size of €75 million, the Fund will take minority stakes in SMEs that are well established in their markets,...

The World Bank is ready to support Ghana in its ambition to digitalize its economic and social sectors according to Hafez Ghanem, the institution's vice president. During a meeting with the country’s vice-president Mahamudu Bawumia on March 25, 2019, the executive invited Ghanaian authorities to increase their infrastructure investments to extend their internet penetration rate, modernise the...

In Mauritius, 1,869 of the 2,760 learning tablets distributed in lower primary classes in the framework of the government’s project introducing the digital into primary schools, are unsuitable, an audit report reveals. According to the audit, the Mauritius Institute of Education (MIE) did not copy e-books onto the tablets as it was supposed to. Therefore they were useless because there were no...

By 2022, Kenya Commercial Bank (KCB) will open a subsidiary in the Democratic Republic of Congo, Joshua Oigara, the bank’s managing director indicated. “It is going to be through an acquisition or a combination of businesses…in three years we should have made a conclusion to enter the country,” the official indicated. The bank also eyes Somalia however, for the management, this country...

Mozambique plans to set a sovereign fund to invest revenues derived from the large natural gas reserves discovered in the country, president Filipe Nyusi (photo) revealed on March 27 during a statement in Maputo, the country’s capital. According to the president, part of those oil resources will also be used to finance infrastructure projects, reduce poverty and diversify the economy....

Namibia’s economy should rise out of recession and reach 1%, the country’s minister of finance Calle Schlettwein (photo) indicated on March 27, 2019. Presenting the state budget to the parliament yesterday, the official also revealed that the budget deficit is expected to be NAD96.3 billion, equivalent to 4.1% of GDP against 4.4% the previous fiscal year. Let’s note that in the past two...

In 2018, the consolidated Management Expenses of Moroccan banking group BMCI and its various subsidiaries slightly rose by 1.7% to reach MAD1.61 billion ($166.8 million). In 2017, it was MAD1.58 billion.   The group, 66.74% owned by French BNP Paribas, explains that this was due to a MAD136 million investment in the IT system (52%) and in its real estate (48% of the investments) as well as...