The National Bureau of Statistics (NBS) released Q4:2016 GDP estimates during the week alongside FY: 2016 GDP report. The report showed economic output declined in real terms for the fourth consecutive quarter by 1.3% Y-o-Y in Q4:2016, much in line with Afrinvest’s projection of -1.2%, thus bringing FY: 2016 GDP growth to -1.5% Y-o-Y: the
Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.
Although Africa’s growth has slowed, the long-term fundamentals are strong, big business opportunities lie ahead and the overall outlook is positive. These facts are contained in the latest McKinsey Global Institute Report titled: ‘Lions On The Move II: Realising The Potentials of Africa’s Economy.’ According to the MGI’S new report, four fundamentals are likely to underpin
In Africa, the five most attractive nations for international investors are Ethiopia, Nigeria, Morocco, Ghana and Senegal. This was revealed in the latest study of consulting firm Havas Horizons and the Choiseul Institute covering 2016 to 2020 and entitled “Financing African Growth by 2020: Global Investors’ View.” In the framework of the study, 55 global
The World Bank is raising its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter. Oil prices jumped 37 percent in the second quarter of 2016 due to disruptions to supply, particularly wildfires in Canada and sabotage of oil
US rating agency, Standard & Poors revised its counter-party credit ratings for Skye Bank. The new analysis released on July 12, 2016, lowers the ratings of the banking group to CCC- on the long term and C on the short term. S&P’s decision occurred after the Central Bank indicated that the bank failed to meet
Leading African Development Economist and Vice Chancellor of University of Ghana, Legon, Professor Ernest Aryeetey says that Nigeria and Africa in general will not have globally competitive economies without investing in university research. He also noted that low investment in research-focused universities accounts for why many African universities are lowly ranked and cannot be globally
The International Air Transport Association (IATA) announced global passenger traffic results for May showing that demand (measured in revenue passenger kilometers, or RPKs) rose 4.6%, compared to the same month in 2015, which was the same level achieved in April. Capacity climbed 5.5%, which pushed the average load factor down 0.7 percentage points to 78.7%.
According to the latest edition of Secteur Privé & Développement (Private Sector & Development) published by Proparco, AFD’s arm in charge of private sector, Northern Africa airlines dominate Africa’s air traffic. Over a total of 44.075 million passengers, these companies namely Egyptair (first with 18 million passengers), Air Algerie (second with 12 million), Royal Air
BY AUBREY HRUBY There was a collective sigh of relief from markets when the Nigerian Central Bank announced on Wednesday that it would, effective June 20,abandon the fixed rate for the naira against the U.S. dollar that it has defiantly held for 16 months and allow the currency to float freely. The announcement comes amid
Mauritius, according to the Global Peace Index 2016 published on June 10 by Australian think-tank, Institute of Economics and Peace, is Africa’s most peaceful country. Coming 23rd worldwide, the archipelago, with a score of 1.559 points, outranks Italy, UK, France and the USA. It is followed by Botswana (28th worldwide), second in Africa in the
At the start of the last century, just one in seven people worldwide lived in cities. Today, it’s half, and by 2050, the UN predicts another 2.5 billion people will be living in urban areas. This has brought huge benefits, with the growth of cities linked directly to economic growth, as well as improved health
The African Insurance Organisation (AIO) has launched its first Africa Insurance Barometer at the 43rd AIO Conference & General Assembly in Marrakech, Morocco. According to the survey, which is based on in-depth interviews with 28 senior executives from regional and international insurers, reinsurers and brokers, the African insurance markets benefited to some extent from the
FBN Holdings Plc published its much awaited audited FY:2015 and Q1:2016 results on 26th March, 2016 on the floor of the Nigerian Stock Exchange (NSE) with Gross Earnings and Profit After Tax coming much lower than anticipated. Skewness to Oil & Gas loans impacted on profitability as a monumental N119.3bn was booked in impairment charges