Friday, September 10, 2021/ 12:00 PM / United Capital Research /
Header Image Credit: iStock
- According to the National Bureau of
Statistics (NBS), Nigeria recorded a trade deficit of N1.9tn in Q2-2021. The
total value of trade during the period increased by 23.3% y/y to N12.1tn
compared to Q1-2021. This comprised N7.0tn of imports and N5.1tn of exports.
- Nigeria's state-owned oil company,
Nigerian National Petroleum Corporation (NNPC) published audited financials for
FY-2020. The corporation's Revenue declined by 19.8% y/y to N3.7tn in 2020 from
N4.8tn in 2019.
- The NNPC attributed this loss to the
decline in production and price of crude oil due to the global impact of the
- According to the Debt Management Office
(DMO), Nigeria's loans from China, France, Japan, India, and Germany rose to
$4.1bn as of Dec-2020 from $1.7bn as of Dec-2015, an increase of $2.4bn
(144.6%) in five years.
- Headline Inflation in Ghana quickened to
9.7% y/y in Aug-2021, from 9.0% in Jul-2021, according to Ghana Statistical
Services. Food prices rose by 10.9% y/y from 9.5% in July, while non-food
inflation accelerated by 8.7% y/y from 8.6% in July.
- According to the Minister of Sanitation
and Water Resources, the Ghanian government is spending over $1.4bn in
expanding access to safe water across the country, through 8 major water
Francophone West Africa
- India's Oil & Natural Gas Corporation
is reportedly looking to acquire a minority stake in the Sangomar oil project
situated off Senegal's coast from Australia-based Woodside Petroleum Limited.
Woodside currently owns c.82.0% of the project.
- Kenya National Bureau of Statistics
released the annual Economic Survey 2021, estimating that Kenya's GDP
contracted by 0.3% y/y in 2020, from 5.0% y/y in 2019. The contraction
was mostly attributed to the impact of the Covid-19 pandemic on the economy.
- Kenya's GDP was revised higher to
Sh10.8tn, after the Kenyan government changed the base year to 2016 from 2009.
- The NBS projects the Kenyan Economy to
grow by 6.0% y/y in 2021, with support from the manufacturing sector.
- In an apparent consequence of the
proliferation of mobile banking and agency banking in Kenya, data from the Central
Bank of Kenya (CBK) showed the number of Automated Teller Machines (ATMs) in
Kenya fell to 2,393 machines in Jul-2021, the lowest since July 2013.
- Lastly, the Kenya Airports Authority
(KAA) has requested a cash bailout from the Kenyan Treasury amid rising debt.
The agency cited the Covid-19 pandemic, as well as the Treasury's decision to
mop up Sh12.5bn surplus cash from its books in 2019 as factors contributing to
its weak financial position.
central bank increased the statutory reserve requirement for commercial banks
from 5.0% to 10.0% in a bid to tame inflationary pressures. The country's CPI
increased to 30.4% y/y in Aug-2021, the highest since 2012, amid food supply
World Food Program said it requires $426.0m in emergency funding over the next
6 months to provide food for Ethiopians, particularly in the Tigray region
bedevilled by conflict. The UN agency estimates that over 13.6 million
Ethiopians are food insecure.
- The International Monetary Fund (IMF) has
approved a disbursement of a total of $567.3m to Tanzania. The allocation
comprises a $189.1m Rapid Credit Facility (RCF) and a purchase equivalent to
$378.17 million under the Rapid Financing Instrument (RFI).
- This IMF disbursed the funds to finance
Tanzania's balance of payment needs, a result of the Covid-19 pandemic.
- The government of Tanzania signed a
â‚¬25.0m (Sh67.8bn) grant agreement with the German Development Bank (KfW) for
financing sustainable development of protected area ecosystems, including the
Serengeti ecosystem and the Katavi, Rukwa and Greater Mahale ecosystems.
- South African retailer Massmart announced
plans to sell its store in Tanzania, as well as 3 stores in Kenya.
- According to the Ministry of Finance
Performance of Economy report, Ugandan government revenue collection in
Jul-2021 totalled Sh1.384tn, a 90.6% performance against the budgeted Sh1.5tn.
The underperformance was attributed to Covid-19 restrictions during the period.
- The report also revealed that expenditure
in Jul-2021 amounted to sh2.7tn, a 103.0% performance against the budget.
- South Africa's Gross Domestic Product
(GDP) grew by 1.2% q/q and 19.3% y/y in Q2-2021. Recovery in the transport and
personal services subsectors drove expansion during the quarter. However, the
SA economy is 1.4% short of pre-pandemic levels.
- According to South Africa's Reserve Bank,
the country's Current account to GDP ratio widened in Q2-2021 to 5.6% from 4.3%
in Q1-2021. The current account surplus stood at R343.0bn in Q2-2021, compared
to R261.0bn. Notably, the Q2-2021 figure is the largest quarterly surplus on
- The Rand Merchant Bank/Bureau of Economic
Research (RMB/BER) Business Confidence Index (BCI) fell to 43.0pts in Q3-2021
from 50.0pts in Q2-2021. The coronavirus 3rd wave, as well as social unrest in
certain parts of the country, have left business owners more uncertain about
- South Africa's National Coronavirus
Command Council met to examine the current pandemic-related restrictions amid a
sustained slowdown in new Covid-19 infections. The government is set to ease
restrictions imposed to tackle the spread of the virus.
- According to the State Secretary for Petroleum
and Gas, Jose Barroso, Angola plans to keep its oil production above 1.1mbpd in
the coming years. In a bid to achieve that, the country plans to add 2 more oil
rigs to its existing 4 oil rigs by the end of the year.
- Fitch Ratings has affirmed Angola's
long-term foreign-currency Issuer Default Rating (IDR) at "CCC".
- In a bid
to boost the country's fight against coronavirus, the United States (U.S.) has
provided an additional $6.7m in covid-19 assistance for Zambia, through the United
States Agency for International Development (USAID).
governor of Zambia's Central bank, Christopher Mvunga, has resigned from his
position. The newly elected President, Hakainde Hichilema has appointed Francis
Chipimo, the former deputy governor, as acting governor of the Bank of Zambia
- The BOZ
has disclosed that the unprecedented rise in demand for cash across the country
during the past few months has led to the shortage of banknotes and coins,
posing the threat of a severe liquidity crisis.
- According to the Ministry of Industry and
Commerce, Zimbabwe will increase monitoring and surveillance on cement imports
from the region to protect local companies and shield customers from
- Zimbabwe has eased lockdown restrictions
against Covid-19 as the country continues to ramp up vaccinations. The country
has fully vaccinated c.2.7m people of its c.15.0m population
- According to the Ministry of Basic
Education, Cameroon's primary and secondary schools reopened on Monday amid
continued and strict anti-covid measures. The teachers and school
administrative personnel have been asked to be vaccinated in order to protect
school children and reduce the transmission rate.
- The government of Gabon is set to receive
268,620 doses of Pfizer and Johnson & Johnson vaccines. The consignments of
the covid-19 vaccines are expected this month and Oct-2021.
- The World Health Organization (WHO)
declared an outbreak of meningitis in a northeastern province of the Democratic
Republic of Congo (DRC) where 261 suspected cases and 129 deaths have been
- The Democratic Republic of Congo received
250,000 doses of Moderna vaccine donated through the COVAX programme on Monday,
Visit African Markets in Proshare MARKETS
1. Snapshot on the African Economy as @ 200821
2. Snapshot on the African Economy as @ 130821
3. Apathy Towards Ghana Eurobonds: What Should Nigeria
4. Snapshot on the African Economy as @ 060821
5. Snapshot on the African Economy as @ 230721
6. Desperate Policy Actions to Tackle Inflation in the US
Will Send Shockwaves
7. Snapshot on the African Economy as @ 160721
8. South African Riots Show Link Between Political and Fiscal
9. Snapshot on the African Economy as @ 090721
10. Deutsche Bank Launches Indexes to Track 21 Emerging Market
11. Snapshot on the African Economy as @ 020721
12. Snapshot on the African Economy as @ 090721
13. Deutsche Bank Launches Indexes to Track 21 Emerging Market
14. Snapshot on the African Economy as @ 250621
15. Kenya Raises $1bn in Oversubscribed Eurobond Sale
16. Kenya Raises $1bn in Oversubscribed Eurobond Sale
17. Federal Reserve Issues FOMC Statement and Implementation
Note From Its June 2021 Meeting
18. US Inflation Surges to 13-Year High of 5%
19. Snapshot on the African Economy as @ 110621
20. Snapshot on the African Economy as @ 040621
21. Snapshot on the African Economy as @ 280521
22. NBA Forms New Africa Entity and Partners with Strategic
23. Africa Day: Nigeria's ASI Dips by 4.83% Year-to-Date as
Zimbabwe's ASI Sprints by 104.03%