Snapshot on the African Economy as @ 121121


Friday, November 12, 2021/ 03:00PM / United Capital Research / Header Image Credit: Umaizi


Anglophone West Africa


  • According to the Nigerian National Petroleum Corporation (NNPC), Revenue from gas feedstock sales to Nigeria LNG Limited rose marginally by 12bps in the first 8M-2021 to $486.77mn, falling 29.9% y/y from $85.41mn(Sep-2020) to $59.84mn (Sep-2021).
  • Furthermore, according to the Executive Secretary, Nigerian Associations of Liquefied Gas Marketers, Bassey Essien, the importation of Liquefied Petroleum Gas was halted earlier in the week, largely on the back of the reintroduction of customs duty and Value Added Tax on imported LPG. Thus, LPG prices recorded a 240% rise for 12.5kg, from N3,000 to N10,200 between Jan-Oct 2021.
  • The Central Bank of Nigeria (CBN) conducted an NT-bills auction offering to sell N150.8bn worth of bills. Investors' appetite at the auction remained strong, although most of the bids at the auction came in for the longer tenor paper, as the 91-day and 182-day bills posted subscription rates of 0.2x and 0.5x, while the 364-day bill posted subscription level of 4.1x, in line with the recent trends at recent NTB auctions. The strong subscription level was unsurprising considering the strong liquidity level within the banking system.


  • According to the Ghana National Bureau of Statistics, Ghana's Oct-Inflation rate hit a  15 month-high as it accelerated 10bps more than projected by 11% y/y against 10.9% y/y projected on the back of soaring oil prices, increases in the price of housing, water and others.
  • Cormart Nigeria Limited announced in a statement the expansion of its export business to Ghana and Cameroon, in line with its strategy of becoming a major player in the export space across West Africa.

Francophone West Africa (WAEMU)


  • Senegal's Oil Minister, Sophie Gladima, disclosed Senegal's plans to expand its gas to power initiatives by exporting power to neighbouring countries, after the commencement of its gas outputs on offshore fields expected in 2023-2024.
  • According to Ecofin Agency, Senegal plans to launch its first satellite into space come 2023, the project comes on the back of the MoU signed two years ago with the National Centre for Space Studies of France and Ariane Group.



Ivory Coast

  • Earlier in the week, on Monday, the Prime Minister of Ivory Coast maintained an interest in making top priority investments in schools, hospitals, and jobs in the Northern region of the country, as an alternative to violent extremism.
  • Cargill Inc. completed a $100m expansion of its cocoa processing facilities in Yopougon, Cote dIvoire, which promises to add significant volumes to the company's cocoa grinding capacity.

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East Africa


  • According to the Kenya National Bureau of Statistics, Kenya's black tea export earnings declined 2.4% y/y from KSh89.2bn to Ksh87.1bn, on the back of a corresponding drop in leaf output by 1.9% to 386,830tons y/y.
  • Similarly, Coffee production in Ghana dropped 10% to 28,078 tons, however, earnings from coffee exports grew 18% to KSh19.1bn.
  • The Kenyan National Bureau of Statistics in an emailed statement on Wednesday disclosed Kenya's GDP grew by 10.1% y/y in Q2-2021, which is way beyond projections of the Finance Ministry, African Development Banks, and the International Monetary Fund of 6%, 6.3% and 5.6%, respectively.


  • According to Dar es Salaam-based Central Bank, Tanzania's current account deficit narrowed to $124.9mn in September from a deficit of $162.5mn in the previous month, 23.14% m/m change.
  • Furthermore, Tanzania's shortfall on goods and services trade recorded a 26.96% m/m change from $146.9 to %107.3mn.
  • The President of Tanzania while speaking at a joint session held in Cairo, Egypt, on Wednesday, disclosed the positive trade relations between Egypt and Tanzania. Bilateral trade between the two nations grew by over 900% from 8.4bn to 87.3bn between 2018-2020


  • According to Director Development Services at Uganda Coffee Development Authority, Apollo Kamugisha, coffee production in Uganda is expected to soar significantly by as much as 22%, from 10.5m – 11m bags on the back of commencement of new plantings to begin bean production.
  • The Bank of Uganda directed commercial banks in Uganda to restructure all loans to education and hospitality sectors, in effect barring the sale of any collateral that the institutions had put to secure the loans.
  • The state minister for Information and Communication Technology (ICT), Joyce Nabbosa, directed the National Information Technology Authority Uganda (NITA) to reduce the cost of internet to ease the cost of doing business in Uganda, as research reveals Uganda to have the most expensive mobile data in East Africa.


  • According to the United Nations, 16 of its staff members sent to act for the mediation of Ethiopia and Tigray province have been detained in Ethiopia, as the leader of the Tigray rebels warned against efforts made towards mediation.
  • Furthermore, Power Producer, Kenya Electricity Generating Company (KenGen) has completed drilling of 3,000 meters geothermal well in Ethiopia, its longest well yet in neighboring nations, having surpassed its inaugural well of 2,750 meters.

Southern Africa

South Africa

  • The National Treasury Eskom Holdings has announced  South Africa state-owned electricity company will seek bondholder approval for a plan to spread its $26bn of debt between its  three new corporate entities.
  • South Africa's Treasury has vowed to return state finances to a sustainable path, holding-off expanding welfare measures in the 2022 budget.
  • According to the South African Reserve bank, South Africa's gross reserves rose to $57.5bn in October from $57.1bn in September.  Net reserves rose to $55.4bn (estimate $55.15bn) from $55.0bn in September.


  • The Zambian government has agreed to sell KWh1.4bn worth of bills across four(4) tenors.
  • The finance minister of Zambia disclosed that the government spends an average of $21mn per month on fuel subsidies.
  • Zambia has reaffirmed its commitment to join the global Green Growth Institute (GGGI) in the country's efforts to combat climate.


According to the Namibia Statistics Agency, Namibia's consumer prices rose 3.6% y/y in October vs 3.5% in September.


  • Minister of State for Economic Coordination, Clemente de Santos, has revealed that oil and oil exports make up about 90% of Angola's foreign exchange earnings are received from oil.
  • Meanwhile, Sonangol, Angola's state-owned company is looking to lower its operating costs by 5% a year, targeting $25/b by 2027.

Central Africa (CEMAC & Congo DRC)

DRC Congo

The IMF is estimating the DRC to grow by 2.4% in 2022, the rise is expected to be driven by higher oil prices, a rebound n Congo's oil production, improved vaccine rollouts, social spending, domestic arrears repayments and just general economic expansion.



  • According to the Ministry of Posts and Telecommunications, Cameroon is currently moving to regulate cryptocurrencies in the country.
  • Cameroon signed a repayment agreement for the XAF261.4bn debt owed by the national refinery SONARA to nine local banks.
  • Murmurs are growing that the country is also preparing for a similar agreement with seven oil traders claiming XAF272.8bn debt from the refining company


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