The Nigerian economy has enough resilience to ride out the wave of Boko Haram terror attacks, the country’s finance minister said in an attempt to persuade foreign investors to keep their holdings in local bonds and stocks.
Nigeria is Africa’s largest economy and a magnet for international investors, which have poured billions of dollars into factories, oil fields and its local securities market.
“We are sticking to our growth forecast of 6.75 per cent [for 2014]. It is realistic. Any losses in the northeast [where Boko Haram is more active] will be made up by activity elsewhere,” Ngozi Okonjo-Iweala told the Financial Times in an interview. Continue reading »
Nigeria has overtaken South Africa to become Africa’s largest economy after the government released updated figures that raised the country’s gross domestic product by 89 per cent to $509bn.
The re-calculation rightly put most Nigerian officials in celebratory mood. But Ngozi Okonjo-Iweala, the country’s finance minister (pictured), offered also a cautious note: the new figures do highlight some acute problems. Continue reading »
Why change a winning formula? The International Finance Corporation was successful when it launched its first naira-denominated bond earlier this year, raising $76.3m after orders came in for more than double the original $50m offering. Now it’s back for seconds. And thirds.
The private sector arm of the World Bank will launch a series of bonds totaling $1bn in a bid to create more liquid capital markets in Africa’s second biggest economy, officials told beyondbrics. Continue reading »
Nigeria’s capital markets received a filip in October when the country was admitted to JP Morgan’s emerging market Government Bond Index, a move that that could potentially attract $1.5bn of new capital inflow into the country. Now there’s some more good news for sub-Saharan Africa’s second biggest economy, and this time it is the thinly-traded corporate debt market which stands to benefit.
The International Finance Corporation, the World Bank’s investment banking arm, is getting ready to launch a five-year naira-denominated bond, aimed to develop local capital markets. Continue reading »