Junk Nigeria. S&P Global Ratings downgraded Nigeria further into junk territory just as Africa’s most populous nation prepares to issue its first Eurobond since 2013, amid low oil prices and severe shortages of foreign-exchange.
Global oil glut worsens. Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks.
Nigeria’s latest export is beer. Guinness Nigeria Plc plans to increase exports to improve sales and generate more foreign exchange as the country’s second-largest brewer battles to overcome an economic slump in its home market.
MTN raising loans. MTN Group Ltd., Africa’s largest mobile-phone operator by sales, said it entered three loan agreements, raising more than $1.3 billion as the company markets a potential bond.
The solution to poverty. We have always expected economic growth to end poverty and hunger; we were wrong. According to a new global study released by the International Fund for Agricultural Development (IFAD), it is not enough to save those threatened daily with starvation.
Deeper in loss. South African Airways, the national carrier, probably incurred a loss for a fifth consecutive year in the past financial period, and would be insolvent without a government-backed guarantee.
Food prices climb in Nigeria. Nigerian inflation accelerated for a tenth consecutive month in August as food prices climbed, strengthening the case for the central bank to raise interest rates again even as the economy contracted in the second quarter.
Africa is doing well in the air. Analysis of International air travel to Africa this year (January to August) by ForwardKeys, a company that predicts future travel patterns by crunching and analyzing 14m booking transactions a day, reveals growth of 5.6% compared with the same period last year.
World’s worst food crisis is happening in Nigeria. The food crisis unfolding in Nigeria’s northeastern Borno state is probably the worst in the world at the moment, with 4.5 million people in need of assistance out of which one million are in danger of extreme malnutrition, according to the UN children’s agency, Unicef.
Ghana’s fifth Eurobond. Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund.