News and economy

Africa’s economy will expand at a rate just above global GDP growth in 2017

In other news: investors still like Ivory Coast, and more…

South Africa’s economy will grow 1.1% and Nigeria’s 1% while Sub-Saharan Africa’s economy will expand 2.9%, a moderately faster pace than the 2.7% for global economy. This is according to newly released World Bank projections.

Kenya’s exports to the East African region were $275.7 million as at Q3 2016 compared to $380.3 million in the first nine months of 201, the largest drop in three years.

Nigeria wants to create 7.5 million new jobs even as existing jobs are under threat as manufacturers decry high inventories amidst waning industrial productivity.

Uganda and Tanzania have awarded a contract for designing a crude oil pipeline running through both east African countries to U.S. based firm Gulf Interstate Engineering. An Australian mining company prospecting in Tanzania has found it can produce up to 40,0000 tonnes of graphite per year for up to 20 years from a site.

A two-day mutiny in Ivory Coast seems not to have thrown off international investors. In neighboring Ghana the new president has appointed investment banker Ken Ofori-Atta as finance minister.

Egypt and Russia have concluded technical negotiations for the Dabaa nuclear power plant contract. Egypt’s annual core inflation jumped to 25.86 percent in December from 20.73 percent in November.

Corporate news

Egypt’s Transsion, the brand that owns TECNO, itel, and Infinix mobile phones, acquired 20% of the mobile market share in 2016 and is looking establish a factory to manufacture mobile phones locally.

Gains on Dangote Cement, Guaranty Trust Bank, Total, Zenith Bank shares helped the Nigeria stock exchange reverse a negative trend.