Tag: Economy

Mauritania’s BirAllah Gas Field: A Revolutionary Development In West Africa’s Gas Sector

Paradise Erhuvwu

The BirAllah gas field is expected to produce 10 million tons of LNG per year  creating new employment opportunities and generating a substantial income for Mauritania.

NOUAKCHOTT, Mauritania, April 20, 2023/ — Mauritania’s BirAllah gas field, located in the Mauritanian coastal basin, has garnered significant attention from major players in the oil and gas industry, including Bp and Kosmos Energy, due to its immense investment potential.

In October 2022, a deal was signed between the Mauritanian government and these industry giants, setting the stage for the exploration and development of this promising prospect, which is estimated to hold 80 trillion cubic feet of gas.

As per the agreement, Bp will conduct comprehensive studies to enable the field’s development to commence within 36 months. The stakeholders are hopeful that these studies will establish the feasibility of establishing companies to exploit the project in the strategic port area of Ngago, located in southwest Mauritania, which is the closest coastal point to the field.

The BirAllah gas field possesses numerous attributes that makes it an attractive investment opportunity. It boasts a well-defined structure, high-quality reservoir properties, and top-grade gas. Moreover, the field has the potential for significant production rates, with initial estimates suggesting it could yield up to 4 billion cubic feet of gas per day.

The development of the BirAllah field is of significant importance to Mauritania’s gas industry (https://apo-opa.info/3UTUPmb), which has faced challenges in attracting investment in the past due to political instability and inadequate infrastructure. However, the discovery of the BirAllah field has the potential to change this narrative, as it represents one of the largest offshore gas discoveries in Africa in recent years.

The participation of prominent global companies such as Bp and Kosmos Energy in the BirAllah field underscores the immense investment potential of this oil field. These prominent global companies not only bring substantial capital but also possess the expertise and advanced technology required for unlocking the BirAllah gas field’s maximum development potential. Furthermore, this development is expected to attract additional international oil companies (IOCs) to invest in Mauritania’s gas industry, signalling to the world that Mauritania is a viable investment destination, potentially leading to further exploration and development of the country’s abundant gas reserves.

According to the International Trade Administration, the energy sector offers some of the most promising investment opportunities in the market. Bp and Kosmos Energy are poised to lead the charge in transitioning hydrocarbons as the driving force of Mauritania’s economy, surpassing iron ore. Currently, several supermajor oil and gas companies are exploring offshore Mauritania, with 22 blocks available for leasing. Additionally, there are opportunities for developing fields where oil has already been discovered, as well as providing supplies and logistical support to companies operating within the sector, presenting attractive investment prospects.

The completion of the BirAllah field, projected to take place over multiple years, has the potential to be a game-changer for Mauritania’s economy. The first gas exports from the field could be facilitated through the Ngago port area, which boasts the necessary infrastructure, including a deep-water harbor, access to electricity and water, and proximity to major shipping lanes, to support the construction of a gas terminal. The substantial revenue generated from gas exports has the potential to significantly bolster Mauritania’s economy, providing a fresh source of income for the country. Additionally, the development of the BirAllah field has the potential to create new employment opportunities and support the growth of local businesses in the region.

The development of the BirAlla gas field is also expected to create new job opportunities and generate income for Mauritania. This vast reserve of energy promises to power the world and transform the fortunes of the country. With the estimated output of 10 million tons of liquefied natural gas per year, the BirAlla gas field represents an opportunity to boost economic growth and create a more prosperous future for Mauritania.

Join us (https://apo-opa.info/41JJyHn) in Nouakchott, Mauritania on 21-22 November 2023 for the third edition of the MSGBC Oil, Gas & Power Conference & Exhibition (https://apo-opa.info/3LgiTwm) where we will unpack investment and exploration potential under the theme “Scaling Energy Opportunities in Africa’s New Frontiers.”

Organized by Energy Capital & Power, MSGBC Oil, Gas & Power 2023 will unite the region’s energy policymakers, companies and investors with global counterparts to discuss and optimize investment opportunities within the energy market.

Distributed by APO Group on behalf of Energy Capital & Power.

SOURCE

Energy Capital & Power

Energy Transition in Africa Requires Energy Banks

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JOHANNESBURG, South Africa, April 13, 2022/ — Africa s still grappling with the crisis of energy poverty—a problem that is only becoming more acute as a result of a decline in investment and a lack of adequate infrastructure. It is possible that renewable energy sources, despite their widespread availability across the continent, will fall short of meeting Africa’s electricity demands (https://bit.ly/38OB1wL) in the short to medium term, leading to either the continued use of oil and gas or the emergence of even more people living in energy poverty (https://bit.ly/3rq8sft). Numerous stakeholders have advocated for the continued presence of oil and gas, at least in the medium term, so that the continent can transition gradually while simultaneously lifting millions of people out of poverty.

Energy sources based on fossil fuels (https://bit.ly/3riarCD) have long dominated the energy sector, particularly in Africa, where air pollution is exacerbated by the burning of bushes for firewood and other such activities, among other things. Environmental organizations, financial institutions, and governments from across Europe and North America have insisted that developing countries, including those in Africa, make an immediate transition (https://bit.ly/3JwzgkB) away from fossil fuel production and usage in order to avoid catastrophic climate change. Renewable energy sources such as solar, wind, and hydrogen are being promoted as a means of achieving this transition (https://bit.ly/3jwSiMT). In addition to this pressure, global governments have committed to incorporating more renewable energy sources into the energy system in accordance with the Paris Agreement, which was signed at the United Nations Climate Conference in 2015. While the energy transition is a global phenomenon, the reality is that its implementation will differ in form and timing from one region to another, as well as from developed countries to developing countries, depending on the circumstances.

In order for Africa to achieve (https://bit.ly/3KC8gkX) its goal of industrializing the continent, it is critical that it has access to reliable, affordable, and sustainable modern energy services as well as adequate financing. The African Energy Chamber (https://bit.ly/3KDqNgR) is calling on African governments and the private sector to establish energy banks that will be dedicated to financing African energy projects. With this initiative, it is hoped to establish funding sources for all types of African energy, from oil and gas exploration to solar and hydrogen operations, that will not be reliant on foreign assistance. There will be no more begging for aid that will only be granted if we completely abandon our use of fossil fuels.

Following the United Nations (UN) Climate Change Conference (COP 26) in Glasgow in 2021, countries around the world came up with ambitious targets to help them make the transition to a low-carbon economy. Securing adequate financing for renewable energy projects is critical to the success of this process, and major banks play an important role in this process. When it comes to lending to fossil-fuel projects, lenders have become increasingly hesitant to do so, while showing an increased appetite for lending to renewable-energy projects. Multiple banks have reaffirmed their commitment to financing (https://bit.ly/3EcX63Q) the continent’s energy transition, which is a significant development (https://bit.ly/3KGcTdB) in the African energy landscape.

AFRICAN BANKS (https://bit.ly/3uxYmet) FINANCING THE ENERGY TRANSITION

The African Development Bank (AfDB), a multilateral financial institution that lends money to African governments and private companies, has prioritized green growth in its portfolio, recognizing the negative impact that climate change is having on the continent. By incorporating a climate-informed perspective into all of the financial institution’s investments, the bank seeks to ensure that African countries and stakeholders have access to adequate financing as they transition to a clean energy economy. The African Development Bank’s Climate Change and Green Growth Department is organized around two main goals: the achievement of inclusive and sustainable growth, and the financing of climate change projects. These goals are aligned with the bank’s corporate strategy for the period 2013-2022. Facilities such as the African Development Bank’s Green Bond program have already helped to accelerate the development of green projects across the continent. Thus, the bank has established itself as an important facilitator of Africa’s energy transition.

The Sustainable Energy Fund for Africa (SEFA) (https://bit.ly/37JjCoC), which is managed by the African Development Bank, has approved a grant of $1 million to assist Botswana (https://bit.ly/37EgytX) in its transition to clean energy. In order to close critical gaps in policy, regulatory, and legal frameworks that were identified at the Africa Energy Market Place (https://bit.ly/3vdRRga), the technical assistance project assists the Government of Botswana in closing those gaps. These includes the introduction of least-cost planning, the reduction of negative environmental impacts, and the encouragement of increased private sector participation in renewable energy generation investments, among other things. In addition, the African Development Bank (AFDB) board of directors has approved the Leveraging Energy Access Finance Framework (LEAF), under which the bank will commit up to $164 million to promote decentralised renewable energy projects in six African countries, as reported by the Financial Times. With an initial investment of $800 million, the LEAF (https://bit.ly/3vgaUpT) program aims to encourage commercial and local currency investments that will allow decentralised renewable energy companies in Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia to scale up their operations. Six million people are expected to gain access to clean energy as a result of the financing of 18 decentralised renewable energy projects under the program. In total, it is anticipated that the systems will save 28.8 million tonnes of CO2 emissions over their expected lifetime of use.

ABSA BANK LTD is a private limited company and, in collaboration with the International Finance Corporation (IFC) of the World Bank, has received a loan in the amount of $150 million to support the bank’s progressive strategy to grow its climate finance business. Through Absa, the loan will also help South Africa achieve its greenhouse gas (GHG) reduction targets, which will benefit the entire world. Absa Bank (https://bit.ly/3LVm3mI) is currently the market leader in the financing of South Africa’s Renewable Independent Power Producer Program, having structured financing for 46% of the projects that have been completed under the program to date.

STANDARD BANK a major financial institution in Sub-Saharan Africa, Standard Bank is actively involved in the financing of projects (https://bit.ly/3O55Opb) that promote the use of renewable energy sources. South Africa’s first local Tier 2 capital qualifying green bond, issued by the bank to finance renewable energy projects, was recently issued by the bank. The proceeds from the new ten-year bond, which was recently listed on the Johannesburg Stock Exchange (JSE), will be used to fund renewable energy projects in the country. The bond, worth R1.4 billion, is the third to be issued under Standard Bank’s Sustainable Bond Framework, which was established in February of this year.

In order to assist in the funding of renewable energy projects, Standard Bank Group Ltd.(https://bloom.bg/3rm2qww), Africa’s largest lender in terms of assets, plans to raise as much as 300 billion rand ($20 billion) by 2026, while maintaining an open mind to supporting fossil fuels. This commitment (https://bit.ly/3JG7qCi) was made in a statement outlining the company’s climate goals, which stated that the lender would strive to achieve net zero carbon emissions in its own operations and from its portfolio of financed emissions by 2050, in accordance with the Paris Agreement. The bank aims to achieve the following:

  • Reduce group advances to upstream oil by 5% by 2030;
  • limit exposure to thermal coal to 0.7% of group loans and advances in 2021 and 0.5% by 2030;
  • finance new coal mines only in the southern African region and only when there is an overall positive environmental impact;
  • reduce exposure to gas by 2045;
  • refrain from funding the deforestation of natural forests and indigenous trees.

NEDBANK:  The International Finance Corporation (IFC) (https://bit.ly/3E7oz6X) has formed a partnership with South Africa’s Nedbank Group for the purpose of financing key renewable energy projects in the country. The strategic partnership was established in order to enable the country to make the transition to cleaner forms of energy, reduce greenhouse gas emissions, and create jobs in the renewable energy sector. The International Finance Corporation (IFC) is providing Nedbank (https://bit.ly/3KCiz8w) with a loan of up to $200 million to help the bank achieve its green finance operations expansion goals and grow its climate portfolio. This initiative is part of the International Finance Corporation’s broader goal of developing South Africa’s climate finance market through the financing of renewable energy projects. The South African government aims to reduce greenhouse gas (https://bit.ly/3KFWmqj) emissions by up to 42% by 2025 and to diversify its energy mix in order to reduce its reliance on coal even further by 2050, according to the World Resources Institute.

FIRSTRAND MERCHANT BANK: Global investors are putting pressure on South Africa’s top lenders and companies such as SASOL to reduce the carbon intensity of their portfolios. As a result, Nigel Beck, head of sustainable finance and environmental, social, and governance (ESG) advisory at First Rand Merchant Bank (https://bit.ly/3KQnTFi), has stated that the sector must respond and transform in line with forward-looking global energy trends. With a goal of reaching net zero emissions by 2050, FirstRand Merchant Bank has committed to achieving this goal by 2022. This goal includes both operational emissions and the financing of strategic energy projects (https://bit.ly/3JDFGhV).

Distributed by APO Group on behalf of Centurion Law Group.

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Feel free to contact the Energy Transition Centre today with questions.
Julius Moerder
Head of Energy Transition Centre
julius.moerder@centurionlg.com

Oneyka Ojogbo
Head of Energy Transition Centre<
Nigeria & West Africa<
oneyka.ojogbo@centurionlg.com

Leon van Der Merwe
Head of Energy Transition Centre South Africa
leon.vdmerwe@centurionlg.com

SOURCE
Centurion Law Group

Senegal plans $500 million ‘youth bond’ to finance entrepreneurs

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In Africa, the Senegal government plans to raise $500 million from the debt market to create jobs for young people and finance youth entrepreneurship as part of a response to riots that shook the country in March, a junior minister said on Wednesday.

Senegal, one of Africa’s most stable democracies, was rocked by its worst unrest in a decade after the arrest of a popular opposition politician triggered an explosion of pent-up anger over economic hardship.

After the riots, President Macky Sall announced a three-year, 450 billion CFA franc ($841 million) fund, with programmes aimed at boosting youth recruitment into public service and funding for entrepreneurs.

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The youth fund will help create 65,000 jobs over the next three years in the public sector, particularly in education, defence, cleaning and housing, Sarr said.

Some of the funds will also be offered as nano-credits of as little as 150,000 CFA francs ($280) to women and young entrepreneurs looking to start a business. It will also support small and medium-size operators, granting them access to guaranteed capital, Sarr said.

68% Nigerians do not trust Nigerian Government in handling frontliners in the Nations capital.

Facing its second recession in four years, with -3.4 per cent GDP growth forecast by the IMF, the country has little economic resilience.

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Nigeria will not be able to sustain restrictions on its strong workforce, 83.2 per cent of which operate in the informal sector.
One area at particular risk is food security, as the pandemic is disrupting farming, supply chains and trade.
Nigeria’s economic confidence may deteriorate further as COVID-19 continues to take a toll on the nations economy.
However, More than 3 in four Nigerians express their distrust in Government in handling the Coronavirus isolation centre.
A front liner in the Nations capital Abuja complained of lack of logistics and welfare for himself and his colleages from the Government,
plans are on going to have a  nationwide strike if the Government do not meet their demand.

Governments around the world are leveraging different strategies to combat the spread  of COVID-19, they are using models
from city quarantines and social distancing. What all these strategies have in common is that public trust and immediate responsiveness
is necessary for them to succeed.

Australia set for first recession in three decades

Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic.

Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak.

Economists expect data for the current quarter to confirm that the shutdowns have pushed the country into recession.

It comes even after the government and central bank stepped up measures to support the economy.

The latest gross domestic product (GDP) figures highlight that the economy was struggling from a devastating bushfire season, a slowdown in tourism and weak domestic demand even before the virus-related restrictions started.

“This was the slowest through-the-year growth since September 2009, when Australia was in the midst of the global financial crisis, and captures just the beginning of the expected economic effects of Covid-19,” Bureau of Statistics chief economist Bruce Hockman said.

In March the Reserve Bank of Australia cut its main interest rate to a record low of 0.25%. The central bank also launched an unlimited bond buying programme.

While the central bank kept the cost of borrowing on hold at its meeting on Tuesday, Governor Philip Lowe said the country was facing the toughest conditions since the Great Depression.

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“The Australian economy is going through a very difficult period and is experiencing the biggest economic contraction since the 1930s.”

However, he did add a note of optimism to his outlook: “It is possible that the depth of the downturn will be less than earlier expected.”

Glimmer of hope

“The rate of new infections has declined significantly and some restrictions have been eased earlier than was previously thought likely,” he said.

The Australian government has also pledged hundreds of billions dollars to help support businesses and individuals and has signalled that more stimulus measures would be announced soon.

Last month Japan fell into recession for the first time since 2015 as the world’s third biggest economy shrank at an annual pace of 3.4% in the first three months of the year.

The week before Germany, Europe’s largest economy, slipped into recession, while other big economies, including the UK and the US are also seeing sharp downturns.

A recession is widely defined as two quarters in a row of economic contraction, or shrinking GDP.

New York Stock Exchange trading floor to reopen

The New York Stock Exchange (NYSE) is set to reopen its trading floor on Tuesday after a two-month closure due to the coronavirus pandemic.

But the exchange is likely to look and feel very different as new rules come into effect.

The NYSE is one of the few bourses to still feature floor trade – most have shifted to fully-electronic trading.

New York City has been hit hard by the outbreak with some 200,000 cases and more than 20,000 deaths.

Under the new measures only a quarter of the normal number of traders will be allowed to return to work.

Traders must also avoid public transport, wear masks and follow strict social distancing rules, with newly fitted transparent barriers to keep people apart.

They will also be screened and have their temperatures taken as they enter the building. Anyone who fails pass the check will be barred until they test negative for Covid-19 or self-quarantine in accordance with US government guidelines.

To return to their jobs, floor traders will also reportedly have to sign a liability waiver that prevents them from suing the NYSE if they get infected at the exchange.

According to the Wall Street Journal, traders will have to acknowledge that returning to the trading floor could result in them “contracting Covid-19, respiratory failure, death, and transmitting Covid-19 to family or household members and others who may also suffer these effects”.

The NYSE did not immediately respond to a request for comment on reports of the waiver.
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Visitor ban

The new regulations also mean that the NYSE’s high-profile opening bell events and stock market debut celebrations have been put on hold as visitors are banned.

Media organisations that usually broadcast from the trading floor won’t be allowed back until further notice.

NYSE president Stacey Cunningham tweeted that reopening was an important step towards restarting the US economy after lockdowns across the country.

“For the trading floor community it supports their small businesses, which have been challenged by the temporary floor closure. And for our economy, reopening our trading floors offers a path to reopening that other businesses in densely populated areas may choose to follow.”

The exchange’s trading floor was closed from 23 March and temporarily moved to fully-electronic trading as a precautionary measure to help protect workers.

The 228-year-old exchange last closed its doors on 29 October 2012 due to Hurricane Sandy. The NYSE also shut for four sessions in the aftermath of the 9/11 terrorist attacks in 2001.

For most people outside the financial services industry the NYSE’s trading floor is a rare glimpse into the seemingly opaque workings of the global markets as well as being a colourful setting for companies to showcase their stock market debuts.

NYSE, which is owned by Intercontinental Exchange, is the world’s largest stock exchange in terms of the total market capitalisation of listed companies.

Saudi Arabia triples VAT to support coronavirus-hit economy

Saudi Arabia is tripling its value added tax (VAT) as part of austerity measures to support its coronavirus-hit economy.

The government in Riyadh also said it will suspend its cost of living allowance to shore up state finances.

The oil-rich nation has seen its income plummet as the impact of the pandemic has forced down global energy prices.

The kingdom first introduced VAT two years ago as part of efforts to cut its reliance on world crude oil markets.

Saudi Arabia’s state news agency said VAT will increase from 5% to 15% as of 1 July, while the cost of living allowance will be suspended from 1 June.

The allowance of 1,000 riyals ($267; 245 euros) per month to state employees was introduced in 2018 to help offset increased financial burdens including VAT and a rise in the price of petrol.

“These measures are painful but necessary to maintain financial and economic stability over [the] medium to long term… and overcome the unprecedented coronavirus crisis with the least damage possible,” finance minister Mohammed al-Jadaan said in the statement.

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The announcement came after state spending outstripped income, pushing the kingdom into a $9bn (£7.2bn) budget deficit in the first three months of the year.

That’s as oil revenues in the period fell by almost a quarter from a year earlier to $34bn, pulling down total revenues by 22%.

At the same time Saudi Arabia’s central bank saw its foreign reserves fall in March at their fastest rate in at least two decades and to their lowest level since 2011.

The measures to fight the impact of coronavirus are expected to slow the pace and scale of economic reforms launched by Crown Price Mohammed bin Salman.

Last year Saudi Arabia raised a record $25.6bn in the initial public offering of shares in state-owned oil giant Aramco in Riyadh.

The share sale was at the heart of Crown Prince Mohammed bin Salman’s plans to modernise the economy and wean it off its dependence on oil.

The Economic Trap of Coronavirus in Nigeria – Ahmed Adamu, PhD

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The longer the pandemic stays, the more expensive the recovery will be.  So, the government would need to spend more now to cut the waiting period, because every minute comes with a steeper recovery cost. This crisis is unique and by far different from the 2008 economic crisis. Now let’s analyze these questions, can the Nigerian government bear these costs and what’s the Nigerian best bet? How to manage the coronavirus economic crisis and how different the current economic crisis is from the 2008 global recession?

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More than half of the total jobs in Nigeria is being lost, people lose their jobs without social protection and are being asked to stay at home. Income losses are estimated to amount to at least N3 Trillion in Nigeria alone in just a matter of a few months. Investment is rapidly going down. Factories have shut down, even factories that insist on production in this period could not operate as their workers decided to stay at home for their safety despite the bonus offered to them, and this led to scarcity and hence Inflation.
The economic paralyses are spreading even faster than the pandemic. The effects of these and many other economic paralyses caused by the novel coronavirus will leave a scar and reverberate around economies even in the aftermath of the pandemic.
The gap is getting wider, it requires refill by the day. The financial contributions made so far in Nigeria by public and private individuals and organizations to fight the coronavirus, which amounted to over N30 billion, is an opportunity to start somewhere, at least, to contain the disease, fund development of the testing kits and maybe fund researches for the development of its cure. This is a period where external intervention may be limited because every country is concerned about their health and economic uncertainties.
How to manage the economic crisis caused by the coronavirus is by far different by how we managed the world economic recession back in 2008. The 2008 global recession was a normal economic cycle that happens at least once in a generation and it was seen coming. It was more of the effect of human errors and decisions, and it was caused by variables within the economy. During the 2008 recession, the economy was not shut down, it was active. So, the aftermath bailout and other injections were smooth, and the time lag was not that long.
In contrast, the recession caused by the coronavirus is external to the economy, unexpected, very fast and more severe. It also put the economies on hold, and at the same time spending a lot to keep it on hold. The money that could be used to revive the economy has to be spent to fund the management of the pandemic and for social protections during the economic hold on. The loss of jobs in the current crisis is 10 times more than the 2008 economic crisis. Similarly, in the 2008 crisis, the oil price did not plummet to as far low as below $20 per barrel as it is now, the lowest it reached then was $32 per barrel, so, there were some reasonable revenues to fund that recovery. The current crisis came with two punches, a sharp increase in demand for government spending and a deep decline in government revenue. So, when we eventually come out of this pandemic, are we going to have the energy to go for another war, the economic war?
The effects of these shutdowns and lockdowns will echo after the pandemic and might cause some social and economic unrest, which require redress too. So, the government needs to spend more money this time around to recover the economy as an economic stimulus. Other countries would be focused on reviving their economy too, every country will be on their own. According to the United Nations, developing countries would need a $2.5 trillion COVID-19 rescue package to revive their economies. For Nigeria, at least a $100 billion rescue is required.
Our best bet in Nigeria is to do our best to stop the spread because the more it spreads, the longer it lasts, and the more we expose ourselves to graver dangers ahead. So, it is cheaper for us to do everything possible to end the pandemic in just a month, let us target the end of April. However, with the increasing rate of new cases, it is not encouraging.
Everyone has to take this pandemic as a personal economic threat because it is a trap, we all fall in. Think about Taxi and bus drivers, restaurants, hotels, barbers, airlines, social and sporting centers, and other informal and semi-formal businesses in this period, it is a catastrophe. Our individual and collective economies are severely affected by the day, and if it continues there will be chaos, a bigger catastrophe. Closing down the economy longer might lead to even bigger problems. The Swedish relaxed approach can be considered in Nigeria as soon as possible.
I would like to commend the efforts of health authorities for their efforts so far, and I want to implore them to make judicious use of the resources contributed. In this case, it must not be the Nigerian way, because it is a matter of life and death. The President needs to be more proactive and work closely with the task force to supervise the operation and receive minute by minute updates. The visibility is not necessary, but in the period of crisis and uncertainty, people need to be seeing and hearing from their leaders for more partnerships, hopes, and psychological stability. We are in a war, a health and economic war, our commanders-in-chief need to be more proactive in the period of war.
Dr. Ahmed Adamu
Petroleum Economist, Nile University, Abuja.
Nigeria

IMF: NIGERIA, A MAJOR PLAYER IN SUB-SAHARAN AFRICAN ECONOMY

Sub-Saharan Africa has Nigeria to thank for better economic growth prospects next year.

The region’s economy will probably expand 3.8 percent in 2019, the International Monetary Fund said in its World Economic Outlook update released Monday. That compares with a 3.7 percent prediction in April.

In its latest World Economic Outlook Update released on Monday (yesterday), the IMF said the upwardly revised growth is supported by the rise in commodity prices.

igeria is expected to be the standout performer amid recovery in oil prices. Nigeria’s growth is set to increase from 0.8% in 2017 to 2.1% in 2018 and 2.3% in 2019 on the back of an improved outlook for oil prices.
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Nigeria and South Africa are the continent’s two biggest economies and positive economic growth in the two will see recovery in sub-Saharan Africa continue, according to the report.

“The recovery in sub-Saharan Africa is set to continue, supported by the rise in commodity prices. For the region, growth is expected to increase from 2.8% in 2017 to 3.4% this year, rising further to 3.8% in 2019.”

The upgraded forecast reflects improved prospects for Nigeria’s economy. Its growth is set to increase from 0.8% in 2017 to 2.1% in 2018,” the IMF said.

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