The average Gross Domestic Product, GDP Growth in Africa in 2017 was 3.6 percent, up from 2.2 percent in 2016, the African Development Bank Group, AfDB, has revealed.
President of the AfDB, Akinwumi Adesina, who revealed this stated that, in 2017, 18 African countries grew above 5 percent in 2017, and 37 others above 3 percent.
He alos disclosed the average GDP growth is projected to accelerate to 4.1 percent in 2018 and 2019.
The AfDB boss rolled out these figures when the bank hosted the annual luncheon of diplomats accredited to Côte d’Ivoire in Abidjan on Tuesday.
During the event, he urged the bank’s member countries to contribute to the 7th General Capital Increase to enable the institution to realise its development objectives.
Adesina, who welcomed the diplomats on behalf of the Board of Directors, management and staff of the Bank Group, shared perspectives on the performance of African economies, updated them on the institution’s activities and highlighted emerging economic issues for the Bank and the continent.
“The African Development Bank, your Bank, is reforming, innovating, leading and delivering more for Africa than ever before.
“With the strong support for a General Capital Increase by our Board of Directors, Governors of the Bank, and you, the Ambassadors representing our shareholder countries, Africa will indeed experience a much brighter and impactful future,” he said.
According to him, the continent remains resilient to global economic headwinds and climate shocks as related by the Bank’s 2018 Africa Economic Outlook published in Abidjan on January 17, 2018.
FG to Use $2.5billion Eurobond to Refinance N762.5billion Maturing Bills
The Nigerian government is set to use the planned issuance of $2.5 billion to refinance some maturing treasury bills worth N762.5 billion.
Minister of Finance,Kemi Adeosun, revealed this, after the weekly Federal Executive Council, FEC, meeting in Abuja.
The Minister, who addressed newsmen on outcome of the meeting presided over by Mr President Muhammadu Buhari, said government plans to use proceeds from the exercise to lower its borrowing costs.
The government had used proceeds of its bond issuance in November 2017 to redeem N198 billion worth of treasury bills in December 2017.
NTBs plunged from about 16 percent to 13 percent, while the bonds dropped from about 16 to 16.50 percent to 13.50 percent.
Meanwhile, in January, the Debt Management Office, DMO, revealed plans by government to issue $2.5 billion Eurobond before the end of this quarter to refinance a portion of its domestic treasury bill portfolio at lower cost.
