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CBN To Subsidise Mortgage Rate to Single Digit in 2019

Central Bank of Nigeria (CBN) is at the final phase of commencing mortgage subsidy, with plans for the country to have a single-digit interest rate before the end of 2019, an Abuja-based industry player told Businessday on Tuesday.

According to the source that is part of the committee working on the mortgage policy in Nigeria, the recent removal of the cap MRP+ 5 percent on mortgage interest rate by the apex bank is in line with the plans for the regulator to achieve the single-digit mortgage rate.

“The new policy is in preparation for the single digit interest on mortgages. The CBN has gotten to the board of governance for approval and before the year ends they would have commenced the subsidy and mortgages will be accessed with single digit interest,” the source said on the condition of anonymity.

High mortgage rate is considered one of the key culprits of Nigeria’s housing challenge. Typical mortgage in Nigeria ranges between 7-10 percent for Federal Mortgage Bank of Nigeria (FMBN) and between 15-25 percent for commercial mortgage institutions, one of the highest in the world.

This has made mortgage as a means of acquiring properties in Nigeria a less attractive option especially for many whose purchasing power was eroded from the country’s five quarter recession.

With the highest population in Africa, Nigeria has housing deficit of more than 17 million units and more than 90 percent of new homes that are built in the country utilise funds from personal savings.

With single-digit interest rates in some other countries, mortgage industry contributes a significant amount to economic growth and development this is however not the case in Nigeria as the roaring inflation rate and the attendant high mortgage rate has not only dampened housing demand but has reduced developers’ investment appetite.

Africa’s largest economy has one of the world’s lowest mortgages to Gross Domestic Product (GDP) ratio at 0.6 percent. This lags Ghana’s 2 percent, South Africa’s 30 percent and crawls after the US and UK rates of 60 percent and 70 percent, respectively.

“The biggest problem in the sector is high cost of the very limited mortgage that is available. If they can develop policy to ease housing finance, it will be impactful,” Wole Olabanji, the CEO of Cobuildit, a Lagosbased real estate firm, said.

On the September 6, 2019, the CBN said in a circular signed by Kevin Amugo, director, financial policy and regulation department, that the “maximum MPR + 5%” was no longer applicable to all financial institutions in Nigeria.

According to industry players, the new CBN policy could see mortgage rate climb even higher than the current rates, as financial institutions will no longer have a regulated cap added to the MPR.

“I think the Central Bank is trying to see if the market can regulates itself,” Roland Igbinoba, founder, Pison Housing Company, told Businessday by phone.

Source: Businessdayng

How Federal Government Plans to Increase VAT to 7.2% affects you

In a bid to increase government revenues, the Federal Executive Council has approved plans to increase Value Added Tax (VAT) from 5% to 7.2%. This represents a 44% increase (VAT has remained at 5% since January 1, 1994, when it became active).

This was made public in a series of tweets by Tolu Ogunlesi, the President’s Special Assistant on Digital and New Media.  

According to Tolu, this was one of the decisions taken at the Federal Executive Council meeting held on Wednesday at the Presidential Villa Abuja. Nigeria collected about N1 trillion in VAT in 2018. A 44% increases could generate over N400 billion in additional revenue for the government if everything remains constant.  

In a series of tweets Tolu reported as follows;  

  • The government wants to increase VAT from 5% to 7.2% 
  • The announcement kickstarts the commencement of the process for increasing VAT. This does not mean VAT will be automatically increased.  
  • For VAT to be increased, the National Assembly will have to approve it and pass an amendment to the current VAT ACT following which the president will append his signature. 
  • The process could take months if not years. 
  • Tolu also confirmed that part of the process will involve “extensive” nationwide consultations  
  • Consultations will mostly be with the organised private sector, Nigeria Labour Congress and other labour unions, foreign investors and multilateral organisations, media, state governors and members of the National Assembly. 

Government Revenue: Nigeria is widely believed to be facing a revenue crisis following the drop in oil prices in 2014. Since the Buhari administration assumed power in 2015, government revenue has failed to hit the heights of the immediate past administration which was over N12 trillion.

In 2018 total revenue accruing to the Federation Account was about N7.1 trillion compared to budget of N10.4 trillion. It was worse in 2017 at about N4.9 trillion. VAT revenues are also a significant portion of government revenues. In 2018, total VAT revenue accruing to the Federation account was N1.04 trillion or 14% of revenues.  

Dire straits: The Federal Government is in a more precarious situation. Last year it budgeted N7.1 trillion as targeted revenue and only actualized N3.8 trillion in collection.

  • Out of this amount, VAT collection was about N146.5 billion (target N207.5 billion).
  • Though the Federal Government relies less on VAT it still needs as much as it can get for itself while helping out states scoop more money.
  • States & Local Government collect about 75% of VAT leaving the Federal Government with 15%.
  • The Federal Government makes more money from its share of Company Income Taxes and Custom Import duties where it collected N660 billion and N296.7 billion respectively. Total non-oil revenue was about N1.1 trillion. 

How VAT affects you: Nigerians will have to wait to see how the consultations pan out over the next few months. If the FG is able to convince various stakeholders, then it could likely sign the act amending the increase. Implementation could be January 1st, 2020 just like it was in 1994.

  • There will be major push backs from Unions who have also just secured increases in the minimum wage.
  • Unions could call for a lesser increase reducing it from 7.2% to anything else above 5%.
  • Nigeria has one of the lowest VAT rates in Africa.
  • VAT is a consumption tax and it is borne by the final consumer who is mostly an ordinary citizen of Nigeria.
  • In addition to VAT Nigerians also pay personal income tax, withholding taxes and sales taxes as collected by some state government (Lagos especially).
  • They will be most hit by a raise as their disposable income will be dented further.  
  • The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, also recently reiterated that the payment of VAT on VATable online transactions is required by the law.
  • If this increase is passed by law there will likely be an increase in online transaction cost.
  • Nigerians will see an increase in nearly all items except the 11 items that are currently exempted (see page 14).
  • Corporations are merely collecting agents for the government and only incur a VAT cost when they are final consumers or fail to net off their VAT from purchases from VAT on sales.

Source:  Nairametrics

100 Days In Office: Yet No Economic Development Plans From Our Governors!

While we lament about the slow pace of PMB’s government, it is sad to note that most state governments are not any better. Of the 29 governors elected on March 9 and sworn in on May 29, it is difficult to identify states governed through a carefully and strategically crafted economic development plans. Most govern their states in an ad-hoc and reactionary approach though they have spent over a hundred days in office. This does not mean that positive signs from Oyo, Delta, Kebbi, Ebonyi, Rivers and Yobe states are not appreciated, but much is needed and expected given their deplorable situations despite immense resources.

Just as PMB delayed in forming a cabinet, most of the governors such as Abia, Cross River, Enugu, Ogun, Kano, Taraba, Jigawa, Gombe, Nasarawa and Osun are yet to form and inaugurate a cabinet six months after being elected or re-elected. Osun is the most notorious with Governor Oyetola seemingly incapable of forming a cabinet and effectively developing the state.

Moreover, this should not be the time for the articulation of policies and the inauguration of cabinets. It is the time for implementation of articulated policies that should have been formulated before elections and polished within the first thirty days in office with cabinets inaugurated within a week of being sworn-in.

Since states are supposed to be the primary platforms for Nigeria’s inclusive and sustainable development complementing the macro development initiatives of the federal government, it is said that most of the governors are exhibiting signs of ineptitude and unpreparedness.

Since sustainable development is presently pursued through public-private partnership (PPP), and based on the concept of forwarding guidance to enhance the economic development of our states, our governors should quickly provide us with a clear agenda of their governments.

It will help the private sector, individuals and other public agencies to have a clear idea of the policy direction of the state, plan and contribute effectively. The agenda should have clear and connected objectives as to the kind of states we want in the short-term (first four years), medium-term (five to eight years) and long-term (nine years onwards). And it should cover all aspects of human life and endeavour including where a borehole should be located and economic trees planted in one to fifty years.

That is how to plan for inclusive development and governance that will be sustainable and pro-poor. In the absence or delay in providing a clear agenda for their governments, the current uncertainty and insecurity will prevail and combined with other challenges, escalate our social and development problems. As I genuinely want Nigeria to succeed, let me provide a kind of an abstract of the kind of agenda we expect from our states in the short term, using Enugu state as the focus.

Enugu (the coal city) played host to the advent of modern business in former Eastern Nigeria. Coal was at the heart of the country’s foreign revenue from the 1940s. Employment in the coal mining industry was about the most prestigious employment outside the civil service. With such history, a landmass of about 7,161 square km, a population of about six million people, undulating hills and plains, lush green fields and adventurous topography, Enugu readily became the capital of Eastern region and the nest of Igbo renaissance.

It is the time for implementation of articulated policies that should have been formulated before elections and polished within the first thirty days in office with cabinets inaugurated within a week of being sworn-in.

Today, the socio-economic development of the Enugu state can only be achieved through the strategic assessment of her comparative advantages and a determined effort in creating a synergy of the opportunities and potentials. These should be assessed in terms of her competitive niche within the Nigerian and global context, geographical location and heritage, human and physical resources and the market gaps in the local, national and global economy.

This will demand an urgent re-assessment of the role of the state government whose focus should be on improving the capacity of the state through a strategic combination of her internal coherence and external connectedness resulting in what can be described as embedded autonomy and associational economy.

The question is how will Enugu deploy her assets like coal, linkage location, and political heritage? How will it tap the entrepreneurial spirit of Ugwuja in Enugu Ezike and the unquenchable desire for human capital and the moral-oriented society of Udeze in Ezeagu? Is there a plan to attract big-time farmers to develop a rice plantation in Adani? Adani rice and Ezeagu cashew nuts are consumed by 100 million people in the world every day.

How do we get Cheng from China to build a power plant using coal; excite Mike Adenuga and Shell Plc to re-locate their regional and technical support office to Enugu; lure Zenith, UBA, GTB and Access Bank to always host their annual general meetings at Nike Lake Hotel. Ensure that the trailers of Waziri and Young Shall Grow buses make Enugu their hub to rest and refuel while crisscrossing of Nigeria.

How can Emeka Ekwujuru from Imo and Helen Bassey from Ogoja convince their parents to allow them to study at Enugu State University due to its excellent learning facilities? Can Mbanefo in Onitsha and Elechi in Abakaliki be enticing their husbands to relocate to Enugu while they still work in Awka and Abakiliki respectively as commute time is 30 minutes either way? Expectedly, sustaining the preference of Enugu and her potential pre-eminence in the committee of states will require the provision of world-class hospitals and medical facilities!

With the above, Enugu state will be repositioned to meet the wishes and aspirations of many and will definitely earn a referral position in Nigeria’s development discourse.

It will be characterised by cyclic employment and wealth generation, the emergence of industrial clusters, infrastructural development, the security of life and property. Enugu will emerge as the food basket of the country, a model for the practice of rule of law and improvements in the general standard of living with inclusive pro-poor growth.

Just as it is possible in Enugu, so it can in the other 35 states. All that is required is the commitment to succeed and the ability of Ugwuanyi and other governors to assemble a competent and moral-oriented team. A team that is humane and pro-poor with an uncommon innovative inclination to generate ideas. And enhance the internally generated revenue (IGR) of Enugu from N20 billion annually to N40 billion in two years and N100 billion in four years.

Source: Businessday

Naira Performance Picks Up on Tuesday

The performance of Naira was stronger on Tuesday than it was at the previous trading day at the foreign exchange market.

The local currency proved just that against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market yesterday by appreciating by 28 kobo or 0.10 percent to close at N361. 80 from N362.08 recorded on Monday.

Total trade at the I&E segment went down by $21.92 million or 11 percent to $174.59 million on Tuesday from $196.51 million recorded in the previous session.

The Naira also closed stronger at the Central Bank’s interbank segment of the market as the Naira/USD rate also appreciated by N0.05 or 0.02 percent to trade at N306.85 from N306.90.

The local currency closed strongly at the parallel market against the British Pound Sterling as the Naira traded at N446/£1 against a single unit of the British currency note, appreciating N1 following the previous day’s N447/£1.

Against the US Dollar, the local currency closed at N360/$1 against the greenback as it did in the previous trading day.

The Naira followed the same manner with the Euro at the close of Tuesday’s trading as the local currency remained flat at the end of the trading day at N395/€1.

Source: businesspostng

FG Projects N9.78trn Budget For 2020

The Federal Government has projected N9.78 trillion budget for 2020 fiscal year.
It will also, from this September, begin deduction of the N614 billion bailout funds it gave to states for payment of salaries of workers in 2016.
Zainab Ahmed, Minister of Finance, Budget and National Planning, who disclosed these on Tuesday said that the deduction would commence in the Federation Accounts Allocation Committee (FAAC) provision for states in September.

The minister was speaking at a Public Consultative Forum on the draft 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper (FSP) in Abuja.
She said that the funds would be deducted from source and remitted to the Central Bank of Nigeria (CBN), adding that the refund would not form part of the revenue for funding the budget.

“It was a loan which was advanced by the CBN and the repayment will be made to the same CBN.
“So the recovery process for us is to deduct from the FAAC allocation to the states and remit same to the CBN.
“We are going to start these remittances by the next FAAC. So there will be no requirement for us to consider the Fiscal Sustainability Plan (FSP) implementation.
“We want the states to stay on the path of fiscal sustainability, but it will not be a condition for the deduction. We will deduct direct from source and remit to the CBN,” the minister said.

It would be recalled that the Federal Government gave out the loans to 35 states as conditional budget support provided by the CBN to help them pay salaries, gratuities and pensions.
The loans were provided by the CBN at nine percent, with a grace period of two years, while the Federal Ministry of Finance helped in the disbursements, with documented approval by the presidency.

Only Lagos State did not access the loan.
On the issue of waivers and incentives to businesses, Ahmed said that it was agreed from the finance side that there were actually too many of them and that it was costing the government a lot.’

“We also agree that there has to be a review of the pioneer status certificate issuance process because the waivers and the incentives are costing us a lot.
“However, when decisions have been made and approvals have been given and businesses make their decisions based on those incentives, you cannot pull them out overnight.
“So there has to be a period within which the commitments that have been made are allowed to exit before you post new conditions, but we are currently reviewing the quantum of the waivers,” Ahmed said.

According to her, the idea is to see which one can be reviewed to pull back from to reduce the cost on government.
Ahmed said that the projected budget for 2020 was N9.78 trillion, N10.110 trillion for 2021 and N10.418 trillion for 2022, with revenue for 2020 projected to be N7.63 trillion.
According to her, privatisation proceeds is expected to rake in N126.5 billion in 2020, while multi-lateral/bilateral project-tied loans are to bring in N328.1 billion.
On the expenditure side, while capital expenditure would gulp N1.764 trillion, 21 percent lower than the N2.962 trillion (32 percent) budgeted in 2019, N4.749 trillion was projected for recurrent expenditure in 2020.

The minister said that the recurrent expenditure was occasioned by rise in personnel cost and marginal increase in overhead due to creation of more ministries.
“Debt service is projected to gulp N2.452 trillion, sinking fund N296 billion and statutory transfers N526.45 billion in 2020,” she said.
Ahmed added that personnel costs, inclusive of pension costs, had continued to rise, as it was set at over N3 trillion, adding that the Federal Government was taking steps to contain it.

She said that one of the steps taken was a directive by President Muhammadu Buhari that all MDAs must implement the Integrated Personnel and Payroll Information System (IPPIS) by October, failure of which salaries would not be paid to them.
New borrowings, she said, would be N1.7 trillion to be shared equally between domestic and foreign creditors.
Meanwhile, total fiscal deficit was put at N2.14 trillion for 2020.
For the key assumptions in making the projections, the minister said that oil production volume on the average was expected to be 2.18 million barrels per day (mbpd), lower than the 2.3mbpd projected in 2019.

“Actual daily crude oil production and exports have been well below budgetary projections since 2013, despite the installed capacity of up to 2.5mbpd, for a number of reasons.
“For 2018, actual production was 1.84mbpd and for the first half of 2019, it was 1.86mbpd,” she said.


Ahmed added that considering the expected oil glut in 2020 and the need to plan against unexpected oil price shock, a lower benchmark oil price of $55 per barrel was set against the $60 per barrel projected in 2019.’

On Gross Domestic Product (GDP) growth rate, she said that 2.93 percent was projected for 2020, 3.35 percent for 2021 and 3.85 percent for 2022.

FG Receives N2trn Revenue From January To June 2019

Meanwhile, the Federal Government received two trillion naira as revenue from January to June 2019, Director-General of the Budget Office, Ben Akabueze, has said.
Akabueze disclosed this at the Public Consultative Forum on the 2020 to 2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) in Abuja on Tuesday.
He explained that within the period under review, about N3.3 trillion was expended by the Federal Government.
The director-general said that there was an average of 1.6 million barrel of crude oil production per day on base production.

Source: Independentng

Nigeria to trim 2020 budget by 0.19- Finance Minister

Mrs Zainab Ahmed said Nigeria is planning to trim its budget for 2020 marginally by 0.19 %  to N8.90 trillion, as against the N9.16 trillion approved by lawmakers for 2019.

The government approved a 34 and 66 %  capital/ recurrent expenditure fiscal policy in 2018 and 32 and 68 %  in the approved 2019 budget.

Details of the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2020-2022 showed that capital expenditure will suffer successive cuts for the three-year period to N1.76 trillion, N1.70 trillion and N1.68 respectively for 2020, 2021 and 2022 despite increases in total expenditure at N8.6 trillion, N8.98 trillion and N9.4 trillion during the same period.

Recurrent on the other hand, is expected to increase from N3.41 trillion in 2018 to N4.7 trillion in 2019.

Key Assumptions of the 2020 Budget Framework: Oil Production 2.18 mbpd; Oil Price $55/b; Exchange Rate N305/$; Inflation Rate 10.81%; Nominal Consumption N122.75 trn; N142.96 trn Nominal GDP; and GDP Growth Rate of 2.93%.

A lower benchmark oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Mrs Zainab Ahmed said Nigeria is planning to trim its budget for 2020 marginally by 0.19 %  to N8.90 trillion, as against the N9.16 trillion approved by lawmakers for 2019.

The government approved a 34 and 66 %  capital/ recurrent expenditure fiscal policy in 2018 and 32 and 68 %  in the approved 2019 budget.

Details of the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2020-2022 showed that capital expenditure will suffer successive cuts for the three-year period to N1.76 trillion, N1.70 trillion and N1.68 respectively for 2020, 2021 and 2022 despite increases in total expenditure at N8.6 trillion, N8.98 trillion and N9.4 trillion during the same period.

Recurrent on the other hand, is expected to increase from N3.41 trillion in 2018 to N4.7 trillion in 2019.

Key Assumptions of the 2020 Budget Framework: Oil Production 2.18 mbpd; Oil Price $55/b; Exchange Rate N305/$; Inflation Rate 10.81%; Nominal Consumption N122.75 trn; N142.96 trn Nominal GDP; and GDP Growth Rate of 2.93%.

A lower benchmark oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Source: homelandnewsng

CBN Removes Cap On Interest Rate For Mortgage Finance

The Central Bank of Nigeria (CBN) on Friday removed the cap on interest rates for mortgage finance by the Primary Mortgage Banks (PMBs), effective September 9, 2019.

In a circular to all other financial institutions in the country, dated September 5 and signed by Kevin Amugo, director, financial policy and regulation department, the CBN said the “subject to a maximum of MPR + 5%” is no longer applicable.

The CBN in 2017, issued the guide to banks and other financial institutions, to moderate charges on various products and services offered by banks and other financial institutions in Nigeria.

Consequently, the CBN said it’s attention has been drawn to some implementation challenges in respect of part 2 section 2.1.3 (mortgage finance) in respect of the maximum cap of MPR +5% placed on mortgage finance rates.

The CBN after due consideration of the concerns of stakeholders, amended the part 2(A and B): interest rate and lending fees subsection 2.1.3 mortgage finance to read “negotiable”.
The measure is part of efforts to boost home ownership in a country where only 50,000 people out of almost 200 million have housing finance.

The government faces a daunting challenge to close a shortage of 17 million houses.

Nigeria has no formalized title-deeds registry and most homes consist of informal structures on land passed down through generations. Rapid urbanization is also causing a proliferation of slums and shanty towns.

Nigeria’s mortgage industry is small, with the equivalent of $260 million in loans, compared with more than $90 billion for South Africa.

Nigeria’s total mortgage debt to gross domestic product is estimated at 0.6 percent versus 2 percent in Ghana, according to the Nigeria Mortgage Refinance Corporation NMRC. In South Africa, that ratio is 20 percent, according to Moody’s Investors Service.

Source: Businessdayng

Nigeria Tragically Living on Borrowed Time —World Bank

The Senior Agriculture Economist, World Bank, Dr. Adetunji Oredipe, on Thursday said the neglect of the agriculture sector when Nigeria’s economy became increasingly dependent on oil has proved to be both a “disaster and calamity.”

He said if Nigeria had held to its market share in palm oil, cocoa, groundnut and cotton, the country would be earning at least $10bn annually from these three commodities.

Oredipe said this while delivering a keynote address at the Agriculture Summit Africa sponsored by Sterling Bank Plc, held in Abuja.

At the event, Vice President Yemi Osinbajo was represented by the Minister of State for Agriculture and Rural Development, Mustapha Shehuri; and in attendance were the Minister of Women Affairs Mrs. Paulen Talen; Governor of Kebbi State, Atiku Bagudu; chairman of Sterling Bank Plc, Asue Ighodalo; and the Managing Director of Sterling Bank Plc, Abubakar Suleiman.

Painting a picture of the country’s agriculture sector, the World Bank Agric Economist said that Nigeria is now one of the largest food importers in the world.

For instance, he said, in 2016 alone, Nigeria spent $965m on the importation of wheat, $39.7m to import rice and $100.2m on sugar importation.

He said the decision to spend $655m on fish importation seems financially irresponsible, given all the marine resources, rivers, lakes, and creeks in Nigeria.

He said, “None of the above transactions (importation of rice, fish, sugar) is fiscally, economically, or politically sustainable.

“Nigeria is tragically is living on borrowed time, a typical case of robbing Paul to pay Peter.

“For instance, each time we spend money to import rice, Nigerian local rice farmers are negatively affected in terms of morale, sales, and realizable income.”

He lamented that despite the huge agriculture potential, Nigeria, which used to be the major player in agriculture in the world, has lost its place in the global community.

Source: punchng.com

Models On Alternative Africa Infrastructure Funding Methods Discussed at WEF

Alternative methods to infrastructure funding formed part of the discussions by delegates at the ongoing World Economic Forum on Africa taking place in South Africa.

Infrastructure development is key to the growth of African economies that want to make the most of their opportunities and streamline cross-border trade, delegates at the World Economic Forum (WEF) for Africa conference heard.

There are new laws being implemented in jurisdictions across Africa to facilitate the sourcing of alternative infrastructure funding, which is needed to kick-start sorely needed infrastructure projects.

Currently taking place in Cape Town, the conference’s theme focuses on shaping inclusive growth and shared futures in the Fourth Industrial Revolution (4IR).

According to a statement issued by law firm Baker McKenzie on Wednesday, China has played a key role in providing alternative sources of financing to African countries that have not been able to access funding in more traditional ways.

While the benefits are said to be numerous, the law firm pointed out that African countries were also concerned about their growing dependence on China.

To put it into perspective, the statement refers to research published by Baker McKenzie and IJGlobal in 2018, that showed that the value of loans from Chinese financing of energy and infrastructure projects in Africa had almost trebled between 2016 and 2017, from $3 billion to $8.8 billion.

“As China’s Belt and Road Initiative (BRI), a multibillion-dollar plan to link Asia, Europe and Africa, is actively being implemented, we expect this amount will increase even further,” Baker McKenzie banking and finance head Wildu du Plessis said.

“A key attraction of the BRI for both African governments and project sponsors is that it assists the speed of project implementation,” Wang said, noting that project stakeholders had previously advised that the whole process was a lot quicker than other options.

However, Du Plessis said there was also a rising concern among African sovereigns who were worried about the long-term effects of their dependence on China, even though China has reiterated that it wants to be considered a responsible investor in Africa.

While it remains to be seen whether this concern has an impact on Chinese involvement in the funding of infrastructure projects in future years, Du Plessis explained that African countries had also begun building capacity to correct the imbalance between borrowers and lenders in the negotiation phase so that more balanced agreements could be reached.

He noted that even though the South African infrastructure funding gap was not as large as that of other countries in Africa, there was still difficulty in mobilising funds for infrastructure development and related projects owing to traditional funders taking their time to decide on whether to get involved.

According to Shirley Wang, Baker McKenzie Beijing office partner, as part of the mobilisation of different sources of funding to fill the infrastructure gap, there was “a big bucket of Chinese funding that could be used for infrastructure projects in Africa”.

Increasing appetite from China to fund infrastructure projects as part of its BRI means that country is keen to partner with local development finance institutions and other international funders. Wang added that China’s investment in BRI countries and regions would continue in the future.

Source: businessdayng

SEC, UNILAG Hold Confab on Capital Market for Economic Growth, Development

The Securities and Exchange Commission (SEC), as part of its efforts to push frontiers of the Nigerian capital market, has partnered with the University of Lagos (UNILAG) to hold a two-day conference next week.

The programme themed Leveraging the Capital Market for Economic Growth and Development is scheduled for September 11 and 12, 2019 at the Tayo Aderinokun Lecture Theatre, UNILAG, Akoka, Lagos.

The special guest of honour for the event is Mr Babajide Sanwo-Olu, the Governor of Lagos State; while Mr Femi Lijadu, the board Chairman of SEC; and Ms Mary Uduk, the acting SEC Director General, are the guests of honour.

The chief host of the event is the Vice Chancellor of UNILAG, Prof Toyin Ogundipe, while the host is Prof Owolabi Kuye, the Dean, Faculty of Management Science, UNILAG.

Guest speakers for the conference are Mr Oscar Onyema, the CEO of the Nigerian Stock Exchange (NSE); Mr Bola Onadele Koko, the MD/CEO of FMDQ Securities Exchange; and Mr Adedapo Adekoje, the President of Chartered Institute of Stockbrokers (CIS) Nigeria.

Others are Mr Bola Ajomale, the MD/CEO of NASD Plc; Mr Akin Akeredolu-Ale, the MD/CEO of Lagos Commodity and Futures Exchange; Mrs Toyin Sanni, the Group CEO of Emerging Africa Capital; and Mr Taiwo Adeniji, the Senior Director Investments Group at the Africa Finance Corporation (AFC).

Also expected to address the gathering include Mr Haruna Jalo-Waziri, MD/CEO of Central Securities Clearing System (CSCS) Plc; Prof Uche Uwaleke, the Conference Co-Chair, Director, Chief Economist at SEC; Prof Ayo Olowe, the Conference Chair and Head, Department of Finance, UNILAG, amongst other.

Business Post gathered that not less than 500 delegates, 139 speakers drawn from several countries are expected at the conference, which is the first to be co-organised by both parties.

It was further gathered that the speakers would address participants on Capital Market, Innovation, Regulation and Economic Development: Past, Present and Future; Stock Market, Governance, Technology and Business Models: Emerging Trends; Financial Literacy, Digital Finance, Inclusion and the Democratization of Wealth in Africa; Frontiers of Trading in Fixed Income Products and Derivatives in Africa; and Commodity Exchange and Development of ecosystem for agricultural trade, risk management and finance in Africa.

Others are Stock Market Innovativeness for SME Financing in Africa; Stock Markets, Fund Managers and Stockbroking: Rebuilding Investors’ Trust; Securities Clearing, Settlement and Depository in Africa: Issues and Innovations; and Infrastructure Finance and the Capital Market: Role of Multilateral DFIs.

Source: businesspost

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