Photograph — Quartz

The World Bank has lowered its economic growth forecast for Nigeria in 2023 to 3.2 per cent from 3.3 per cent, citing deceleration in global growth, the Russin-Ukraine war, and declining demand from China for commodities produced in Africa. 

The financial institution also noted that the decline would persist the following year. But growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside. Consequently, the World Bank has called on the governments in the Sub-Saharan African region to rapidly implement measures to restore macroeconomic stability and protect the poor.

Market roundup

Below is the Weekly Economic roundup from Ventures Africa for the week ending the 7th of October 2022. This economic index gives you a glimpse into recent activities in the African economy and price changes that could affect it.

Stock markets

Stock market trends on a trading board.

Here is how stocks performed in key African markets (Nigeria, Egypt, South Africa, and Kenya) at the end of the week ending Friday, 7th of October 2022:

  • Nigeria

The NGX All-Share Index depreciated by 3.41% to close the week at 47,351.43 basis points.

Top 5 gainers

Multiverse Mining and Exploration Plc – +0.81

Geregu Power Plc – +20.90

Livestock Feeds PLC – +0.12

Cutix Plc – +0.12

Aiico Insurance PLC – +0.03

Top 5 decliners

NASCON Allied Industries PLC -1.50

Cornerstone Insurance Plc -0.06

Neimeth International Pharmaceuticals Plc -0.14

May & Baker Nigeria Plc. -0.41

Airtel Africa Plc -200.00

  • Egypt

EGX 30 index closed at 10,010.78 points, recording an increase of 1.87% from the previous week.

Top 5 gainers

Canal Shipping Agencies +10.97%

Raya Contact Center +8.70%

Rakta Paper Manufacturing +8.38%

Misr Chemical Industries +6.46%

Egyptian Iron & Steel Company +4.98%

Top 5 decliners

Zahraa Maadi Investment and Development -100.00%

Wadi Kom Ombo for Land Reclamation -99.28%

Marsa Marsa Alam for Tourism Development -5.26%

Beltone Capital Holding For Financial Investments -5.11%

Egyptian Real Estate Group -5.00%

  • South Africa

The Johannesburg Stock Exchange traded at 65,675.48 basis points at the close of the week.

Top 5 gainers

Deutsche Konsum REIT-AG +394.23%

Cognition Holdings Ltd +15.85%

Tradehold Ltd +15.14%

Novus Holdings Limited +9.97%

Salungano Group Ltd +7.76%

Top 5 decliners

Europa Metals Limited -19.72%

Telemaster Holdings Limited -16.67%

Huge Group Ltd -11.99%

Karooooo Ltd -9.06%

Delta Property Fund Limited -0.34

  • Kenya

The Nairobi Securities Exchange (NSE) All-Share Index dropped from 128.41 points recorded the previous week to 126.32 points.

Top 5 gainers

East African Portland Cement Co. Ltd +7.24%

Home Afrika Limited +5.71%

Safaricom Plc +4.65%

Nairobi Business Ventures Ltd +4.52%

Olympia Capital Holdings Limited +4.18%

Top 5 decliners

BK Group Plc -8.40%

Longhorn Publishers Limited -4.56%

Car and General Kenya Limited -4.33

Britam Holdings Limited -4.25%

ScanGroup Limited -2.81%

Currency markets


Here is how Nigeria, Egypt, Kenya, and South Africa’s currencies performed against the US Dollar at the official markets.

  • The Nigerian naira started the week at 432.35 NGN/$1 to closed at 433.72 NGN/$1.
  • The Egyptian pound started the week at 19.6273 EGP/$1 and closed at 19.6642 EGP/$1.
  • The South African Rand started the week at 17.8411 ZAR/$1 and closed at 18.0369 ZAR/$1.
  • The Kenyan shilling started the week at 120.85 KES/$1 and closed at 120.90 KES/$1.

Oil prices

  • The OPEC basket price stood at $92.29/barrel on Friday, slightly up from the previous week’s $ 90.94/barrel.
  • Brent crude opened the week at $87.83/barrel and closed at $98.45/barrel.
  • The West Texas Intermediate opened the week at $81.02/barrel and closed at $92.38/barrel.

Crypto markets


Per Coinmarketcap, the global cryptocurrency market cap stood at $945.21B as of 4: 41 PM WAT on Sunday, representing a 0.23% increase over the last day. Here is how the top three cryptocurrencies performed:

  • Bitcoin gained 2.03 per cent over the week to trade at $19,516.98 as of report time.
  • Ethereum gained 2.59 per cent to trade at $1,324.72.
  • Binance coin gained 0.94 per cent to trade at $279.23.

Tech funding

  • Crowd-farming start-up, Livestock Wealth, which connects investors with livestock farmers has secured R10m (USD 55 K) to boost the company’s expansion plans.
  • Algebra Ventures, a MENA-focused venture capital firm, has announced a $100 million raise in the first close of its second fund.
  • Nigerian proptech Spleet announced the completion of its USD 2.6 million seed funding to scale its residential rent management and rent financing products.
  • CardoO, an Egyptian-based startup has raised a USD 6660 K seed to improve its products, as well as enable local manufacturers to produce consumer electronics.

From the expert

Speaking on the new economic projection Odinaka Anudu, assistant business editor at the PUNCH, noted that lower economic growth means comparative lower economic activities. “Your growth will be impeded when factories can’t produce because they don’t have access to foreign exchange. The solution is to float the FX market by driving FX supply rather than controlling demand.”

For power and security problems, he suggested encouraging an energy mix among businesses and re-energising security forces to enable farmers to go to farms. He also explained that overtaxing of telcos should stop. “You are killing them if state governors are merely interested in taxing them ten-fold. Having a trade policy and clarifying import tariffs is necessary as well. Many products that should pay heavy tariffs are coming in cheap, while those that should come in cheap are paying heavy duties,” he explained.

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