The week that was May 2 to May 8 2020

This is a weekly update by ABiQ on major events on the African continent. You can view the video here

This week saw COVID-19 restrictions being eased in many of the African markets along with reduced fuel prices as a result of persistently low oil prices.

Northern Africa

• Algeria announced a further 30% cut in the 2020 budget
• Egypt applied for a $2.7 billion loan from the IMF to help fight the COVID-19 pandemic

Western Africa

• Nigeria’s Burea of Statistics announced that 43% of the population or 83 million people are living in poverty
• Nigeria’s ministry of finance announced that it expects the economy to contract by 4.3% in 2020

Central Africa

• Angola received 980 heads of cattle as a 4th instalment as part of a loan repayment from Chad
• In Cameroon, the African Development Bank has approved EUR 40 million towards financing for a new bridge connecting Cameroon with Chad.

Eastern Africa

• Ethiopia has broken ground on a new flour and biscuit factory 145 kilometres north of the capital.  This factory will bring the domestic production capacity to 200,000 ton per annum.
• Widespread floods across the region have killed hundreds of people and displaced thousands.  It has also caused blackouts across parts of Kenya and Uganda.

Southern Africa

• In South Africa, Vodacom has rolled out its 5G network
• Anglo American has announced it will exit the South African coal market.  It has not ruled out doing so via an IPO.

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