Taxing Nigeria Seriously
Headline: Kemi Adeosun, the Finance Minister of Nigeria, cast doubt on the willingness of the government to cover its reported $7.5bn 2017/18 budget shortfall via more borrowing from multilateral lenders including the World Bank and African Development Bank or international debt markets. Instead, she said the nation should look towards domestic sources of financing. She noted "We cannot borrow anymore, we just have to generate funds domestically to fund our budget."
Economics: The IMF ess timate that economic growth in Tunisia will rise to 2.3% this year on the back of a pickup in activity in the tourist inflows and mining activity.
More worrying activity news from South Africa where annual manufacturing output dipped by 0.8% in May from an upwardly revised 4.2% decline in April (which was still the fastest pace of decline since for nearly 3 years). On a monthly basis output slipped by 0.3%.
The trade deficit in Senegal widened from 135.9 bn CFA in April to 165.8 bn in May while that in Morocco narrowed to 1060.1 mn Dinars in June from 1323.7 in May.
Business: Cameroon agrees $52m loan from Deutsche Bank of Spain towards improving electricity transmission.
South Africa has joined the Tripartite Free Trade Area (TFTA) which aims to boost trade and development between 19 SSA nations.
Botswana has signed an agreement to receive £2m from Italy aimed at increasing renewable energy supply.
The interest rate cap in Kenya, set at 4pp above the benchmark interest rate, has not only pressed on commercial lending but may have led to around 2000 job losses.
President Magafuli of Tanzania announced tighter restrictions on mining
companies operating in the country.
Business: