Food & Beverage drives manufacturing growth The manufacturing sector remains vital to the overall economy, contributing 10.13% to GDP. Apart from Q3’22 where growth was negative at 1.91%, the Nigerian manufacturing sector has shown positive growth in the last two years, growing at a quarterly average of 2.79%. Across specific sub-sectors, this growth was driven...
2022 was a challenging year for the banking sector owing to several factors such as the global economic downturn stemming from the Russia-Ukraine crisis, harsh domestic macroeconomic conditions and Ghanaian debt related impairments. The banking sector generally recorded a growth in their topline majorly on the back of higher interest rate; however, as inflation remained...
Still on track for long term growth In 2022, cement producers recorded weak volumes impacted by energy constraints, particularly with gas supply shortages prevalent in the first half of the year. However, this decline was masked by higher cement prices during the period. Volumes continued to contract further in the first quarter of 2023, impacted...
Delivering growth amidst several headwinds. Across our coverage countries, trends have been similar, and just like we anticipated mobile money and data has been the major growth driver for the industry in Sub-Saharan Africa. Although penetration rates differ, gaps still exist in each of these markets. Telcos have made considerable efforts to cover these gaps...
Policy Reforms to drive strong performance. With the over-due policies to drive reforms in the Oil & Gas sector now being implemented, our expectations for our coverage companies are now more optimistic. For the downstream segment, we note that much of the struggles our coverage companies faced was the effect of price controls on margins....
Executive Summary. The world has seen a significant increase in economic activity as countries have reopened their economies and supply chains have eased. China has been at the forefront of this recovery, with its economy reopening and supply chains easing. However, the Ukraine war has had a significant impact on the global economy. The conflict...