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Mauritius bank, MCB, to open office in Nigeria in African growth master plan

Published

3 years ago

June 14, 2022

The Mauritius Commercial Bank (MCB), is set to open a branch in Nigeria as part of it’s long term master plan for its African growth.

The bank which is the largest in the Indian Ocean island nation, is seeking to expand across the African continent “beyond oil and gas deals to cover renewables and mining,” a senior executive said in a statement.

MCB which already has $850 million in exposure in Nigeria, has representative offices in Nairobi, Kenya, and Johannesburg, South Africa, as part of its push into the continent, and also has offices in Dubai and Paris.

In a statement on Tuesday at the Africa CEO Forum in Abidjan, Ivory Coast, head of Corporate and Institutional Banking of MCB, Thierry Hebraud, said the coronavirus pandemic had delayed plans for the Nigeria office but they were now in the final phase of the West African country’s Central Bank approval.

“Today, more than 50% of our balance sheet is outside Mauritius, and the major part is in Africa.

“I believe within the next couple of months, we will be operating the new representative office in Nigeria,” Hebraud said.

He added that the bank is now focused on structured finance in the upstream and downstream oil and gas industry and the oil trade, and was looking to expand into renewables and mining.

“We believe we’ll continue to grow in the oil and gas sector, but at a slower pace. We’ll definitely grow in the energy and infrastructure,” he said.

“Imagine all banks withdraw from the this sector, you’ll shutdown the electricity of half the continent,” he added, saying banks needed to support Africa’s oil and gas industry to provide the energy for the continent to grow, even though climate change was driving a shift from fossil fuels.

“The Nigeria office would eventually cover Ghana, a neighbouring West African oil producer which also exports cocoa and mines gold,” Hebraud also hinted at future plans for the bank.

Related Topics:Banking Featured Mauritius Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”