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IMF Approves US$ 17.6 Million Extended Fund Facility Arrangement for Seychelles

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MAHE — The Executive Board of the International Monetary Fund (IMF) yesterday approved a three year SDR 11.445 million (about US$ 17.6 million, or 105 percent of Seychelles’ quota) arrangement under the Extended Fund Facility (EFF) for the Republic of Seychelles to support the authorities’ economic program. The approval enables the immediate disbursement of SDR 1.635 million (about US$ 2.5 million), while the remaining amount will be phased over the duration of the program, subject to semi-annual program reviews.

The authorities’ EFF-supported program aims to reduce the high debt levels, improve external buffers and sustainability in the face of emergent balance of payments pressures, and strengthen the economy through sustained and inclusive growth.

Following the Executive Board discussion on Seychelles, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, said:

“The authorities have undertaken comprehensive reforms since the 2008 crisis that have supported a strong recovery and improvements in fiscal and external sustainability. Growth was strong in 2013, boosted by increased tourism arrivals. Inflation stabilized at a low level. The current account deficit fell sharply, allowing the central bank to rebuild its reserves. However, debt levels and the current account deficit remain high, while some persistent structural weaknesses are holding back growth potential and economic resilience.

“The authorities’ economic program supported by the EFF-arrangement appropriately focuses on reducing vulnerabilities and containing fiscal risks while fostering sustained and inclusive growth. The authorities’ target of reducing the debt-to-GDP ratio to below 50 percent by 2018 remains an anchor for stability, while allowing the necessary investments in human and physical capital to support growth. The new monetary policy framework builds on recent progress in mopping up structural excess liquidity, and exchange rate flexibility and moderate reserve accumulation continue to facilitate adjustment to external shocks.

“The structural reform agenda is ambitious and targeted. The adoption of a Medium-Term National Development Strategy, the associated medium-term fiscal framework, and a financial sector development strategy, together constitute critical reforms needed to promote growth. Reforms also aim to strengthen the management and transparency of public finances. Building on the progress already made, it is important to enhance the oversight of state-owned enterprises to contain fiscal risks and avoid excessive expansion from crowding out the private sector.”

In the five years following the 2008 crisis, the Seychellois authorities have successfully enacted a comprehensive IMF-supported program of reforms – floating the exchange rate, eliminating exchange restrictions, turning fiscal deficits into surpluses, and halving the debt burden with the assistance of external debt relief. Structural reforms sought to foster long-term growth, including through simplifying the tax system and promoting the private sector.

These reforms have borne fruit in the form of a strong and sustained recovery: real Gross Domestic Product (GDP) growth accelerated to around 3.5 percent in 2013, boosted by strong tourist arrivals. Inflation fell to 2.2 percent in March 2014. The external position improved thanks to a boom in tourism and tuna exports, and Foreign Direct Investment (FDI) flows remain strong. Reserve coverage reached an estimated 3.8 months of imports at end-2013, up from 3.0 months at end-2012. The 2013 fiscal outturn was largely in line with the authorities’ ambitious targets, although business and income tax revenues were somewhat weaker than expected.

Nevertheless, important risks and challenges remain. At 65 percent of GDP, Seychelles’ public debt remains high, as does the current account deficit (18.5 percent of GDP), —although the latter has been largely funded by FDI. Moreover, the balance of payments faces headwinds as debt service and investment income payments rise. Sustained GDP growth will require adequate infrastructure investment and an active reform agenda to enhance productivity. At the same time, fiscal policy faces pressures, as revenue and grants have been falling as a proportion of GDP.

The program is designed to strengthen macroeconomic stability, reduce vulnerabilities, and support wide-ranging structural reforms aimed at laying the foundation for sustained and inclusive growth. The macroeconomic framework is anchored on the authorities’ goal of reducing the debt-to-GDP ratio below 50 percent by 2018. This requires continued fiscal primary surpluses of 3 to 4 percent of GDP over the medium term, a fiscal path which strikes a balance between the pace of debt reduction and addressing vital social and investment needs. Revenue measures under the program will focus on improving tax compliance and administration, while enhancing the quality of fiscal spending will be a core priority of the program.

The monetary policy framework aims to maintain low and stable inflation. In advance of the new program, the excess liquidity problem has been largely addressed through the issuance of medium-term Treasury bonds. The adoption of average reserve money targeting will further strengthen the policy framework, supporting the move towards a more forward-looking framework. While reserve coverage has recently reached the desirable range, maintaining it will require continued reserve accumulation in the face of balance-of-payments pressures. Exchange rate flexibility remains key to ensuring external stability over the medium term.

Sustaining growth and tackling risks to stability will require the implementation of a new generation of ambitious structural reforms, including: the adoption of a Medium-Term National Development Strategy, a medium-term fiscal framework, and a financial sector development strategy, as well as measures to combat international tax evasion. A new framework for Public Private Partnerships will support infrastructure investment and promote the role of the private sector. Establishing a registry of state assets, including land, will help protect public finances and support more efficient land use. The oversight of state owned enterprises will also be progressively strengthened, building on past progress, to contain fiscal risks and focus them on their core missions.

 

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Dangote Plans 10,000MW Power Intervention, Raises Africa Investment Ambition to $70bn

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President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has disclosed plans to increase the group’s investment programme in Africa from $50 billion to about $70 billion under its Vision 2030.

Biztellers reports that this strategy would witness a major intervention in electricity generation to support industrial growth, to the tune of 10,000-megawatt.

Addressing creative industry stakeholders from Northern Nigeria, including content creators, journalists, bloggers, entertainers and Kannywood stars, Dangote said expanding production, creating jobs and providing reliable electricity were essential to unlocking Nigeria’s economic potential.

He identified inadequate power supply as a major obstacle to the survival of small and medium-sized enterprises, warning that businesses dependent on petrol and diesel generators would struggle to remain profitable. Dangote said the group was considering a 10,000-megawatt power programme across Africa, potentially including Nigeria, alongside an expansion of the generating capacity dedicated to its own operations.

“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” he said.

Explaining the ambition behind Vision 2030, Dangote said African businesses must take greater responsibility for investing in the continent and addressing the infrastructure constraints that discourage other investors.

READ ALSO: Chevron Nigeria Emerges Second-best Exhibitor at NAPE 2026

According to him, inconsistent government policies and unreliable electricity remain significant barriers to investment. He said the group had largely addressed the power challenge within its operations by generating its own electricity.

“Across the group, we currently have almost 1,500 megawatts. By the time we complete Vision 2030, that could rise to between 4,500 and 5,000 megawatts,” he said. “That is captive power—electricity for our own operations. Separately, part of the vision is to intervene in power generation with 10,000 megawatts across Africa, potentially including Nigeria.”

Responding to a question about the economic decision that would most improve the lives of ordinary Nigerians, Dangote placed electricity at the centre of the country’s development needs.

He argued that individual households and companies installing alternative power systems would not, by itself, resolve the wider economic problem.

“Installing solar power for yourself does not mean the wider problem has been solved. Other people may not have that option,” he said. “A vibrant economy is driven by small and medium-sized enterprises. Large companies such as ours help sustain those businesses, but SMEs are essential to economic activity. When you generate electricity using diesel or petrol, it becomes very difficult to make money.”

Dangote expressed confidence in Nigeria’s entrepreneurial strength, saying the country had yet to realise the full benefits of its large and dynamic economy. He said businesses had a responsibility to invest and create opportunities, while the government should concentrate on providing policies and conditions that allow enterprises to grow.
“The government’s principal responsibility is to create an enabling environment through good policies. With the right policies, businesses can invest and create jobs,” he said.

The industrialist identified agriculture and solid minerals as areas with substantial potential, particularly in Northern Nigeria, but stressed that the country must move beyond exporting unprocessed resources. He said investment in infrastructure, including ports, could open markets for other producers and make it easier for businesses to develop and export their products.

“It is not only about us; it is about Nigeria and the African continent,” he said. “We should not simply export raw materials and then buy back the processed products at many times the price. That is the pattern we want to change. Without production, we will continue to face economic difficulties. We must build a productive economy.”

Sharing lessons from his business career, Dangote attributed the group’s expansion to focus, financial discipline and the consistent reinvestment of earnings. He said the transition from trading to manufacturing was built around products the group already understood, supported by established customers, distribution networks and market knowledge.

“The logical next step was backward integration: producing the things we were already importing,” he said.

Dangote also urged entrepreneurs to avoid spending anticipated profits and to recognise when a venture was no longer commercially viable.
“Give it your best effort, but when you do the numbers and they are not adding up, you must be willing to leave,” he said.

Despite the challenges facing businesses, he maintained that the group would continue investing and encouraged smaller enterprises to build opportunities around major industrial projects.

“People like us will continue investing. People like you can build businesses around those investments—as suppliers, producers and service providers,” he said.

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Chevron Nigeria Emerges Second-best Exhibitor at NAPE 2026

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Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.

Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.

The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.

Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.

READ ALSO: Tinubu, Shettima Head to Jos for APC Presidential Campaign Rally

“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.

Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.

Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.

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NGX Gains 1.36% as Market Capitalisation Climbs to ₦163.80trn

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.

The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.

The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.

SEE MORE:NGX Market Cap Falls to ₦163.65trn As All-Share Index Drops

According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.

This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.

The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.

The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.

Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.

On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.

Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.

The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.

The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.

The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.

 

 

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