Posted by: Armel | October 7, 2008

Briefs on the Financial Crisis and Africa

                                               

 

NIGERIAN BANKS: THE TAKE-OVER ?

This is their best opportunity to take control of the entire region given their strong market cap, tier 1 ratio and strategic goal. All this is happening while the corporate parents of major European Banks operating in Africa have to show restraint in face of the global financial crisis.

SHARP FALL on the NIGERIAN STOCK EXCHANGE and The needed BAIL-OUT !!

” The Nigerian Stock Exchange (NSE) dropped N46 billion to close at N9.684 trillion at the end of trading. The All Share Index dropped 207.72 points to close at 45,504.69 points. The market has been on a continuous fall in recent weeks. The capitalisation dropped by N54.5 billion last Thursday, which was the first day of trading this month. It dipped further by N52.7 billion on Friday. ” But Is it feasible to pull a BAIL-OUT entirely sponsored by private funds in Nigeria now ?

REMITTANCES from the DIAPORA in DECLINE

Obviously this will come as the latest downward trend from the economic crisis on the micro level in the US where growth almost ceased in the booming construction sector. The ripple effect in the temp and contract jobs where most immigrants find the bulk of their remittances is in jeopardy. The Hispanic Community can already feel the crunch

 Armel Njeunou

Sources: AllAfrica.com, Wall Street Journal, The Nation, Le Jour

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