Economy
Côte d’Ivoire’s Economic Activity to Remain Strong—IMF
By Dipo Olowookere
The International Monetary Fund (IMF) has projected that economic activity in Côte d’Ivoire will remain strong this year.
The global lender made this prediction after its team held talks with authorities of the West African nation governed by President Alassane Ouattara.
An IMF team led Mr Dhaneshwar Ghura had visited Abidjan from March 22 to April 5, 2018, to hold discussions on the 2018 Article IV Consultation and the third review of the three-year economic and financial program supported by the IMF through arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF).
After the visit, Mr Ghura commended government’s commitment to converge to the Western Africa Economic and Monetary Union (WAEMU) fiscal regional deficit norm of 3 percent of GDP by 2019.
The IMG team, which met with the country’s Prime Minister, Amadou Gon Coulibaly; Minister of Economy and Finance, Adama Koné; and other top officials, stated that the medium-term outlook means favourable and risks to the forecast were broadly balanced.
“Economic activity is projected to remain strong and the medium-term outlook is for robust growth to continue.
“Inflation is expected to remain contained. The fiscal deficit should be maintained at 3.75 percent of GDP in 2018, in line with the program objectives,” Mr Ghura said.
He noted that, “Based on preliminary estimations, GDP grew by 7.8 percent last year despite the fall in cocoa prices and social demands.
“Inflation remained subdued at about 1 percent, well below the 3 percent regional threshold of WAEMU. Credit to the economy grew at a healthy pace of 13.3 percent in 2017. Reflecting the decline in cocoa prices in 2017, the deficit in the external current account reached 2.1 percent of GDP.”
He emphasised that, “Performance under the IMF-supported program was satisfactory in 2017. The budget deficit was 4.2 percent of GDP in 2017, somewhat lower than programmed. All performance criteria, and all but one indicative quantitative targets for end-December 2017 were met.
“All but one structural benchmark was also implemented. Sound policies implemented by the authorities in the context of the IMF-supported program and the country’s good economic performance have helped the Eurobond issuance in March 2018.”
“IMF staff and the authorities concurred on the need to accelerate reforms critical to maintaining growth at a sustainable pace and continue making it more inclusive. Staff welcomed the progress made by the authorities in prioritizing the new investment projects which should help maintaining space to finance the National Development Program (2016-2020). IMF staff and the authorities also agreed on the importance of increasing domestic revenues to create fiscal space to undertake priority spending and enhance debt payment capacity.
“The team noted the efforts to mitigate fiscal risks by advancing on restructuring the national oil refinery and public banks. The implementation of the new prudential regulations consistent with the Basel II/III principles should reinforce banking sector stability. While Côte d’Ivoire’s economic performance has been strong, there are also risks to the outlook from slower than expected progress in revenue mobilization, unfavourable terms-of-trade shock and tighter global financial conditions.
“The team and the authorities concurred that Côte d’Ivoire’s economic transformation program is progressing well. Continued fiscal consolidation, prudent debt management policy and supply-side reforms will support high growth rates. Continuing actions to spread growth benefits and reducing youth unemployment will also be important factors for ensuring the long-term success of government policies.
“The IMF team thanks the authorities for their hospitality and productive discussions.”
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
