- Nigerian stocks fell on Wednesday after JP Morgan said it would Nigeria from its influential emerging markets bond index due to tough controls imposed to prevent a currency collapse. All Nigerian stocks listed in the MSCI frontier market index fell by more than 3 percent, while bond prices sunk and yields spiked across maturities. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, recovered some ground from earlier falls but still closed down 2.99 percent on Wednesday.
- Tata Motors, India’s largest car company, has joined other Original Equipment Manufacturers (OEMs) with interest in setting up an automotive assembly plant in Nigeria. Tata will be partnering with Iron Products and Industries (IPI) Limited, which will fund the investment to the tune of $8 million on equipment and other machinery to assemble the Tata Zenon range of Pick-up trucks in Lagos, Nigeria’s commercial capital. Tata already has IPI as its distributing partner and will be sharing its existing facility with plans to supply SKD assembly kits. The target date is the last quarter of 2015.
- Nigerian pharmaceutical companies now share 65 percent of the West African market, having so far invested
N300 billion in machinery and quality upgrade in an effort to end drug importation into the country, estimated at $700 million. Four companies have so far obtained the World Health Organisation (WHO) pre-qualification, while four others are in line to obtain same, in an effort to become competitive in the international scene, Evans Medical, Chi Pharmaceuticals, May&Baker and Swiss Pharma have already obtained pre-qualification, alongside four others that are processing WHO pre-qualification, have invested $50 million in different levels of upgrade in the last five years.