Investment banking fees in Sub-Saharan Africa have dropped precipitously in the first quarter of 2019 on the back of weak performance from the continent’s two largest economies and subdued corporate activity. Financial data provider Refinitiv released its first quarter 2019 Investment Banking Review which found that Sub-Saharan African investment banking fees reached an estimated $93.5m during the first three months of 2019, 24% less than the value recorded during the same period in 2018. Franita Neuville, Refinitiv’s market development manager investment and advisory for Middle East and Africa said: “What was particularly concerning was how sluggish equity capital markets and debt capital markets fees were.” The two biggest economies in the region — Nigeria and SA — have been unable to generate positive economic growth on a per capita basis, stripping out the effects of changes in their exchange rates (purchasing power parity), according to data provided by Trading Economics. Equi...

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