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July 23, 2021 Economic and Market Report –Week-ended July 23, 2021

Global Economy The Governing Council of the European Central Bank (ECB) elected to keep the key policy rate unchanged at 0.00% at its July policy meeting. The Council noted that the decision was hinged on the need to push inflation higher and mitigate the risk posed by the Delta variant of the COVID-19 pandemic on […]

July 2021: MPC to Hold Rates Steady to Support Economic Recovery

The Monetary Policy Committee (MPC) is expected to hold its fourth meeting of the year on the 26th and 27th of July 2021. We expect the Committee to assess global and domestic macroeconomic and financial market developments and provide forward guidance on the timing of a change in monetary policy stance. Reopening of Economy, Base […]

July 16, 2021 Economic and Market Report –Week-ended July 16, 2021

Global Economy According to the Bureau of Labour Statistics (BLS), headline inflation in the US jumped by 40bps to 5.4% y/y in June (May: 5.0% y/y) – the sixth consecutive month of increase and the highest since August 2008 (5.4% y/y). Although the increase was concentrated in few categories, we note that it was also […]

Headline Inflation Sustains Deceleration

Nigeria’s headline inflation moderated by 18bps to 17.75% y/y in June 2021 (May: 17.93% y/y) – the third consecutive month of decline and the lowest since February 2021 (17.33% y/y). The outturn is 8bps lower than Cordros’ estimate (17.83% y/y) and 5bps less than Bloomberg’s median consensus estimate (17.80% y/y), with the deviation coming from […]

July 9, 2021 Economic and Market Report –Week-ended July 09, 2021

Global Economy Private sector activity in the Eurozone expanded to a 15-year high in June in line with the faster expansion across factory activities. According to the IHS Markit, the Eurozone composite PMI surged to 59.5 points in June (May: 57.1 points) – the highest since June 2006, reflecting the pent-up demand that accompanied the […]

PIB 2020: Will the Gains be Sustainable in the Long-term?

This week, we provide perspective on some of the potential economic benefits and downside risks that can accompany the recently passed Petroleum Industry Bill (PIB) 2020 by the National Assembly (NASS). For context, the PIB is an omnibus legislation, designed to reposition the Nigerian oil & gas industry through far-reaching reforms in four (4) key […]

July 3, 2021 Ecosystem collapse: Global GDP risks $2.7trn decline annually –WB report

The World Bank estimates that the collapse of select ecosystem services provided by nature can result in a decline in global Gross Domestic Product (GDP) of 2.7 trillion dollars annually by 2030. The bank, in a statement in Washington on Friday, said this was according to a newly published report, adding that Sub-Saharan Africa and […]

Economic and Market Report – Week-ended July 02, 2021

Global Economy In our recently published H2-21 Global macroeconomic outlook (see report: Navigating the Uneven Path of Recovery), we reviewed global macroeconomic activities in H1-21 and discussed our views on what we expect in the second half of the year. The global economy appears to be decoupling itself from the havoc caused by the pandemic […]

Surging Third Wave of COVID: Nigeria’s Economic Recovery Hanging in the Balance?

This week, we picked interest in a report published by the International Monetary Fund (IMF) on Monday (28th June 2021) titled “Sub-Saharan Africa: We Need to Act Now”, as the issue raised may significantly affect the pace of Nigeria’s economic recovery if necessary measures are not taken. According to the report, the level of increase […]

H2-21 Outlook –Navigating the Uneven Path of Recovery

After a tumultuous year of extreme volatility, a relative calmness has been restored to the financial market. While the positive sentiments that pervaded the equities market in H2-20 extended into the early part of the year, it was short-lived as earlier-than-anticipated reversal in the yields on fixed income (FI) instruments dampened appetite for stocks. In […]

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