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April 2, 2021 Weekly Economic and Market Report

Global economy In line with our expectation of improved factory activity as workers return from the Lunar New Year holiday, China’s manufacturing PMI rose to the highest in four months. According to the National Bureau of Statistics, the manufacturing PMI notched up by 1.3 points to 51.9 points in March (February: 50.6 points). For us, […]

Debt Report: Pandemic-induced Fiscal Deficit and Currency Devaluation Fuels Higher Debt Burden

The Q4:2020 debt report as recently published by the Debt Management Office (DMO) and the Nigerian Bureau of Statistics (NBS) reveals a 20.1% rise in Nigeria’s public debt stock to ₦32.9tn and a 23.4% increase in FG’s debt burden to ₦26.9tn as at 2020 year-end. The current debt amount implies a Debt-to-GDP ratio of 21.6% […]

March 22, 2021 Covid-19 blows $311bn in productive investment in 2020

Global foreign investment plummeted to historic lows in 2020 as Covid-19 forced investors to push the brakes on expansion plans. Foreign investment projects worth an estimated $486.9bn were announced by global companies in 2020, which is $310.8bn (40%) less than in 2019, according to full-year data from investment monitor fDi Markets. This means that the […]

Pre-MPC: A Hold Decision in View

The Monetary Policy Committee (MPC) will hold its second set of meetings of the year on the 22nd and 23rd of March 2021. We expect the Committee to review the domestic and external macroeconomic conditions and financial markets developments since its last meeting in January and provide forward guidance on how it intends to balance […]

Off to a Good Start… ASI up 0.9%

Price appreciation in BUACEMENT (+5.1%), STANBIC (+10.0%) and INTBREW (+5.9%) buoyed performance in the market today. Consequently, the benchmark index rose 89bps to 38,722.87 points, YTD loss improved to -3.8% and market capitalisation increased ₦178.1bn to ₦20.3tn. Trading activity declined as volume and value fell 4.6% and 24.0% respectively to 277.2m units and ₦3.1bn. The […]

March 5, 2021 Weekly Economic and Market Report

According to the Chinese National Bureau of Statistics (NBS), China’s Manufacturing PMI slowed to 50.6 points in February (January: 51.3 points). Although the February print remains above the 50-point threshold, we highlight that this represents the slowest rise since May 2020 and the third consecutive month of moderation in the index. We believe the moderation […]

March 1, 2012 Mergers and acquisitions: Bad for customers’ morale?

When a bank changes its name, it takes a while for the customers to get used to it. Those banking with Intercontinental Bank got the information about the change of status on the banks’ Automated Teller Machines (ATMs) that ‘their’ bank, Intercontinental Bank, is glad to be a subsidiary of Access Bank plc. They have […]

Real Estate Options On The Islands Of Lagos

Real estate on the islands of Lagos is relatively more expensive that it is on the mainland but if you spend most of your day on the island then you should add the extra fuel you burn, the extra wear on your vehicles, the hassles and stress, the cost of doctor’s fee and medication. If […]

Regional Maritime Development Bank: Nigeria lags behind

In 2011, the Maritime Organisation of West and Central Africa (MOWCA) gave Nigeria the final approval to start the Regional Maritime Development Bank (RMDB) in the country. The Federal Ministry of Transport confirmed this to the media saying the bank had been given the go ahead to take off. Both the General Assembly of MOWCA […]

The story of the local cement investors

In 2008 the federal government lifted the ban on the importation of bulk cement and granted import licenses to six new firms, alongside the existing manufacturers in an effort to flood the market with cement and force the price down. At the time Chief Charles Ugwuh, the then Minister of Commerce and Industry said that […]

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