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July 3, 2021 GDP growth projected at 4.2% in 2022–FG

The Federal Government has projected a rise to 4.2 per cent of the country’s Gross Domestic Product (GDP) in 2022. Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) on Thursday. Ahmed said […]

Public Debt: Recent Currency Devaluation to Heighten Debt-Service Burden

The Q1:2021 Public Debt Stock report published by the NBS this week showed a minuscule 0.6% q/q increase in Nigeria’s total debt profile to ₦33.1tn from ₦32.9tn as at end of 2020. We attribute the slow increase in the debt figure in Q1:2021 to the late approval of the borrowing plan of ₦4.6tn (domestic ₦2.3tn; […]

June 12, 2021 Q1:2021 Foreign Trade Statistics Report: Nigeria’s Woes Deepen on Lower-than-Expected Crude Oil Earnings

Fresh data emerged this week on the worrisome state of Nigeria’s merchandise trade position with the rest of the world. According to the National Bureau of Statistics (NBS), Nigeria recorded a Goods trade deficit of ₦3.9tn in Q1:2021 (2.6% of GDP), the highest in more than twelve successive quarters. This was jointly driven by a […]

Economic and Market Report – Week-ended June 11, 2021

Global economy According to the latest data released by the Chinese National Bureau of Statistics (NBS), headline inflation rose by 40bps to 1.3% y/y in May (April: 0.9% y/y) – the highest since September 2020 (1.7% y/y). We highlight that the increase in the headline index was due to a faster price increase in the […]

June 11, 2021 Bullish Run Sustained as Investors Hunt for Bargains

This week, the bullish trend in the domestic equities market was extended as the NSE All-Share Index rose 1.1% w/w to settle at 39,156.28 points while YTD loss moderated to -2.8%. The positive performance was driven by bargain hunting in notable bellwether stocks – DANGCEM, WAPCO, STANBIC and SEPLAT. As a result, market capitalisation rose […]

May 10, 2021 Reducing the Cost of Governance: Is the FG Ready to Right the Wrongs?

Last week, Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, announced during a policy dialogue initiative organized by the Independent Corrupt Practices and other Related Offences Commission (ICPC) that the federal government will soon begin to merge or shut Ministries, Department and Agencies (MDAs) with similar roles to eliminate induced wasteful expenses […]

Local bourse Gains

Price appreciation in ZENITH (+3.6%), GUARANTY (+2.6%) and WAPCO (+2.2%) buoyed market performance as the All-Share index rose 29bps to close at 39,312.74 points. Consequently, YTD loss improved to -2.4% while market capitalisation rose ₦59.4bn to ₦20.5tn. Trading activity improved as volume and value traded rose 35.7% and 11.1% to 324.2m units and ₦3.3bn respectively. […]

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 […]

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