The document provides an economic summary and outlook for Nigeria in July 2016. It notes that June saw signs of economic inflection in Nigeria, including the disappearance of fuel queues, a rise in the oil price, and monetary policy reforms by the Central Bank of Nigeria. However, GDP growth is still estimated to be negative for the full year. The outlook is positive but painful as Nigeria stumbles into economic reforms, with the exchange rate expected to find a new equilibrium around N295-N310 per dollar. Winners in the stock market will be companies able to source raw materials internationally and leverage parent companies.
The CBN has come out with a rash of new regulations to defend the naira, the latest being the suspension of dollar cash deposits into domiciliary accounts in Nigeria. The naira has swung like a pendulum in the parallel market between N208 and N245. Most investors are deferring any decisions until there is some clarity, as to the Buhari economic direction.
Federal and state government officials have cut back on international travels and reckless expenditure, which has resulted in airline summer load factors dropping to 65%. Power supply from the grid is up at 4,800MW while airport immigration and customs officers are behaving themselves professionally.
In the meantime there has been a sharp lull in economic activity with retail sales of garments and electronics down to 30%. There is also the problem of 55% of flats in Lekki being vacant and rents likely to fall.
The impact of the uncertainty and slowdown on investment, output and profit margins is discussed in this edition of the August LBS Executive Breakfast session with B.J. Rewane and the FDC team.
Enjoy your read....
Los especialistas del equipo de D&B´s Country Insight, teniendo en cuenta los últimos acontecimientos globales, ofrecen esta actualización del análisis del World Watch-Observatorio Mundial.
Judged against the post-election feeling of enthusiasm and exhilaration on May 29, the current underwhelming feeling of the Nigerian elite appears bizarre and contradictory. Why are they feeling so despondent and anxious? Is this the natural sequence that follows long waiting periods and anticipation??
In spite of this crisis of false expectations, the macro-economic scorecard reveals a balanced performance with major successes in power supply, petrol queues, restructuring of the oil sector and restoring the international reputation and pride of Nigeria. The salary arrears and contractor debts have been regularised and leakages are being blocked. The building blocks are being laid slowly. The truth is that it is taking too long.
The administration has not come out with a clear economic policy or blueprint. This macro-economic ambiguity is borne out of the sheer gravity of the problems and the dilemma that the possible options throw up. The recent plunge in oil prices in August is aggravating a difficult situation.
The impact of this policy void is increasing the tentativeness of investors and is being exacerbated by the rash of administrative measures. The volatility in the Forex and interest rate markets is evidence of consumer and investor anxiety. A cabinet is likely to be announced in a few days and will douse most of these fears.
These are some of the burning questions addressed by Bismarck Rewane and his team of analysts, in this edition of the LBS breakfast session.
The document provides an overview of economic conditions in Nigeria and globally in October 2016. It discusses the rejection of Nigeria's $30 billion external debt plan, falling oil production and revenues, high interest rates, and inflation. Globally, it notes steady but sluggish growth, and highlights economic successes in telecoms and construction when markets are allowed to function. It analyzes Nigeria's exchange rates and concludes several economic indicators are concerning, with money supply, GDP growth, national debt, and inflation rated as red.
The IMF has made recommendations to Nigeria including increasing non-oil revenue, introducing exchange rate flexibility, and gradually eliminating fuel subsidies. The IMF has engaged with several countries in sub-Saharan Africa through loans, advisory services, and economic reviews. Nigeria's 2016 budget projects a fiscal deficit of 2.16% of GDP, and the IMF's endorsement would help Nigeria's international borrowing plans.
1) Inflation in Nigeria is projected to increase slightly to 9.5% in December 2015, which would be the highest rate since 2013. Inflation rose in 9 of the past 12 months due to factors like currency depreciation, fuel scarcity, and policy uncertainty.
2) Inflation is forecasted to continue rising in the first quarter of 2016 to a range of 11-12% by year's end, driven by government spending, fiscal bailouts, and expectations around social programs and electricity tariff hikes.
3) Other countries in Sub-Saharan Africa are also experiencing rising inflation due to factors like currency depreciation, food and beverage price hikes, and
Vietnam's Recent Economic Development 2013Quynh LE
This report provides an update on Vietnam's recent economic developments. It summarizes that global growth is stabilizing at a moderate pace, though recovery in industrial production has been uneven across countries. Financial market conditions have improved due to monetary easing, but capital costs for developing countries are rising as risks in high-income countries recede. Inflation remains benign in most countries, prompting further monetary policy easing. Trade growth has slowed after a cyclical rebound, while most commodity prices have weakened in response to increased supply and substitution.
The document summarizes the economic impact of the 2008 global financial crisis on several small African countries. It states that the crisis led to a decline in economic growth worldwide and particularly in Sub-Saharan Africa. It then analyzes the effects on five countries through reduced exports, tourism, foreign aid, and remittances. The countries implemented policies like interest rate cuts and fiscal stimulus to mitigate the impact. Overall, the crisis had significant negative effects on the African economies discussed but some countries were more affected than others due to their reliance on commodities and exports.
The CBN has come out with a rash of new regulations to defend the naira, the latest being the suspension of dollar cash deposits into domiciliary accounts in Nigeria. The naira has swung like a pendulum in the parallel market between N208 and N245. Most investors are deferring any decisions until there is some clarity, as to the Buhari economic direction.
Federal and state government officials have cut back on international travels and reckless expenditure, which has resulted in airline summer load factors dropping to 65%. Power supply from the grid is up at 4,800MW while airport immigration and customs officers are behaving themselves professionally.
In the meantime there has been a sharp lull in economic activity with retail sales of garments and electronics down to 30%. There is also the problem of 55% of flats in Lekki being vacant and rents likely to fall.
The impact of the uncertainty and slowdown on investment, output and profit margins is discussed in this edition of the August LBS Executive Breakfast session with B.J. Rewane and the FDC team.
Enjoy your read....
Los especialistas del equipo de D&B´s Country Insight, teniendo en cuenta los últimos acontecimientos globales, ofrecen esta actualización del análisis del World Watch-Observatorio Mundial.
Judged against the post-election feeling of enthusiasm and exhilaration on May 29, the current underwhelming feeling of the Nigerian elite appears bizarre and contradictory. Why are they feeling so despondent and anxious? Is this the natural sequence that follows long waiting periods and anticipation??
In spite of this crisis of false expectations, the macro-economic scorecard reveals a balanced performance with major successes in power supply, petrol queues, restructuring of the oil sector and restoring the international reputation and pride of Nigeria. The salary arrears and contractor debts have been regularised and leakages are being blocked. The building blocks are being laid slowly. The truth is that it is taking too long.
The administration has not come out with a clear economic policy or blueprint. This macro-economic ambiguity is borne out of the sheer gravity of the problems and the dilemma that the possible options throw up. The recent plunge in oil prices in August is aggravating a difficult situation.
The impact of this policy void is increasing the tentativeness of investors and is being exacerbated by the rash of administrative measures. The volatility in the Forex and interest rate markets is evidence of consumer and investor anxiety. A cabinet is likely to be announced in a few days and will douse most of these fears.
These are some of the burning questions addressed by Bismarck Rewane and his team of analysts, in this edition of the LBS breakfast session.
The document provides an overview of economic conditions in Nigeria and globally in October 2016. It discusses the rejection of Nigeria's $30 billion external debt plan, falling oil production and revenues, high interest rates, and inflation. Globally, it notes steady but sluggish growth, and highlights economic successes in telecoms and construction when markets are allowed to function. It analyzes Nigeria's exchange rates and concludes several economic indicators are concerning, with money supply, GDP growth, national debt, and inflation rated as red.
The IMF has made recommendations to Nigeria including increasing non-oil revenue, introducing exchange rate flexibility, and gradually eliminating fuel subsidies. The IMF has engaged with several countries in sub-Saharan Africa through loans, advisory services, and economic reviews. Nigeria's 2016 budget projects a fiscal deficit of 2.16% of GDP, and the IMF's endorsement would help Nigeria's international borrowing plans.
1) Inflation in Nigeria is projected to increase slightly to 9.5% in December 2015, which would be the highest rate since 2013. Inflation rose in 9 of the past 12 months due to factors like currency depreciation, fuel scarcity, and policy uncertainty.
2) Inflation is forecasted to continue rising in the first quarter of 2016 to a range of 11-12% by year's end, driven by government spending, fiscal bailouts, and expectations around social programs and electricity tariff hikes.
3) Other countries in Sub-Saharan Africa are also experiencing rising inflation due to factors like currency depreciation, food and beverage price hikes, and
Vietnam's Recent Economic Development 2013Quynh LE
This report provides an update on Vietnam's recent economic developments. It summarizes that global growth is stabilizing at a moderate pace, though recovery in industrial production has been uneven across countries. Financial market conditions have improved due to monetary easing, but capital costs for developing countries are rising as risks in high-income countries recede. Inflation remains benign in most countries, prompting further monetary policy easing. Trade growth has slowed after a cyclical rebound, while most commodity prices have weakened in response to increased supply and substitution.
The document summarizes the economic impact of the 2008 global financial crisis on several small African countries. It states that the crisis led to a decline in economic growth worldwide and particularly in Sub-Saharan Africa. It then analyzes the effects on five countries through reduced exports, tourism, foreign aid, and remittances. The countries implemented policies like interest rate cuts and fiscal stimulus to mitigate the impact. Overall, the crisis had significant negative effects on the African economies discussed but some countries were more affected than others due to their reliance on commodities and exports.
This document provides a summary of Nigeria's macroeconomic updates for 2013. It discusses topics such as the global economy, Nigeria's political environment, macroeconomic indicators, inflation outlook, exchange rates, monetary policy rates, crude oil estimates in the 2013 budget, the impact of JP Morgan on government debt instruments, and an overall outlook for the rest of the year. Key points include expectations that inflation will remain in single digits by year's end, the monetary policy rate will be maintained, and oil production may struggle to reach targeted levels in the 2013 budget.
The MPC maintained the status quo on monetary policy parameters while expressing concerns about global volatility and weaknesses in domestic inflation fundamentals. While cautious, the MPC acknowledged that money supply growth contributes to inflation and hinted that a more accommodative policy may come in 2017, supported by potential GDP growth, higher oil prices, and government economic plans. The MPC guidance focused on a more accommodative stance, increased monitoring of money supply, and financial system soundness.
Zimbabwe Post Election Synopsis: Investment ClimateAlbert Norumedzo
The document provides an analysis of the Zimbabwean economy and stock market in 2013 and an outlook for 2014. It finds that while the economy grew at an average of 6.68% over the past five years, growth slowed to 4.4% in 2012 and is projected to be 3.4% in 2013 due to challenges in key sectors like agriculture and mining. Inflation has remained low at about 3%. The stock market gained 38.6% in the first half of 2013 but declined in the aftermath of elections amid political uncertainty, though macroeconomic fundamentals were unchanged. The outlook expects stable growth with a stable government and forecasts the stock market will reach a capitalization of $6.2 billion by 2014.
Btmu Economic Brief - Nigeria: Making Sense of the Naira's DevaluationAmir Khan
The Central Bank of Nigeria recently replaced its currency peg arrangement and allowed the Nigerian naira to float freely, resulting in the currency falling over 42% in its first week. While this devaluation was needed to address foreign exchange shortages caused by low oil prices and will boost Nigeria's long-term growth, it will be painful in the short-term by increasing inflation and import costs. The move also does not solve Nigeria's economic challenges, which still require reforms to tackle issues like corruption and security threats.
The document provides information about the central bank of Canada, known as the Bank of Canada. It discusses the bank's structure, functions, tools used to implement monetary policy (such as cash management and open market operations), role as lender of last resort, impact on economic growth rates, and targeting of interest rates and inflation. Some key details include that the bank aims to promote economic and financial well-being in Canada, implements monetary policy to achieve its inflation target, and provides emergency liquidity to solvent but illiquid banks to prevent failures.
GCC Countries Continue to Lead MENA GrowthQNB Group
The document discusses economic growth projections for the Middle East and North Africa (MENA) region according to the International Monetary Fund (IMF) and QNB Group forecasts. It finds that while oil importing countries face subdued growth due to political uncertainty and lack of investment, oil exporting countries and the Gulf Cooperation Council (GCC) are expected to experience rapid growth boosted by infrastructure projects. Specifically, GCC economic growth is projected to rise from 3.7% in 2013 to 4.7% in 2014. Overall, MENA growth is forecast to be 2.1% in 2013 and 3.8% in 2014, with GCC countries acting as the driver of regional growth.
This report covers key macroeconomic and investment trends in the economies of Zambia, Nigeria, Kenya, Tanzania, Uganda and Rwanda. It also covers the foreign currency crunch in Ethiopia and what the country's outlook looks like.
We are pleased to release the October 2018 Africa Market Update covering the economies of Ghana, Nigeria, Kenya, Tanzania, Uganda and Rwanda. This issue comes on the back of meetings by the Monetary Policy Committees of a number of central banks in sub-Saharan Africa with retention of benchmark rates signalling caution over growing monetary risks. Additionally, this issue captures StratLink's thoughts on the growing push for a guiding framework for impact finance as published in an article with the Next Billion blog.
In 2018, three global economic threats emerged from socioeconomic and political conflicts. These are Brexit, US-China trade war and the Iran sanctions. Our latest Nigeria economic alert highlights recent developments in these events.
The document discusses how Nigeria can diversify its economy and financial system to lift itself out of recession. It argues that merely diversifying government revenue is inadequate and that Nigeria must officially adopt Islamic finance by amending relevant acts and promoting Islamic banking departments. Embracing Islamic finance would allow entrepreneurship to thrive and address issues like high interest rates and non-performing loans fueling economic problems. Several examples of countries that successfully diversified their financial systems and economies through Islamic finance are provided, including Malaysia, the UK, US, Canada, and South Africa. The document advocates for Nigeria to similarly adopt dual conventional and Islamic banking systems to support economic growth and development.
Media statement Reaction to ratings action by Moody's (2)SABC News
Moody's downgraded South Africa's credit rating to one notch below investment grade, citing structurally weak economic growth and a rising government debt burden. The negative outlook reflects risks of even weaker growth and faster rising debt that could impair debt affordability and funding access. This downgrade comes at a difficult time as South Africa, like many countries, deals with the COVID-19 pandemic, which is negatively impacting financial markets and will further add to stress. While South Africa has strong fiscal and monetary policies, the downgrade will cause it to lose inclusion in bond indexes and face capital outflows as some investors divest. The government is committed to reforms to address economic challenges and stabilize state-owned firms, but this crisis presents an opportunity for
Dark clouds were gathering on the horizon for the Indian economy in 2020 according to the document. After a period of disruption and reset in the economic paradigm since 2019, growth was expected to remain below 6% with high inflation and volatility in the markets. Globally as well, economic growth was projected to slow down with increased uncertainties. The investment strategy recommended remaining risk averse with an underweight allocation to equities and overweight allocation to precious metals and debt.
The Year 2018 was the penultimate Year before Nigeria's general elections and the political economic dynamics in 2018 significantly signposted the prognoses for 2019. Added to the macro and global political economic factors, the 2018 review and 2019 outlook is a presentation of a strategic analytical insight and forecast to the dynamic scenarios that will help shape the social, political and economic narratives and outcomes in Nigeria in 2019. It has chronicled the policy, social, economic and business factors that will influence the direction of national discourse in 2019. It is a valuable tool for all Strategic and Policy Leaders in the Public and Private sectors of Nigeria's economy. It is an invaluable resource for Organizational development and People management leaders as they help organizations chart a viable and strategic course for 2019. It is hoped that this presentation will help all stakeholders to better manage the risk factors, expectations and leverage the opportunities that lies ahead in 2019. Wishing you all a very a tactically deliberate, positively impactful and sustainably productive 2019. Cheers!
This document provides a summary of economic, political, and business news and updates for several African countries, including Kenya, Nigeria, Tanzania, Ethiopia, Uganda, and Rwanda. It discusses recent deals, market performance, policy changes, and other events in each country. Capital investment levels and sectors are shown for African deals from January to April 2016. The full report contains more detailed analysis and is available for purchase.
The document discusses the global financial crisis, its causes and impact on various economies including Pakistan. It outlines steps taken by governments and organizations like the US, World Bank, and Pakistan to address the crisis. Suggestions include developing countries becoming less dependent on trade, spending on development rather than military for the US, and global coordination to limit contagion effects. Recovery signs include stabilizing policies by Pakistan's government and projected growth rates for countries like India and China.
The document provides an outlook for global and Indian markets in 2019. Some of the key points covered include:
- Global growth is expected to slow slightly in 2019 compared to 2018. The US is expected to see a soft economic landing as fiscal stimulus fades. China will see a calibrated slowdown.
- Emerging markets are in a better position to benefit from supportive macroeconomic conditions like stable oil prices and a weaker US dollar. However, they remain vulnerable to rising US interest rates.
- Indian GDP growth is forecast to remain robust in 2019 and 2020, supported by macroeconomic stability and various growth drivers. Earnings growth and valuations remain positive for Indian equity markets.
The Dominican Republic experienced strong GDP growth of 7% in 2014, making it the best performing Caribbean economy for the second year in a row. GDP growth is forecast to remain solid at around 4.4-4.5% in 2015-2016. In 2014, tourism arrivals increased by 9.4% to a record 5.7 million visitors and tourism revenues exceeded $5.6 billion. The government took advantage of the strong economic conditions to improve financial stability by issuing $2.5 billion in bonds and using the funds to pay off debt owed to Venezuela. GDP growth, moderate inflation, a narrowing current account deficit, and macroeconomic stability are expected to continue supporting the economy if structural reforms are implemented to improve
We are pleased to release the November 2016 Africa Market Update covering macroeconomic trends in Nigeria, Kenya, Tanzania, Zambia (Post-Election Issue), Uganda and Rwanda.
The issue includes a snapshot of the deals landscape in Africa as well as our publication with the International Growth Centre on how the plunge in commodity prices in the global market is influencing the electoral cycle in sub-Saharan Africa.
Informatica : andres felipe rodriguez rodriguez y jojhan esteban quiceno sanchezFelipe Rodriguez
El documento habla sobre la inteligencia artificial. Define la inteligencia artificial como el estudio de sistemas capaces de resolver problemas utilizando la inteligencia humana como paradigma. Explica que la inteligencia artificial se ha aplicado en sistemas expertos, medicina donde puede ayudar con diagnósticos, juegos, ciencia, biología e instituciones militares.
This document outlines a training course on recognizing authority and taking responsibility for work. The objectives of the course are to understand the differences between authority, responsibility, and accountability, and to develop a sense of these concepts in oneself and others. Authority is defined as the legitimate power to direct others' actions within one's role, responsibility as the obligation to complete tasks and answer for one's actions, and accountability as facing the consequences of one's actions. The course teaches techniques for increasing responsibility and accountability in oneself and others, such as being clear in directions, holding people accountable, and rewarding good work.
This document provides a summary of Nigeria's macroeconomic updates for 2013. It discusses topics such as the global economy, Nigeria's political environment, macroeconomic indicators, inflation outlook, exchange rates, monetary policy rates, crude oil estimates in the 2013 budget, the impact of JP Morgan on government debt instruments, and an overall outlook for the rest of the year. Key points include expectations that inflation will remain in single digits by year's end, the monetary policy rate will be maintained, and oil production may struggle to reach targeted levels in the 2013 budget.
The MPC maintained the status quo on monetary policy parameters while expressing concerns about global volatility and weaknesses in domestic inflation fundamentals. While cautious, the MPC acknowledged that money supply growth contributes to inflation and hinted that a more accommodative policy may come in 2017, supported by potential GDP growth, higher oil prices, and government economic plans. The MPC guidance focused on a more accommodative stance, increased monitoring of money supply, and financial system soundness.
Zimbabwe Post Election Synopsis: Investment ClimateAlbert Norumedzo
The document provides an analysis of the Zimbabwean economy and stock market in 2013 and an outlook for 2014. It finds that while the economy grew at an average of 6.68% over the past five years, growth slowed to 4.4% in 2012 and is projected to be 3.4% in 2013 due to challenges in key sectors like agriculture and mining. Inflation has remained low at about 3%. The stock market gained 38.6% in the first half of 2013 but declined in the aftermath of elections amid political uncertainty, though macroeconomic fundamentals were unchanged. The outlook expects stable growth with a stable government and forecasts the stock market will reach a capitalization of $6.2 billion by 2014.
Btmu Economic Brief - Nigeria: Making Sense of the Naira's DevaluationAmir Khan
The Central Bank of Nigeria recently replaced its currency peg arrangement and allowed the Nigerian naira to float freely, resulting in the currency falling over 42% in its first week. While this devaluation was needed to address foreign exchange shortages caused by low oil prices and will boost Nigeria's long-term growth, it will be painful in the short-term by increasing inflation and import costs. The move also does not solve Nigeria's economic challenges, which still require reforms to tackle issues like corruption and security threats.
The document provides information about the central bank of Canada, known as the Bank of Canada. It discusses the bank's structure, functions, tools used to implement monetary policy (such as cash management and open market operations), role as lender of last resort, impact on economic growth rates, and targeting of interest rates and inflation. Some key details include that the bank aims to promote economic and financial well-being in Canada, implements monetary policy to achieve its inflation target, and provides emergency liquidity to solvent but illiquid banks to prevent failures.
GCC Countries Continue to Lead MENA GrowthQNB Group
The document discusses economic growth projections for the Middle East and North Africa (MENA) region according to the International Monetary Fund (IMF) and QNB Group forecasts. It finds that while oil importing countries face subdued growth due to political uncertainty and lack of investment, oil exporting countries and the Gulf Cooperation Council (GCC) are expected to experience rapid growth boosted by infrastructure projects. Specifically, GCC economic growth is projected to rise from 3.7% in 2013 to 4.7% in 2014. Overall, MENA growth is forecast to be 2.1% in 2013 and 3.8% in 2014, with GCC countries acting as the driver of regional growth.
This report covers key macroeconomic and investment trends in the economies of Zambia, Nigeria, Kenya, Tanzania, Uganda and Rwanda. It also covers the foreign currency crunch in Ethiopia and what the country's outlook looks like.
We are pleased to release the October 2018 Africa Market Update covering the economies of Ghana, Nigeria, Kenya, Tanzania, Uganda and Rwanda. This issue comes on the back of meetings by the Monetary Policy Committees of a number of central banks in sub-Saharan Africa with retention of benchmark rates signalling caution over growing monetary risks. Additionally, this issue captures StratLink's thoughts on the growing push for a guiding framework for impact finance as published in an article with the Next Billion blog.
In 2018, three global economic threats emerged from socioeconomic and political conflicts. These are Brexit, US-China trade war and the Iran sanctions. Our latest Nigeria economic alert highlights recent developments in these events.
The document discusses how Nigeria can diversify its economy and financial system to lift itself out of recession. It argues that merely diversifying government revenue is inadequate and that Nigeria must officially adopt Islamic finance by amending relevant acts and promoting Islamic banking departments. Embracing Islamic finance would allow entrepreneurship to thrive and address issues like high interest rates and non-performing loans fueling economic problems. Several examples of countries that successfully diversified their financial systems and economies through Islamic finance are provided, including Malaysia, the UK, US, Canada, and South Africa. The document advocates for Nigeria to similarly adopt dual conventional and Islamic banking systems to support economic growth and development.
Media statement Reaction to ratings action by Moody's (2)SABC News
Moody's downgraded South Africa's credit rating to one notch below investment grade, citing structurally weak economic growth and a rising government debt burden. The negative outlook reflects risks of even weaker growth and faster rising debt that could impair debt affordability and funding access. This downgrade comes at a difficult time as South Africa, like many countries, deals with the COVID-19 pandemic, which is negatively impacting financial markets and will further add to stress. While South Africa has strong fiscal and monetary policies, the downgrade will cause it to lose inclusion in bond indexes and face capital outflows as some investors divest. The government is committed to reforms to address economic challenges and stabilize state-owned firms, but this crisis presents an opportunity for
Dark clouds were gathering on the horizon for the Indian economy in 2020 according to the document. After a period of disruption and reset in the economic paradigm since 2019, growth was expected to remain below 6% with high inflation and volatility in the markets. Globally as well, economic growth was projected to slow down with increased uncertainties. The investment strategy recommended remaining risk averse with an underweight allocation to equities and overweight allocation to precious metals and debt.
The Year 2018 was the penultimate Year before Nigeria's general elections and the political economic dynamics in 2018 significantly signposted the prognoses for 2019. Added to the macro and global political economic factors, the 2018 review and 2019 outlook is a presentation of a strategic analytical insight and forecast to the dynamic scenarios that will help shape the social, political and economic narratives and outcomes in Nigeria in 2019. It has chronicled the policy, social, economic and business factors that will influence the direction of national discourse in 2019. It is a valuable tool for all Strategic and Policy Leaders in the Public and Private sectors of Nigeria's economy. It is an invaluable resource for Organizational development and People management leaders as they help organizations chart a viable and strategic course for 2019. It is hoped that this presentation will help all stakeholders to better manage the risk factors, expectations and leverage the opportunities that lies ahead in 2019. Wishing you all a very a tactically deliberate, positively impactful and sustainably productive 2019. Cheers!
This document provides a summary of economic, political, and business news and updates for several African countries, including Kenya, Nigeria, Tanzania, Ethiopia, Uganda, and Rwanda. It discusses recent deals, market performance, policy changes, and other events in each country. Capital investment levels and sectors are shown for African deals from January to April 2016. The full report contains more detailed analysis and is available for purchase.
The document discusses the global financial crisis, its causes and impact on various economies including Pakistan. It outlines steps taken by governments and organizations like the US, World Bank, and Pakistan to address the crisis. Suggestions include developing countries becoming less dependent on trade, spending on development rather than military for the US, and global coordination to limit contagion effects. Recovery signs include stabilizing policies by Pakistan's government and projected growth rates for countries like India and China.
The document provides an outlook for global and Indian markets in 2019. Some of the key points covered include:
- Global growth is expected to slow slightly in 2019 compared to 2018. The US is expected to see a soft economic landing as fiscal stimulus fades. China will see a calibrated slowdown.
- Emerging markets are in a better position to benefit from supportive macroeconomic conditions like stable oil prices and a weaker US dollar. However, they remain vulnerable to rising US interest rates.
- Indian GDP growth is forecast to remain robust in 2019 and 2020, supported by macroeconomic stability and various growth drivers. Earnings growth and valuations remain positive for Indian equity markets.
The Dominican Republic experienced strong GDP growth of 7% in 2014, making it the best performing Caribbean economy for the second year in a row. GDP growth is forecast to remain solid at around 4.4-4.5% in 2015-2016. In 2014, tourism arrivals increased by 9.4% to a record 5.7 million visitors and tourism revenues exceeded $5.6 billion. The government took advantage of the strong economic conditions to improve financial stability by issuing $2.5 billion in bonds and using the funds to pay off debt owed to Venezuela. GDP growth, moderate inflation, a narrowing current account deficit, and macroeconomic stability are expected to continue supporting the economy if structural reforms are implemented to improve
We are pleased to release the November 2016 Africa Market Update covering macroeconomic trends in Nigeria, Kenya, Tanzania, Zambia (Post-Election Issue), Uganda and Rwanda.
The issue includes a snapshot of the deals landscape in Africa as well as our publication with the International Growth Centre on how the plunge in commodity prices in the global market is influencing the electoral cycle in sub-Saharan Africa.
Informatica : andres felipe rodriguez rodriguez y jojhan esteban quiceno sanchezFelipe Rodriguez
El documento habla sobre la inteligencia artificial. Define la inteligencia artificial como el estudio de sistemas capaces de resolver problemas utilizando la inteligencia humana como paradigma. Explica que la inteligencia artificial se ha aplicado en sistemas expertos, medicina donde puede ayudar con diagnósticos, juegos, ciencia, biología e instituciones militares.
This document outlines a training course on recognizing authority and taking responsibility for work. The objectives of the course are to understand the differences between authority, responsibility, and accountability, and to develop a sense of these concepts in oneself and others. Authority is defined as the legitimate power to direct others' actions within one's role, responsibility as the obligation to complete tasks and answer for one's actions, and accountability as facing the consequences of one's actions. The course teaches techniques for increasing responsibility and accountability in oneself and others, such as being clear in directions, holding people accountable, and rewarding good work.
This document provides 3 links to YouTube videos for domestic campaign advertisements. The links suggest there are multiple video advertisements related to a domestic political campaign that can be viewed at the provided URLs. In a few sentences, the document directs the reader to online video content pertaining to an unspecified local election.
This document discusses how digital technology is consumed nowadays through connectivity, convergence, interactivity, and personalization. Connectivity refers to the ability to exchange information electronically. Convergence links technologies and media content, such as using a camera to record a movie. Interactivity involves media products based on digital, computer-based systems that allow near-instant communication like social media on smartphones. Personalization adapts interfaces to individual preferences, like customizing a blog or username.
The document summarizes two advertisements. For the first Pampers advertisement, it notes that a handheld camera was used to film babies playing and CGI was used to show details of how the nappy works. Multiple shots of different babies were edited together to showcase the product. Natural lighting was used and props like shoes, clothes and toys created a realistic setting. The second Macmillan cancer support advertisement used zooms to focus on people talking, establishing shots to set the hospital/doctor's office scene, and extreme closeups of a man's eyes and doctor's mouth to convey tension and seriousness. Match cuts were also used to link dramatic moments like a man falling to his knees.
This document is the November 2012 issue of the ACCent student newspaper from Austin Community College. It includes the following articles and events:
1) A feature story on the Urban Roots farm program in East Austin, which provides youth volunteers opportunities in sustainable farming and selling produce at local markets.
2) A profile of Omar Lopez, a volunteer who is involved in multiple community organizations around Austin focused on HIV/AIDS awareness, LGBTQ rights, and helping the homeless population.
3) An advertisement for upcoming events at ACC in November, including lectures, literary readings, and arts festivals.
The document discusses important considerations for entering a new market, including estimating the size of the target market, understanding the type of market (existing, new, or mature), and designing an effective market entry strategy. It emphasizes the importance of targeting a large market, developing a differentiating product or solution, and having a clear understanding of customers, competition, and viability. Effective market estimation techniques include reviewing published sources, analyzing competitors, and making educated guesses. A successful strategy also addresses customers, company strengths/weaknesses, competition, pricing, promotion, and positioning the product as a solution to an important problem.
Tony Robbins discusses the "invisible forces" that make us do what we do -- and high-fives Al Gore in the front row.
What is your motive for action? What is it that drives you in your life today? Not 10 years ago. Are you running the same pattern? Because I believe that the invisible force of internal drive, activated, is the most important thing. I'm here because I believe emotion is the force of life. All of us have great minds. Most of us here have great minds, right? We all know how to think. With our minds we can rationalize anything. We can make anything happen.
Certified ScrumMaster: class desk, posters and photosAlexey Krivitsky
This document provides an overview of agile principles and the role of a ScrumMaster. It discusses concepts like Lean, Kanban, the eight wastes, and Scrum ceremonies. It emphasizes that Scrum is based on empirical process control and focuses on transparency, inspection, and adaptation. The role of the ScrumMaster is explained as a coach, facilitator, and servant leader who helps the team improve continuously. Their goal is to help the team and organization become more self-organizing and deliver value to customers.
Under Pressure: Marlborough’s tutoring culture gets out of handLorraine K. Lee
A survey found that over 35% of upper school girls at Marlborough employ tutors, and the number using tutors has doubled from 2000 to 2005. The intense pressure to succeed at Marlborough has led many girls to rely on tutors even when just boosting their grade from an A- to an A. However, the article argues that perfection should not be the goal, and relying on tutors prevents students from truly learning how to struggle through challenges independently. While tutors are sometimes necessary, many students forgo asking teachers for help and instead rely on tutors. This pressure comes largely from parents who can
La receta describe cómo hacer buñuelos de viento tradicionales para Carnaval. Se necesitan harina, agua, aceite, huevos, sal y miel. La masa se prepara calentando agua, aceite y sal y luego se añade harina. Después de enfriar y agregar huevos batidos, se fríen porciones de masa en aceite caliente y se cubren con miel.
Etude PwC sur les priorités des directeurs financiers pour 2014PwC France
http://pwc.to/1ba4jee
Comment les Directeurs Financiers vivent-ils les évolutions fiscales actuelles ? La trésorerie et les financements sont-ils toujours au cœur de leurs préoccupations ? Où pensent-ils trouver la valeur ajoutée de demain pour leur fonction ? Tous les résultats de notre grande enquête 2013 réalisée avec la DFCG.
The document provides an economic analysis and outlook for Nigeria and the global economy in May 2016. Some key points:
- Nigeria's GDP declined to 1.9% in Q1 2016 due to poor power supply and low oil production. Inflation spiked to 13.2% due to higher food and fuel prices. Unemployment is expected to increase to 30%.
- Globally, the IMF lowered its 2016 growth forecast to 3.2% due to weak conditions. The US saw slow growth of 0.5% in Q1. China's growth slowed slightly but remained within target at 6.7%. Sub-Saharan Africa growth is forecast at 3.3%.
- Domestically
The document summarizes Nigeria's economic conditions in March 2016. Key points include:
- Nigeria's economy contracted for the second consecutive quarter and is expected to grow only 2% in Q1 2016.
- Inflation spiked to a 34-month high of 11.4% due to forex shortages and fuel scarcity.
- Unemployment and underemployment rose sharply, especially among youth.
- The stock market and FAAC allocations declined while the "misery index" measuring inflation and unemployment increased.
- Regional and global factors like lower Chinese and commodity prices pose challenges for Nigeria's economic outlook.
The document summarizes Nigeria's economic conditions in March 2016. Key points include:
- Nigeria's economy contracted for the second consecutive quarter and is expected to grow only 2% in Q1 2016.
- Inflation spiked to a 34-month high of 11.4% due to forex shortages and fuel scarcity.
- Unemployment and underemployment rose sharply, especially among youth.
- The stock market and FAAC allocations declined while the "misery index" measuring inflation and unemployment increased.
- Regional and global factors like lower Chinese and commodity prices pose challenges for Nigeria's economic outlook.
The document provides an economic summary and outlook for Nigeria in July 2016. Some key points:
- Expectations of economic recovery were dashed as the naira fell sharply, growth estimates declined, and power output remained low.
- Inflation jumped to 16.5% while business activity showed only marginal signs of recovery. Oil prices declined further, hurting government revenues.
- Global factors like slower growth in China, lower commodity prices, and cautious monetary policies in developed countries pose risks for Nigeria's economy.
- Domestic challenges include high inflation, fuel scarcity and price increases, and weak manufacturing activity, though some indicators showed slight improvements. The outlook remains uncertain.
This document provides a monthly economic report and analysis for Nigeria in November 2015. It summarizes key economic indicators and developments in Nigeria and globally. Some of the main points include:
- Nigeria's GDP contracted for the third consecutive quarter, growing at an estimated 2% in Q3.
- Inflation rose to 9.4% in September and is expected to increase further. External reserves declined slightly.
- The Central Bank imposed new rules for bank verification numbers that caused turmoil in the foreign exchange market and sent the naira lower.
- Oil production increased marginally but remained below budget benchmarks, reducing government revenues shared between federal, state, and local governments.
The document provides an economic summary and outlook for Nigeria in October 2015. It discusses key economic indicators such as GDP growth estimates of 2.5% for Q3, a rise in power supply to 4,500MW, stable government revenue of N442.6 billion, inflation increasing to 9.3%, and lower interest rates following a reduction in the cash reserve ratio. It also summarizes global and commodity market conditions, and their impact on the domestic economy. Overall, the outlook expects inflation to rise further to 9.4% in September and interest rates to remain below 10%.
The document summarizes Nigeria's economic challenges in 2016 and provides an outlook for 2017. Some key points:
- 2016 was a difficult year for Nigeria with negative GDP growth, high inflation, currency depreciation and other issues.
- 2017 may see a slow and uneven recovery if oil prices remain around $55 per barrel, allowing GDP growth of around 1%. High inflation and exchange rate volatility are still risks.
- The recovery path will be treacherous, with scenarios ranging from a fast V-shaped rebound to a continued recession depending on factors like oil prices, the Niger Delta situation, and monetary/fiscal policies.
- Events to watch that could influence the economy in 2017 include oil price
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document discusses several pressing economic questions facing Nigeria in 2022, including whether the Russian-Ukraine crisis could lead to World War 3, if Nigeria is approaching a fiscal cliff, and whether the naira exchange rate is doomed. It notes that while higher oil prices benefit Nigeria's oil revenue, rising global interest rates and debt service costs pose challenges. Alternative government funding options like increased borrowing are discussed but come with their own risks.
Top ten themes for 2019
From Diaspora remittances to unemployment, oil prices, population growth and the exchange rate, our economists, using relevant data and charts, highlight top ten themes around Nigeria's economic outlook for 2019.
Please note that this document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
The Global Economic Crisis and the Nigerian Financial System.pptKingJoe9
The document summarizes the impacts of the global financial crisis on Nigeria's financial system and the responses taken to stabilize it. It discusses how the crisis originated from the subprime mortgage crisis in the US and spread globally via financial instruments. In Nigeria, it led to stock market crashes, currency depreciation, rising interest rates, and credit constraints. The Central Bank of Nigeria and government responded with liquidity injections, forex market interventions, and regulatory changes to restore stability and confidence in the financial system. Moving forward, priorities include recapitalizing banks, resolving distressed assets, strengthening regulation and transparency, and building industry capacity.
Cdl research nigeria-inflation_monitor-and-pre-mpc_reviewsenjbine
Headline inflation in Nigeria dropped to 8.4% in June 2013, a five-year low, driven by lower non-food prices. Core inflation remained in the single digits at 5.5% while food inflation rose to 9.6% due to planting season effects. The Central Bank of Nigeria's Monetary Policy Committee is expected to keep interest rates on hold at 12% at its upcoming July meeting due to pressures on the naira exchange rate from factors like declining oil revenues and global market pressures.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
Nigeria outlook 2018 | The silver liningYinka Odedeyi
The document provides an outlook for the global economy in 2018. It discusses that while growth is expected to continue, there are some risks. Growth is forecasted to moderate slightly to 3.7% in 2018 as some countries reach late stages of their economic cycles. Emerging markets are expected to lead growth at 4.9% due to higher commodity prices and demand. The US economy remains strong but fiscal policy will be a key driver of continued growth. European growth is projected at 2.1% despite Brexit uncertainties. India is highlighted as a new growth engine in emerging markets. Overall the global economic picture remains positive but monetary tightening and geopolitical tensions pose downside risks.
The document discusses the economy and monetary policy of Russia. It provides economic indicators for Russia from 2010-2014, showing GDP growth slowing after 2011. It outlines the monetary policy framework and highlights four stages of monetary policy in Russia from 2000-2015: 1) rapid money growth and reserves until 2008, 2) crisis response 2008-2009 with GDP decline and currency devaluation, 3) partial return to previous policies from 2010-2011, and 4) inflation targeting and changes due to external instability from 2012 onward. Charts show trends in monetary indicators, interest rates, inflation, and trade balances over this period.
The document discusses turning Nigeria's economic crisis into an opportunity through fiscal stimulus and implementing the Strategic Implementation Plan (SIP). It summarizes that Nigeria is currently in a recession due to overdependence on oil, falling oil prices, and declining foreign reserves. To recover, it recommends large fiscal stimulus through asset sales and infrastructure projects to boost the economy, along with fully implementing the SIP which focuses on diversifying the economy, boosting agriculture and non-oil exports, and attracting investment through business reforms. Key actions proposed include deregulating petroleum product prices to reduce foreign exchange demands and providing incentives to develop private refineries.
NIGERIA 2016 OUTLOOK - A Slippery Path To RecoveryKayode Omosebi
The document provides an outlook for the global economy in 2016. It finds that global growth will remain fragile as emerging markets face challenges from declining commodity prices and monetary policy divergence across countries. The US economy is expected to continue recovering slowly, while the Eurozone will rely on continued quantitative easing to support growth. Emerging markets and commodity-exporting countries will remain at risk from low commodity prices and a stronger US dollar. Nigeria faces difficult policy choices and needs to implement reforms to navigate current macroeconomic challenges during its recovery.
Nigeria 2016 outlook a slippery path to recoveryKayode Tinuoye
The document provides an outlook for the global economy in 2016. It finds that global growth will remain fragile as emerging markets face challenges from declining commodity prices and monetary policy divergence across countries. The US economy is expected to continue recovering slowly, while the Eurozone will rely on continued quantitative easing to support growth. Emerging markets and commodity-exporting countries will remain at risk from low commodity prices and a stronger US dollar. Nigeria faces difficult policy choices and needs to implement reforms to navigate current macroeconomic challenges during its recovery.
Quarter two 2018 global and domestic economic reviewWilfred Agyei
The second quarter of 2018 has seen a significant number of economic activity and events in both the domestic and the global economy.
Ghana's banking sector saw a number of corporate actions by banks in order to establish compliance of the minimum capital requirement. The bank of Ghana introduced the Ghana Reference Rate, and the MPC cut the policy rate, while inflation increased gradually, albeit marginally. The IMF conducted the fifth and sixth reviews of Ghana's performance under the ECF arrangement and extended the program to 2019.
On the global front, geopolitical tensions were a major concern in the world economy. The united states engaged in tariff wars with China and Europe. Mounting tensions between Saudi and Iran, and production cuts by OPEC contributed to the rise in crude oil prices. Meanwhile, tensions between the U.S and North Korea cooled, as the leaders of the two countries reached a de-nuclearization agreement in Singapore.
Download the document to explore in detail the macroeconomic trends during the second quarter and our forecasts for key economic indicators for the third quarter of 2018.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
- The Purchasing Managers' Index (PMI) fell back into negative territory, indicating economic contraction. Dangote will reopen its tomato factory this month.
- Oil prices remained above $56 per barrel, which is positive for government revenue. However, the negative PMI and low capacity utilization could lead to job losses.
- Prices for commodities like maize, tomatoes, and cement varied slightly across key cities in Nigeria but were generally stable. E-commerce prices for some consumer goods were around 5.9% higher than market prices on average.
The document provides advice to an investor who invested $100k in the Nigerian stock market in 2015 and has seen the value of their portfolio decline to less than $40,000 due to currency fluctuations and market performance. The advisor notes that a 150% return would be required to recover the original dollar value and that exiting the market now to cut further losses may be preferable to waiting and risking an even greater loss. They suggest the investor consider their risk tolerance and that only a highly optimistic investor would expect a quick rebound of the Nigerian stock market given current economic conditions.
The document summarizes economic conditions in Nigeria from 2016 to early 2017. It notes that while the President made promises in 2016 to eliminate fuel shortages, improve security, and crack down on corruption, many of these promises went undelivered as oil production slumped, unemployment rose, and inflation increased. The economy struggled in 2016 with GDP declining. Early signs in 2017 suggest factors like higher oil prices and a rising manufacturing index could lead to modest GDP growth, but uncertainty remains around issues like the exchange rate and upcoming elections.
The document summarizes an economic bulletin from Financial Derivatives Company predicting that Nigeria's headline inflation rate will rise to 18.2% in October 2016, representing a 0.3% increase from September and the highest rate in 11 years. It also notes that the naira appreciated against the dollar in both the official and parallel markets during the month. However, dollar scarcity still pushed domestic prices higher. The report forecasts continued inflationary pressures during the festive season as consumer demand and expectations rise, though consumer resistance to higher prices has also increased due to lower incomes.
1) Domestic commodity prices in Nigeria saw mixed movements, with rice falling to N20,000 per 50kg bag while garri increased to N15,000 per 50kg bag and palm oil rose to N17,000.
2) Brent crude fell 2.74% to $49.98 per barrel and WTI declined 2.65% to $49.18 per barrel on concerns over OPEC's output deal, though losses were capped by a drawdown in US crude inventories.
3) Cocoa prices increased 1.24% due to threats to production from illegal mining in Ghana, while sugar prices dropped 1.46% on steady supply and limited demand. Wheat and corn futures rose
The document discusses the difference between recession and stagflation using global case studies. It provides definitions and examples of each. A recession is defined as two consecutive quarters of negative economic growth along with rising unemployment and falling inflation. Examples given include recessions in the US, Brazil, and Russia. Stagflation is defined as slowing economic growth combined with high unemployment and high inflation. Examples given include stagflation in OECD countries in the 1970s-1980s due to oil shocks. The document concludes that while Nigeria is experiencing negative growth and inflation, falling monthly inflation indicates the country is currently in a recession rather than stagflation.
This document summarizes and discusses the distortions created by the Mercator map projection, which has been widely used in classrooms and shaped people's perceptions of world geography. While useful for navigation, the Mercator projection greatly exaggerates the size of countries in the northern hemisphere like Canada, Russia, Europe, and the US compared to their actual sizes. In contrast, Africa appears much smaller on the Mercator map than in reality. This distortion could have unintentionally promoted European imperialism by making Western nations seem more powerful. However, no map projection can perfectly represent the spherical earth on a flat surface without some distortions.
1) The vacancy factor in Nigeria increased from 165 in March 2016 to 172 in June 2016, with the highest vacancy rate in Lekki at 65%.
2) Both the residential and commercial real estate indices rose in the second quarter of 2016, though the market continues to deteriorate due to challenges like high inflation and the economic recession.
3) Increasing building material prices and declining purchasing power are expected to further dampen housing demand and lead to more movement to the suburbs, while the real estate market recovery is anticipated in 2017.
Domestic commodity prices in Nigeria were mixed, with some prices like palm oil and maize rising slightly in Lagos, Kano, and Onitsha while others held steady. The naira closed at N330/$ in the interbank market. Consumer goods stocks declined, with the consumer goods sub index losing 1.6%. International oil prices fell over 2% on rising US crude inventories and a stronger dollar. Agricultural commodity prices also moved lower due to oversupply concerns, although corn prices rose slightly on good US crop conditions. Analysts expect further declines in oil and soft commodity prices due to persistent oversupply issues.
The Central Bank of Nigeria tightened its monetary policy rate to 14% annually in an effort to curb headline inflation which had risen to 16.5%. This rate hike aimed to increase dollar inflows to support the foreign exchange market, reduce external reserve depletion, boost national savings, and reduce regulatory arbitrage between banks and the CBN. In the short term, the higher interest rates were expected to lead to appreciation of the naira exchange rate against the dollar in both the interbank and parallel markets. However, inflation in Nigeria has largely been driven by supply shocks which may not respond to interest rate adjustments. The higher borrowing costs could also increase corporate failures, non-performing loans, and government debt service costs, inflicting
The Monetary Policy Committee made an audacious move by increasing the Monetary Policy Rate by 200 basis points to 14% to combat high inflation, contrary to market expectations that favored stimulating growth over inflation. Inflation had spiked to 16.5%, while the interest rate remained at 12%, fuelled by supply shocks and forex scarcity. The MPC highlighted its quest to achieve a positive rate of return to attract foreign investors and deepen the forex market in order to strengthen the Naira and temper rising input costs. However, tightening monetary policy during a recession risks plunging the economy further into recession through the paradox of thrift.
The Vacancy Factor Index for Q2 2016 came in at 72% for June, indicating a marginal rise in vacant properties in high-end neighborhoods of Lagos. The rise was expected given GDP contraction and high rental defaults. Vacancy rates were highest in Lekki, which also has the most developments but few uncompleted projects. Victoria Island had the lowest vacancy due to mixed commercial and residential use. Declines in the index are only expected when GDP and business conditions improve to boost demand.
Headline inflation in Nigeria soared to an 11-year high of 16.5% in June, confounding analysts who expected a marginal decline. While a new foreign exchange regime began on June 20th, the dysfunctional market continued to be a key driver of inflation. Food prices rose due to increases in the prices of fish, meat, and other foods. Transportation costs also increased despite a slight fall in petrol prices, as diesel prices rose substantially. Looking ahead, monetary policymakers will have to balance controlling inflation with supporting economic growth as they determine interest rates.
Headline inflation in Nigeria soared to an 11-year high of 16.5% in June, confounding analysts who expected a marginal decline. While a new foreign exchange regime began on June 20th, the dysfunctional market continued to be a key driver of inflation. Food prices rose due to increases in the prices of fish, meat, and other foods. Transportation costs also increased despite a slight fall in petrol prices, as diesel prices rose substantially. Looking ahead, monetary policymakers will have to balance controlling inflation with supporting economic growth as they determine interest rates.
The document provides current commodity prices for various goods in three Nigerian cities - Lagos, Kano, and Onitsha. It then provides further details on commodity prices at different markets within Lagos and Kano, noting prices have remained stable. The document also discusses factors driving inflation in Nigeria, including fuel prices and supply issues, and their impact on food prices. Finally, it provides brief updates on movements in stock prices, oil prices, and agricultural commodity prices.
Headline inflation in Nigeria increased sharply to a record 13.7% in April 2016, continuing the trend of rising prices. Several factors contributed to higher inflation, including a 67.6% increase in petrol prices, fluctuations in the exchange rate that saw the naira depreciate to N355/$, and persistent power shortages. The core inflation index, which excludes volatile food prices, rose to 13.4% due to higher fuel and electricity costs. Food inflation also increased. Looking ahead, further rises in inflation are expected in the short term due to currency depreciation, fuel prices hikes, and reduced food supplies.
The document lists current commodity prices in three Nigerian cities - Lagos, Kano, and Onitsha. It shows the prices of items like cement, cassava, maize, flour, sugar, rice, palm oil, beans, semovita, and pasta. Domestic commodity prices have remained stable. The document also discusses rice imports, the quality of local rice, herdsmen threatening food security, and stock market performance.
The document discusses Nigeria's currency swap deal with China. It explains that the deal involves Nigeria depositing a portion of its foreign reserves in yuan with China's central bank in exchange for an equal amount in yuan. This will allow Nigerian importers to pay for Chinese goods in naira and Chinese exporters to pay for Nigerian oil in naira. While the deal could boost trade between the two countries, it may increase Nigeria's economic dependence on China and will not directly strengthen the naira or curb inflation in Nigeria. The deal may also lead to more Chinese imports and investment in Nigeria.
Headline inflation in Nigeria spiked to a record high of 12.8% in March, exceeding the Central Bank of Nigeria's ceiling of 9%. This unprecedented rise in inflation confounded monetary policymakers and posed a major policy challenge. Food prices increased by 1.4% due to higher transportation and logistics costs, while core inflation rose 1.1% driven by imported inflation, electricity tariff hikes, and fuel shortages. The document predicts inflation will rise further in April but at a slower pace, and that Nigeria's exclusion from an emerging market index and the specter of interest rate hikes will continue undermining the stock market and investors.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
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LBS July 2016
1. Monthly Economic News and Views
Presented by B.J. Rewane
Financial Derivatives Company Limited
Lagos Business School
Executive Breakfast Meeting July 13, 2016
Nigeria Stumbles into Economic Reform
2. 2
Nigeria Responds to Crisis
Market economy in sequence
Policy Reform: hard choices and change
The Outcome: difficult and uncertain
Outlook: positive but painful
3. 3
Outline: Making Sense of the New Normal
Highlights & Indicators
LongWinding Path towards Reform
Winners & Losers- Markets
The Political Pushback
Outlook for July
5. 5
Finally A Month of Inflection
From month of woe to June of glow
In May, another lull in economic activities
Q2 GDP growth estimated to fall to -1.5%
Meaning that Nigeria is in Recession
IMF fears that 2016 will be a full year of negative growth
EIU revised full year GDP down to 0.4% from 2.1%
Fitch downgrades sovereign rating to B+
6. 6
Finally A Month of Inflection
CBN published PMI shrank 8.5% from 45.8 to 41.9
Output, new orders, inventories & hiring all down sharply
Power supply from national grid down to 2,828MW
Average airline load factors declined for the 3rd consecutive month
7. 7
Finally A Month of Inflection
Oil production crashed to 1.4mbpd from a high of 1.9mbpd
Mainly from the offshore and deepwater assets
From where the FGN earns more dollars
FAAC shared amongst states increased fractionally to N305bn
Mainly due to improved collection from FIRS
Average oil price in June was $49.99pb
41.8% above Q1 price of $35.21pb
8. 8
Finally A Month of Inflection
Rig count in Nigeria down by 16.67% to 5
At the peak, Nigeria had 22 rigs
Headline inflation spikes to 16.5%
Highest level in 6 years
Nigeria now has the 8th highest inflation rate in SSA
6.6% above the 9% inflation ceiling of the CBN
9. 9
Finally A Month of Inflection
Money supply now N20.72trn, annualized growth of 2.1%
Average opening position of banks up to N189.64bn
Average interbank interest rates surged to 75% p.a. before
dropping to 4.5%
CBN introduced a new forex policy – managed floating rate
Sold $532m in the spot and $3.48bn in the forward market
10. 10
Finally A Month of Inflection
CBN sacks board of Skye Bank on solvency concerns
Also showing zero tolerance for financial delinquency
Silverbird, R.T Briscoe, Jimoh Ibrahim and MRS petroleum on
AMCON hit list
NNPC gets a new board at last
Governance structure could slow the dynamism of the sole
administrator
12. 12
Global and Regional Context
U.S. economy grew at 1.1% in Q1’16
Slightly higher than 0.8%, the original estimate
Slowest pace in 12 months
Nearly all the 33 banks passed the Federal Reserve annual stress
test
The U.S. subsidiaries of Deutsche Bank and Santander had their
dividend and share buybacks plans rejected
13. 13
Brexit – London is not the U.K.
The surprise outcome of the Brexit vote left global markets in turmoil
Wiping $3trn off global market valuations
British companies and investment trusts lost 14% in 3 days
Trading in Barclays and Royal Bank of Scotland shares were suspended
The Bank of England promised to pump $350bn into the financial
system
14. 14
The market turbulence spread to Italy’s beleaguered banks
Bank of England relaxed capital requirements for banks
The next Monetary Policy Committee (MPC) meeting tomorrow
would move to ease rates and increase QE
The Chancellor also plans to cut corporate income tax to below
15%
Brexit – London is not the U.K.
15. 15
Brexit - Implications
The Empire on which the Sun never sets – Christopher North 1829
The British Empire spanned the entire globe
The Empire is now where the sun hardly rises
Nigerian global diaspora remittances in 2014 approximately $22bn
Approx 33% from the U.K.
An 11% pound sterling fall equals $800m decline in remittances to
Nigeria
16. 16
A shrinking U.K. economy means possible lay-offs for Nigerian
diaspora
British schools now cheaper for education
U.K. will become a more affordable destination for holidays, tourism
& medical services
Nigerian/British trade N2.3trn in 2015
Brexit - Implications
17. 17
The African Entrepreneur
SSA’s number of small businesses is only 25%
of Asia’s, relative to its population –World Bank
Africa has produced just one of the world’s
169 “unicorns”: African Internet Group (AIG)
Label given to privately held tech start-ups
with a valuation of more than $1 billion
AIG adapts foreign business models such as e-
commerce and mobile cab-hailing to African
circumstances
18. 18
The African Entrepreneur
Crowding out effect of the government continues to limit Africa’s
ability to produce profitable start-ups
Banks continue to channel savings to the government rather than
entrepreneurs
Treasury bills offer juicy rate of interest
Government borrowing pushing interest rates up
19. 19
SSA - Economic Review
The African Union has announced a proposal for a “single African
Passport”
Proponents for this agenda argue that it would boost Africa’s
regional integration
The single passport would promote free movement of labor, capital,
goods and services
This proposal is set to materialize by 2018 to all AU citizens
Ghana has scrapped visa requirements for all African citizens
20. 20
SSA - Economic Review
TheWorld Bank has revised their growth estimates for SSA in
2016 to 2.5% in 2016 from 2015’s 3.0%
The downward revision of South Africa is weighing on the region’s
outlook
The economy contracted by 1.2% in Q1’16 from 0.6% in Q4’15
23. 23
Act I Scene I - May 2016
Helpless Petroleum minister sees unending petrol queues
National security threatened by possible backlash and social chaos
Needs to act swiftly and wisely
Desperately meets with downstream players
Earlier attempts to get multinationals to fund local subsidiaries failed
24. 24
Act I Scene I - May 2016
Ministers asks: what’s the Constraint????
Operators say: subsidy, delay and forex scarcity
Government offers: forex at N285/$ and PMS at N145
Bingo!!! queues disappear
Market in equilibrium
Operators dump import of diesel and kerosene
Price of diesel and kerosene up 100%
Free markets also create scarcity
25. 25
Act I Scene 2 - May 2016
MPC meets against backdrop of NNPC determining a shadow
exchange rate
Lame duck MPC with the dog wagging the tail
Announces new forex policy with no guidelines
Market relieved, anything is better than nothing
Guidelines expected at the appropriate time, meaning??
Dual exchange rate muted knock wood
26. 26
Act 1 Scene 3 - June 15
CBN releases guidelines
Surprise! Surprise!! single exchange rate
Barriers to entry, only a select club of primary dealers
The lobbying begins against a possible cabal
The big boys lobby for barriers
CBN is between a rock and a hard place
27. 27
Act 2 Scene 1- June 20
June 20- markets open
All authorised dealers are allowed as primary dealers
Another blow to the allocation cabal
Spot market on 2-way quote basis
Starts tentatively at N253/$
Average rate rises to N280/$
28. 28
Act 3 Scene 1 – CBN Shocks the Market
11 am – June 20
CBN calls for bids for 90-day forward to be paid spot
Bids to be in 2 hours, objective is to clear forex backlog
Investors, banks, airlines, manufacturers scratching their heads
Use it or loose it, market in confusion
CBN sells $3.48bn to be delivered September 23
29. 29
Act 3 Scene 2
Market in shock, N1.1trn sucked out of the system
Naira money market in turbulence, rates rise to 12% p.a.
Almost every bank goes to the CBN discount window
Market in shock for one week
Digests the spot plus forward and is gasping for more dollars
30. 30
Act 3 Scene 3
CBN resorts to aggressive moral suasion
Compelling the banks to sell within an artificial band of N280/$ -N285/$
Spot market becomes totally illiquid
Act 4 Scene 1
CBN abandons the rigid artificial band
Dealers allowed to trade naturally
31. 31
Outlook for exchange rate
The naira is 6.51% overvalued, needs to depreciate to N300/$
Spot market is illiquid
Non-deliverable forwards of N292/$ is a joke
Moral suasion is a regulatory shake down
Fair value (sweet spot) is approximately N295-N310/$
Markets fear that Sept 23rd delivery of forwards may not happen
32. 32
Policy Shift – Fiscal Policy
Increased capital spending in 2016 budget
Subsidy removal increases revenue to government by 21%
State bailouts now possibly over
Impact:
Higher official price for PMS – N145/litre
National average price has declined from N163/litre to N150
No more queues
Partial deregulation first step to fully competitive market
33. 33
Market settles at N295/$ spot
Sets the stage for a more realistic forward market
The parallel market is now trading at N365/$ - N375/$
Will appreciate towards 340 in August
Policy Shift – Fiscal Policy
35. 35
Leading Indicators
Indicator Direction Comment
Oil price $47.81pb
•Average for the year: $45pb
•Possibly of a further decline subject to slowing Asian
demand and supply glut
Oil production 1.8mbpd
•Recovery subject to further attacks
•Passage PIB a possibility in H2’16
•MoU with China is a positive development
Market Cap N9.9trn •Corporate earnings expected to flat line in H2’16
•Full recovery expected in 2017
36. 36
Leading Indicators
Indicator Direction Comment
CBN PMI 41.8
•Recovery expected in Q3’16
•Driven by fiscal stimulus & forex accessibility
FAAC N305.12bn •Naira depreciation implies more oil revenue in naira
•Savings on subsidy frees up government funds
37. 37
Coincidental Indicators
Indicator Direction Comment
Exchange Rate N282.12/$
•Sustainability of forward market dependent
on spot market liquidity
•Risk of policy reversal remote
•Subject to further decline in oil price and
production
Treasury Bills 9.99%
•Government spending to dampen rates
MPR 12%
•Monetary policy to skew towards growth
enhancement and currency stability
38. 38
Lagging Indicators
Indicator Direction Comment
GDP (-0.36)%
•To bottom out in Q3, gradual recovery expected
from Q4
•Not enough to negate contraction in H1
•Year-end growth projected to be negative
External
Reserves
$26.4bn
•Forward transaction of $3.4bn yet to be
deducted
•Reserve accretion subject to new dollar inflows
Vacancy
Factor
Commercial : 34%
Residential : 49%
•Lower disposable income and high rates to shrink
demand
•Government activity to increase supply in the
market
41. 41
Stock Market – Highlights
Global market shaken by the Brexit surprise
Wiping out over 1.28% of market
capitalization in the month of June
The Nigerian market had its own problems
Initial reaction to forex policy was a rally
(dead cat bounce)
International investors said not so fast
Market retreated into choppy waters
Source: FDC Think Tank & NSE
26,000
28,000
30,000
32,000
NSEASI
42. 42
How Corporates see the Policy Change
Forex market where the spot rate is closer to equilibrium
CBN more willing to fund market
CBN chooses growth ahead of inflation
No need to increase interest rates if forex rate does the mopping
up
Disposable income temporary
Shift in income to government as subsidies reduce
Removal of subsidy means availability of fuel and less time on
queues
Effective lower price of petrol
43. 43
Implication on Corporates Earnings
Short-run higher costs
Lower margins and profitability
Most sectors to consolidate after a shake out
Critical success factors
Level of import content
Currency strength of exporting countries
Price elasticity of demand of the products manufactured
Ability of companies to extract cost efficiencies
Capacity to switch to local substitute
While keeping the average cost curve unchanged
44. 44
Winners are Companies that have:
Tenacity to source raw materials from countries with weak
currencies
Argentina,South Africa, Brazil, U.K and China
Leverage on multinational parent to lock down volatile raw
materials in the futures market
Financial clout to pay lower finance costs
45. 45
MTN Listing an Hail Mary Pass
The listing of MTN in 2017 could increase market capitalization by
50%
Bringing about sector diversity in the exchange
Force Etisalat,Airtel and Glo to follow suit
This is the tonic the Exchange has been waiting for
46. 46
NSE-ASI July 2016 – Irrational Exuberance vs False
Expectation
Stocks rebounded after a low of 22,456.32
points in January
Low oil prices, soft economic data,
currency conundrum had a significant
negative effect
Monetary policy action took center stage
in May/June thus bolstered investors
sentiment
Source: FDC Think Tank & NSE
21,000
23,000
25,000
27,000
29,000
31,000
33,000
NSEASI Performance YTD
Jan
-16.5%
Mar
2.99%
May
10.38%
Apr
-0.96%
Jun
6.99%
Feb
2.74%
Q1: -11.65% Q2: +16.96%
47. 47
NSE-ASI July 2016 – Dead Cat Bounce
Stock advanced on the month of June by 6.99%
Pulling returns to positive territory of 3.34% (YTD)
Market upheaval over Brexit but was short-lived
Average turnover declined by 44.7% to N2.5bn from prior period
Market capitalization increased by 3.2% to N10.16trn from N9.85trn
for half-year
The average daily volume of trade increased by 20.33% to N496.2mn
from N412.3mn prior period
Average market PE ratio currently at 9.1x
48. 48
Scott-Free Index
BC30 index gained 5.93% in June
The SFNG Blue-Chip 30 Index (USD) was down
25.30% while the SFNG Blue-Chip Index (EUR) was
down 25.19% for the month of June
Adoption of a floating exchange rate
attributable factor
30 day volatility of 40.61%
Sharpe ratio of 0.13x
1 year return of -17.54%
Trailing P/E 6.77x
Scott-Free BC 30
50. 50
Sectors to Watch – FMCGs
Will consolidate into fewer players
Flour millers that can source raw materials globally
Reduce shipping costs by large volumes and presence across
ECOWAS
Switch packaging materials and miniaturise to gain share
Staying power to fight price wars
Companies to watch include Nestle, NB, Guinness, 7up
51. 51
FMCGs
Companies will reduce logistics & distribution costs
Taking advantage of the General Electric (G.E.) railway concession:
Lagos to Kano
Sector average price earning ratio (P/E) now 9.1x
Sector profit margins still have room to withstand shocks
Will recover rapidly as stimulus package becomes impactful
53. 53
Downstream Petroleum
Sector consolidating more rapidly than any other
Total subsidiary in Nigeria will leverage on the resources of a solid
parent into the market
Mobil will do same drawing on the clout of the FairfaxVirginia
headoffice
Oando, now acquired byVitol and Helios, will be the most lethal
competitor
After it sorts out its liquidity concerns
54. 54
Downstream Petroleum
The former subsidy kings and overnight sensations of 2013/14 are
now dead on arrival
AMCON is in no mood to piggy back anybody or tolerate free
loaders
FGN may privatise downstream infrastructure
Pipelines, depots and lubricant plants
The downstream giants will gobble limping competitors
Industry will be dominated by a maximum of 4 players in 2017
56. 56
Banking – Further Consolidation
Soundness of the financial system called into question by recent
developments
Historically, banking system weaknesses follows 12-24 months after
every currency adjustment
Gross border risk crystallising into domestic systemic crisis
1996 NERFUND crisis and the failed Bank decree
After exchange rate declined from N22 to N88/$
57. 57
Banking – Further Consolidation
Killing approx 20% of all banks
The 2008 devaluation from N118- N160
Led to banking sector distress
Compounded by margin loans
8 out of 21 banks kicked the bucket
CBN AMCON to the rescue
N620bn of tax payers money used for a bail out of the system
58. 58
No depositor lost any money
Shareholders lost their shirts
Industry now set for more consolidation
Asset quality will deteriorate further
4% of NPLs are in power, 7% in public sector & 26% oil and gas
45% of loans are dollar denominated
Banking – Further Consolidation
59. 59
Capital is in naira: huge potential translation losses
Will erode shareholders’ value
Banking sector earnings will decline in 2016/17 by no less than 30-
40%
Sector will still be profitable, will recover in 2017/18 period
Banking – Further Consolidation
60. Nigerian Banking Sector
NPLs expected to rise to 6% in 2016 from 5.5% in 2015 above the
prudential CBN ceiling of 5% (BofAML)
Data from Q1’16 results of the largest banks shows average NPLs of 7%
Recovery in oil prices will to some extent be offset by lower oil
production
Regulatory authority remains unflinched about the sector
60
61. Nigerian Banking Sector
Delayed July 1 date for compliance with the new minimum capital
adequacy ratio of 16% from 15% this year (plus a 1% capital surcharge for
systemically important banks)
CBN’s power sector intervention fund
N620 billion sector bailout in August 2009
61
64. 64
VFIX up to 172 in June 2016
The LVFIX increased marginally from 171 to 172 in May 2016
Reflects a slowed but continued deterioration in the real estate
market
Due to the lagging effect of the indicator
The number of vacant properties increased by 72% in 18 months
Base month is January 2015
Vacant properties higher in Lekki andVictoria Island
65. 65
VFIX up to 172 in June 2016 – Slowed growth
0
20
40
60
80
100
120
140
160
180
200
Vacancy factor index (VFI)
Source: FDC Think Tank
66. 66
VFIX Outlook
Housing market hit by economic realities
Increased supply of residential properties
Continued retrenchment increasing delinquency
High-end tenants in the oil and gas industry suffer the most
Overvalued properties are dampening demand further
Dollar denominated rents are most affected negatively
As the new forex market settles, housing demand will increase
Vacancy factor will decline in Q1 2017
67. 67
VFIX up to 172 in June 2016
Month/Year VFIX Residential Index Commercial Index
January 2015 100 100 100
January 2016 160.2 169.2 148
March 2016 165.3 176.9 148
April 2016 165.9 180.8 143
May 2016 170.5 188.5 143
June 2016 172.2 188.5 148
Source: FDC Research
68. 68
Outlook
No quick recovery
Effect of new policies will take some time before manifesting in
the industry
We expect market forces to shift rental prices downwards
As current rates are unsustainable in the long run
70. 70
The Aviation Problem
$700 million blocked funds
Only dollar tickets sold
Industry consolidation taking place
New normal: flexible exchange rate
Massive transaction losses
40% haircut equivalent to $280million
71. 71
Aviation Update
International carriers had borne the brunt of the Nigerian forex
issue
Discontinued cheap fares and cut capacity
7% pulled out of the market
But it is not yet time for eureka
72. 72
In the Global markets
Global airline share prices dropped by 11.6% in June
Year-to-date decline of over 21%
Affected by Brexit and ISIS
Oil price rebound eating into margins
Exchange rate adjustments not affecting demand
Fares are US dollar denominated
Share price of European stocks hit by downgrades to U.K. and EU
economies
73. 73
Global Aviation
Traffic into the U.K. to increase
GBP at 35-year low
After terrorism, bankruptcies and consolidation
U.S. airlines face increasing demand
Now facing shortage of pilots
Airbus A380 faces an uncertain future
No US carrier has bought the aircraft
Airlines are shifting away from “superjumbos”
75. 75
Global Aviation
Global average yield has fallen by about 9% y-o-y
Due to current economic realities
Annual global traffic growth remained unchanged at 4.6%
Partly due to disruptions like the Brussels terrorist attack
Available seat kilometers grew by 5.5%
Annual growth of passenger capacity exceeded passenger traffic
Africa constitutes 2.2% of global aviation market
Up from 1.8% in 2014
76. 76
Airlines Exit Nigeria
Sky team Star alliance One World Others
Existing Delta Airlines
Alitalia
KLM
Air France
Kenya Airways
China Southern Airlines
Virgin Atlantic Airways
Lufthansa
Ethiopian Airlines
Egypt Air
Turkish Airlines
South African
British Airways
US Airways
Qatar
Emirates
Exit
Total available seat
kilometers lost- 8958
United Airlines- 787-8
Flights per week- 7
No of seats per flight-
219
Seats per week -3066
Iberia-A319
Flights per week- 3
No of seats per flight-
156
Seats per week- 936
Emirates-Airbus 777-ER
Flights per week-7
No of seats per flight-
352
Seats per week- 4956
77. 77
Nigerian Aviation - Regional and West Africa
Medview and Arik playing the price game
Quality not important
“Take your sleeping pills” before boarding
Risk of return flight cancellations
Kenya Airways expected to receive payment of outstanding fares
from Nigerian government within a month
78. 78
Nigerian Aviation - After Forex Adjustment, What Next?
Medical tourism down by 40%
Shift from India to Israel and now U.K.
In search of quality and weak currencies
Education- UK vs. US vs. Canada and others
79. 79
After Forex Adjustment What Next?
Trading will be directed towards regions with cheaper air fares
Professionals will most likely change routes and flights
Airlines that benefit from FOREX adjustment include Emirates,
Kenya Airways, and Qatar
80. 80
Qatar Airways Group - Profits up in 2016
Qatar Airways group reported a net profit of $439m
Operating profits increased 172% in 2016 to $824m
Increased traffic following currency adjustment
The airline plans to launch 17 new destinations in 2016/2017 fiscal
year
81. 81
Nigerian Aviation-International Network
Lagos airport receives newest aircraft in the world
Ethiopian airlines Airbus A-350
Due to its strategic position in Africa
NCAA deregulates airline tariffs
Urges domestic airlines to increase fares
Tariff composition will be appropriately filed with the authority
Foreign airlines still selling dollar tickets
Despite warnings from the NCAA
82. 82
Outlook
Nigerian aviation will consolidate
Airports concessioning
Fares this summer will drop due to competition
Positive effects from new forex policy will take time to manifest
85. 85
Political Push Back
The Nigerian political class is under pressure
Fallout from the anti-corruption war
And the demolition of the rent seeking structure
Party members are becoming impatient in waiting for handouts
The APC is under fire for waging a one-sided war against corruption
The war is only at federal government level a PDP government
Naturally only the PDP is affected
86. 86
Political Push Back
No state government has been investigated
Nepotism and key appointments are raising eyebrows
Just like Jonathan favored South East and South South
No justification for lopsided appointments
The APC needs to address nationwide representation both in numbers
and effective control
To reduce concentration and dictatorial tendencies
87. 87
Political Push Back
Niger Delta Avengers avenging nothing
The militancy has become a proxy war for the anti-corruption
drive
The militants are likely to splinter as the pressure increases
The solution is better intelligence and constructive engagement
Buhari will need to fight past and present corruption
88. 88
Political Push Back
The country will be looking out to see how many people have
been fired and prosecuted for new corruption
The level of impunity is sharply lower than in the past
Edo State and Ondo State elections a litmus test for INEC
PDP squabbles undermining opposition capacity to fight
91. 91
Outlook for July
Inflation in July will increase marginally to 16.8%
Rate of change of inflation will slow to 0.3%
Stock market to remain choppy on poor corporate earnings
Naira will slip towards N310/$ in the interbank market
The parallel market will appreciate towards to N340/$
Airline load factors will increase in August, mainly in economy class
92. 92
Outlook for July
MPC meeting will not change stance, monetary policy status quo
Waiting for a more sustainable inflation trend and forex market
stability
Banking sector systemic risks will dominate investor concerns
More appointments to Boards and agencies by Buhari
Investors will remain cautiously optimistic
93. 93
Nigeria will start the international debt raising process
90-180days rates will spike closer to 14%
Housing vacancy factor to decline after forex market settles
The military will step up attacks on militants
Oil production will remain flat at 1.7mbpd
Outlook for July
94. 94
Corporate Humour
The trouble with life in the fast
lane is that you get to the other
end in awful hurry – John Jensen
If you can see the light at the end of
the tunnel, you are looking the wrong
way – Barry Commoner
95. 95
Corporate Humour
The entire economy of the
Western World is built on things
that cause cancer – The Movie
Bliss 1985
Muscles come and go but flab
stays
96. 96
Corporate Humour
The lovely thing about being forty
is that you appreciate twenty five
year old men more – Colleen
Mccullough
Hard work never killed anybody
who supervised it – Harry Bomer
97. 97
Corporate Humour
My problem is reconciling
my gross habits with my net
income – Errol Flynn
A lawyer with a brief case can
steal more than a thousand men
with guns – Mario Puzo
98. 98
Corporate Humour
Gambling is getting nothing for
something – Wilson Mizner
Riches don’t make a man richer,
only busier – Conquest of
Paradise
99. 99
Corporate Humour
On wall street enough is never
enough – Alison Cowan
There was a time when only a
fool and his money were soon
parted, but now it happens to
everybody – Adlai Stevenson