Nigeria & The International Monetary Fund
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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.
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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.
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The document summarizes a presentation on subsidy reform in the Middle East and North Africa region. It discusses recent progress made in subsidy reform efforts as well as ongoing challenges. Key points include:
- MENA countries spend over $240 billion per year on subsidies, accounting for 8.6% of regional GDP on average. Reforms have been undertaken recently in Egypt, Jordan, Mauritania, Morocco, Sudan, Tunisia and Yemen.
- Successful reforms tend to be comprehensive, involve gradual price adjustments, build consensus through communication, and include mitigating measures for the poor. Not all country reforms incorporated all best practices.
- Social safety nets in the region remain underdeveloped and could be strengthened through more
January 2018 Africa Market Update
The January 2018 Africa Market Update reviews developments that shaped the investment landscape in Nigeria, Kenya, Ghana, Tanzania, Zambia, Uganda, Rwanda, Ethiopia and Angola in 2017 and provides an outlook for the same countries.
Africa Market Update - August 2018
The August 2018 Africa Market Update covers the economies of Ghana, Nigeria, Kenya, Tanzania, Uganda and Rwanda. With the Central Bank of Nigeria having defied our forecast for 2018, this issue delves into the dynamics underlying our prognosis and the recent signaling of imminent monetary policy contraction in the near future. Also in this issue, we share thoughts on Zimbabwe's path to economic recovery as the country enters a potentially fragile post-election phase following the July 30th, 2018 general election.
International monitory fund - IMF
The document discusses the International Monetary Fund (IMF), providing details on its history, objectives, functions, and leadership. Specifically, it notes that the IMF was formed in 1944 to promote international monetary cooperation and financial stability. Its key functions include providing loans to countries experiencing economic crises, delivering technical assistance to members, and monitoring global economic and financial policies to maintain international monetary stability.
LBS August 2016
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.
BBVA, a unique growth proposition
BBVA's CFO Jaime Sáenz de Tejada presented on the company's unique growth proposition at the 11th Annual European Financials Conference in London on March 25th, 2015. He discussed BBVA's well-diversified geographic footprint offering higher growth prospects, continued active management of its business portfolio, strong capital position and resilience to regulatory changes, and digital transformation focused on delivering the best customer experience while lowering costs.
46541012 imf-ppt-final
The IMF plays several key roles in the global economy and with its member countries. It aims to ensure exchange rate and financial stability, gives policy advice, provides financing during economic crises, and helps set international standards. For poorer countries, the IMF assists with development goals through concessional loans and debt relief. In India, the IMF has provided economic assistance and consultancy over the decades. However, some criticize that IMF policies can burden poorer nations with debt and that it lacks accountability.
Pep
The document discusses Pakistan's relationship with the International Monetary Fund (IMF). It provides background on the IMF's formation and purpose, as well as details on Pakistan's history of borrowing from the IMF, including common conditions attached to IMF loans. While IMF borrowing can provide short-term relief and averted economic crises for Pakistan in the past, it has also contributed to mounting debt over time without substantive economic reforms by the government. The document concludes that unless the Pakistani government cuts wasteful spending and implements meaningful long-term reforms, continuing to rely on IMF loans will only prolong cyclical debt issues.
Imf
The IMF aims to prevent another global depression by encouraging countries to adopt sound economic policies and providing funds to address balance of payments problems. It puts pressure on governments to stimulate demand and provides loans to ensure liquidity. The IMF monitors economies, provides policy advice and technical assistance, and lends to countries with balance of payments issues to prevent financial crises from spreading. It is funded by capital subscriptions from its 183 member countries.
Nicaragua.pdf
PRONicaragua is Nicaragua's investment promotion agency. Nicaragua has a growing economy, with GDP growth averaging 4.8% over the past 5 years. The country has free trade agreements improving access to markets. Exports include textiles, coffee, meat and gold. Nicaragua aims to develop renewable energy and attracts investment in sectors like agribusiness. The country offers legal protections for foreign investment and has maintained economic stability and low crime rates compared to its Central American neighbors.
Africa Market Update - February 2017
We are pleased to release the February 2017 Africa Market Update covering Nigeria, Kenya, Tanzania, Uganda, Rwanda and Angola. This issue comes at a time when major central banks in sub-Saharan Africa have opted to retain benchmark rates signaling caution against both domestic and external risks.
July 2017 Africa Market Update (Abridged)
We are pleased to release the July 2017 Africa Market Update with pre-election coverage for three countries - Angola, Kenya and Rwanda. In these three countries, we take a look at key factors likely to shape the forthcoming elections with particular interest in Angola (with an anticipated change of guard for the first time since 1979) and Kenya (where we expect a hotly contested race between the two dominant factions).
The issue concludes with our thoughts on the disconcerting disparity between high economic growth and low growth in wages in select economies in Sub-Saharan with a focus on Kenya, Botswana and Uganda.
Adeosun story july 20 (1)
- Nigeria currently spends 66% of its revenue on debt servicing, which threatens the economy and places a huge burden on the Finance Minister. This is up from 40% in the early 2000s.
- Both the IMF and World Bank have warned Nigeria about taking on too much debt, as the interest payments could rise to unsustainable levels without economic growth. They advise balancing investment needs with moderate borrowing.
- Critics argue that Nigeria's growing debt and high debt servicing costs relative to revenues makes the economic recovery plan risky and the country's debt position unsustainable without changes to policies.
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Subsidy Reform in MENA: Recent Progress and Challenges Ahead (EN)
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Commodities update February 02, 2017
- 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.
10 snapshots in 1 (2017, from the eye of the experts)
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.
2017 Great Expectations
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.
FDC Economic Bulletin - November 09, 2016
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.
Commodities update 27 october 2016
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
FDC Bi-Monthly Economic and Business Update. October 26, 2016
FDC Bi-Monthly Economic and Business Update. October 26, 2016Financial Derivatives Company Limited (FDC)
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.Relaxnomiks October 2016 Edition
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.
Vacancy Factor Index June 2016
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.
Commodities Update
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.
MPC Decision in July
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
FDC Economic Bulletin
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.
Vacancy Factor Index Up in June 2016
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.
FDC Economic Bulletin
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.
FDC Economic Bulletin July 18, 2016
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.
Commodities update 17 may 2016
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.
FDC Economic Bulletin May 16, 2016
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.
FDC Bi monthly Economic and Business Update May 13, 2016
FDC Think Tank breaks down and analyzes pertinent topics and charts outlook for economic direction and policy
Commodities update 03 may 2016
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.
FDC Economic Bulletin April 2016
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.
FDC Economic Bulletin April 12, 2016
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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How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
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Using Online job postings and survey data to understand labour market trends
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[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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Nigeria & The International Monetary Fund
- 1. Nigeria & The IMF January 05, 2016 Channels TV
- 2. + IMF and Nigeria IMF has 188 member countries Primary mandate is to ensure the stability of the international monetary system Nigeria joined the IMF on March 30, 1961 Nigeria has an SDR quota of 0.74% and voting share of 0.72%
- 3. + IMF Recommendations in 2015 Sharp decline in oil prices vs. government dependency Need to boost non-oil revenue mobilization (e.g. Increase in VAT rate) Introduce exchange rate flexibility and further fiscal adjustments Independent price setting mechanism for oil prices Gradual elimination of fuel subsidies
- 4. + IMF Recent Engagements in SSA Country Financial Assistance Surveillance PSI South Africa X X Angola X X Kenya X X Ghana X X Zambia X X Mozambique X Nigeria X Uganda X Financial assistance: Provision of loans to member countries to correct balance of payments problems The Policy Support Instrument (PSI): non-financial advisory and support services to low-income countries Surveillance: The review of country policies and advisory on policies that will foster economic stability
- 5. + IMF Recent Engagements in SSA Country Type of Loan Amount Purpose Ghana ECF $918m External Balance adjustment Mozambique SLF $286m External Balance adjustment Kenya SLF $668m Precautionary Motive Sierra Leone ECF $102m External Balance adjustment Liberia RCF $45.6m External Balance adjustment SLF- Standby Credit Facility; ECF- Extended Credit Facility; RCF- Rapid Credit Facility
- 6. + Naira and the Exchange Rate External reserves now below $29bn IFEM: N199.35/$ Parallel market: N264/$ Purchasing Power Parity (PPP) value: N221.26/$ Gradual adjustment is inevitable Nigerian citizens to be protected by Social Intervention Programs
- 7. + 2016 Budget Budget of N6.08trn Fiscal deficit of N2.22trn (2.16% of GDP) Borrowing: N1.84trn External borrowing: N900bn ($4.5bn) Sources: Eurobond market, Multilaterals, London & Paris Clubs IMF endorsement, quality support and instrument would create favourable grounds for international borrowing
- 8. + Outlook Expect flat GDP growth in Q1 Rise in inflation rate Improvement in power supply Another bailout for the states Exchange rate flexibility