Headline inflation declined 20bps YoY to a five-and-a-half year low of 7.8% in October, although on MoM basis it was unchanged at 0.75% from September. YoY Core inflation extended its three month rising trend, climbing 20bps to 7.6% while on a MoM basis i
2013 was a year of mixed economic fortunes. The good news included moderating inflation rate at 7.8% (a five-year low) and stability of the naira at the official forex market. It was also a period in which real GDP growth saw a slight uptick to 6.81%.
Being a keynote address by Dr. Kingsley Chiedu Moghalu (Deputy Governor Financial System Stability, Central Bank of Nigeria) at the 3rd Annual CBO Capital Investors Conference, Eko Hotel & Suites, Victoria Island, Lagos on Friday, 29th November, 2013 with
The global financial crisis, of which the aftermath is still being felt, has been tagged the most severe financial crisis experienced by the world since the great depression of the last century. The crisis had an unprecedented impact on credit and capital
The core mandate of the Central Bank of Nigeria as stipulated by the constitution is to maintain price stability, that is, to keep price of goods and services from persistently rising(inflation) or decreasing (deflation), while also maintaining internal a
MPR maintained rates at current levels. Nigeria’s Monetary Policy Committee (MPC) met on November 18th and 19th, 2013 to review domestic and international economic conditions in order to re-evaluate the options for determining the policy direction for the
The importance of GDP growth and FDI inflow in any country's developmental agenda cannot be undermined. Despite increased academic literature supporting the prioritization of other developmental indicators such as unemployment rate, literacy level, income
Asset Management is critical to National development, as it unlocks and unbundles the potentials for growth in an economy. This formed the discourse for the second day of 3rd Annual Investors conference, which created the platform for key players in the i
Nigeria’s gross domestic product expanded by 6.81% y/y in the third quarter of the current fiscal year, up by 63bps from 6.18% recorded in the second quarter and 33bps higher than the 6.48% posted in the corresponding quarter of 2012 (fig.1).
The 3rd edition of the FBN Capital Conference at Intercontinental hotel,Lagos commenced today with the focus on 'Tomorrow's Nigeria through Economic empowerment'. In his opening remarks the MD/CEO of the FBN Capital a subsidiary of FBN holdings Mr.
On an aggregate basis, the economy when measured by the Real Gross Domestic Product (GDP), grew by 6.81 percent in the third quarter of 2013. This was higher than the 6.18 percent recorded in the second quarter of 2013 and 6.48 percent recorded in the cor
Headline inflation for October came in 20bps below the preceding month at 7.8%, with the latest moderation putting current reading at a five-and-a-half year low. However, MoM change was flat from the preceding month for the CPI basket and also little chan
We have read with utter dismay the statement by World Bank Country Director, Marie-Francoise Marie-Nelly that 100 Million Nigerians are living in destitution or extreme poverty. This spurious claim is astonishing on a number of levels.
It was H2 2007; the global economy and financial system was riding on a bubble, this is despite the ominous signs of financial distress which economic managers and policy makers were too eager to pass it off as a slight blip. The Nigerian economy was also
There is a lively debate going on in the world of central banking today. The focus of the debate has centered mainly on the following: Should central banks have a single explicit mandate of price stability or a so called dual mandate of price stability
National Inflation Performance: Headline Inflation, the measure of aggregate consumer prices in the economy, slowed for a third consecutive month, to 7.8% year-on-year in October 2013, 20 basis points lower than 8.0% in September and lowest since March 20
In October, the Consumer Price Index (CPI) which measures inflation rose by 7.8 per cent year-on-year, 0.2 percentage points lower from 8.0 percent recorded in September. Rates recorded in October indicate a continually downward trend for the 10th consecu
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to hold its sixth meeting for the year 2013 between Monday, November 18 and Tuesday, November 19, 2013. It is expected that the MPC will ponder on the state of the global
The IMF passed a message in its latest update on global economic health check- ‘transitions and tensions’- noting that global growth is in low gear and downside risks persist even as activity is expected to strengthen moderately. The downside risks was ba
The National Bureau of Statistics (NBS) is expected to release the national headline inflation figure for October on November 18, the same day the MPC meets to discuss monetary policy issues. FDC’s forecast for October indicates a further decline in headl
The assets of the Power Companies have now been finally transferred to their private owners. In view of the teething problems and the steepness of the learning curve for the new operators, we caution not to sell that generator yet (in the euphoria of the
The Minister of Finance is required by section II of the Fiscal Responsibility Act 2007 to prepare the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), for approval by the Federal Executive Council and the National Assembly ah
As anticipated, the Consumer Price Index (CPI) remained restrained in September standing at 8.00% YoY as against 8.20% YoY for August. Indeed, inflation has continued the downtrend since slipping off the double-digit wagon in January 2013. In line with ou
In September, the Consumer Price Index (CPI) which measures inflation rose by 8.0 per cent year-on-year, 0.2 percentage points lower from 8.2 percent recorded in August. The year-on-year rate for the Headline index continues to trend downwards from the 9.
In what now appears to be a recurring theme since 2011, political tussles between the Democratic president Barack Obama and the Republican led Congress have re-emerged in the guise of recurring fiscal squabbles as a fall out of the initial debt ceiling fa
The National Bureau of Statistics (NBS) is expected to release the inflation figure for the month of September 2013 on October 17, 2013 based on the 2013 Data Release Calendar available on the Bureau’s website as at the time of this report.
Nigeria's potential can be unlocked through sustained infrastructure growth and development, even as the nation continues to seek the transformation of the power sector through public private partnership initiatives, Mr. Kayode Akinkugbe, Managing Directo
In our last update, midway through the typical “lean season” in the middle third of the year, we highlighted the long-term declining trend in both the levels of average inflation in this window as well as its overall contribution to annualised price infla
Nigeria ranked 120th out of 148 countries on the Global Competitiveness Index (GCI) 2013-2014, representing a five-place drop from 115th position last year. With the ongoing efforts to diversify the economy from oil dependency, the increase in foreign dir
Africa has done well out of China’s economic rise. Twenty years ago, its exports to China were negligible. Today China is Africa’s biggest trading partner. Around $200bn worth of goods moved between the two last years and almost all the stuff shipped from
As part of its objective to diversify its economy from oil, Nigeria seeks to increase trade in other commodities. Recently, Nigeria signed a bilateral agreement with Brazil covering areas such as agriculture, electricity, culture, education, and aviation.
A short drive along Cairo Road, a clogged artery that runs through Lusaka, the capital of Zambia, affords a glimpse of the progress South Africa’s big grocery chains have made in the rest of Africa. The rather dowdy Shoprite store situated on the busy mai
Nigerian FMCG companies have contended with headwinds such as security issues and depressed discretionary spending over the past 18 months. In relative terms, the discretionary goods manufacturers have experienced more pronounced declines in sales volume,
Headline inflation declined 50bps (YoY) and 29bps (MoM) to 8.2% (a five year low) and 0.25% respectively in August as YoY Core inflation climbed for the second consecutive month, rising 60bps to 7.2%. The MoM reading was also 10bps higher than the July re