Saturday, September 02, 2017 08:00 AM / Proshare
From the Editor’s Desk
On the 27th of August 2017, the National Bureau of Statisticspublished the nation’s inflation figure for July 2017. Expectedly, core inflation caved inwards from 12.64% to 12.21%, maintaining the earlier trend of softening in non-volatile items. Holistically, headline inflation slipped marginally by 0.05% from 16.10% t0 16.05%, while food inflation maintained an upward trend as it rose by 0.37% from 19.91 % t0 20.28%.
Presently, Nigeria is considered to be among the countries with substantially high rate of food inflation behind the likes of South Sudan, Angola and Egypt, within its region. The persistent uptick in the quarterly CPI of urban imported, urban food, rural imported and rural food by 3.3%, 3.9%, 1.9% and 3.6% respectively, shows a trajectory of their individual curves reflecting a correlation. Thus, underlining the reality that factors that drive food inflation are largely push and non-monetary by nature. More importantly, external shocks like drought experienced in other parts of the Sub Saharan region do have an effect on domestic food prices; after all we are not completely food secured as a nation. Certainly such volatility puts the targeted inflation for 2017 under duress.
Fig 1: Movement in Urban and Rural Food CPI
Source: NBS, Proshare Research
On Tuesday, September 4, 2017, the National Bureau of Statisticswill publish the second quarter figures of Gross Domestic Product (GDP). We do expect that nominal gross domestic product will maintain a positive trajectory, given the recovery in certain leading indicators such as the exchange rate and the production manufacturing index. Inherently, the rife nature of cost push factors still remain both a friction and an upside risk to real GDP. Conclusively, we are of the opinion that the dynamic adjustment have not fully recovered from hysteresis, as it will need time and some policy recalibration to fully recover.
Monday, September 04, 2017
University Press Plc will be marked down from today having declared a dividend of 10Kobo.
Tuesday, September 05, 2017
Wednesday, September 06, 2017
The 3rd Indo-Africa ICT Expo 2017 will commence today in Lagos. The Nigerian Statistical Association will commence its 1st International Statistical Conference today themed “Positioning National Statistical Systems for Data Revolution and Inclusive Development.
Thursday, September 07, 2017
The Nigeria Innovation Summit 2017 focusing on “Transforming Nigeria’s Economy through Technology, Innovation and Entrepreneurship” will hold today in Lagos.
Today, Gleehd Foundation will hold the Lagos edition of the Nigeria’s Emerging Political Leaders Forum aimed at bringing together young leaders and political stakeholders to facilitate dialogue and action on the challenges facing Youth Participation ahead of the 2019 General Elections.
Northern Nigeria Flour Mills and A.G.Leventis Plc will hold their Annual General Meeting today in Kano and Lagos, respectively; while Access Bank Plc and Stanbic IBTC Holdings Plc will be marked down today having declared a dividend of 25Kobo and 60kobo, respectively.
Friday, September 08, 2017
The Nigeria FMCG Summit and Exhibition 2017 will hold today in Lagos, while ABC Transport Plc holds its Annual General Meeting in Owerri.
Saturday, September 09, 2017
The Centre for Financial Journalism (CFJ)’s 2017 edition of its Financial Journalists’ and Banks’ Communication Managers’ Parley will hold today in Lagos.
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