Saturday, June 16, 2018 08:00 AM / Proshare Content
Nigeria: Economic Dashboard @ 150618
From the Editor’s Desk
On the 13th of June 2018, the National Bureau of Statisticspublished the inflation figures for May 2018. Inflation continued its disinflationary path as food inflation declined further by 1.03% from 14.8% in April to 13.45% in May. In the same vein, core inflation fell from 11.2% in April to 10.9% in May. However month on month inflation for the first time in 5 months tilted outwards by 0.3% to reach 1.1% at the end of May. Thus, headline inflation fell from 12.48% to 11.67%, reflective of a 0.87% dip in headline inflation.
Fig 1: Inflation and Monetary Policy Rate
Moving forward inflation premium will dip further, thus it is expected that the Central bank will dampen the rate on Treasury bill in reaction to the decline in inflation; thus fine tuning the money market rates underlining the wiggle room created by the continuous dampening in inflation.
Fig 2: Treasury bill and MPR
With the decline in inflation, holding the existing monetary policy rate at 14%, raises questions as to whether the monetary anchor remains an appropriate combative tool against inflation, or it is a carrot being dangled with the aim of beefing up the current account. It is also important to point out the ongoing reality that, given the normalization of monetary policy abroad using the monetary anchor as a bait to beef the current account at this point will be counterproductive. Moreover, such scenario will continuously penalize investment, thus eventually becoming an unnecessary weight on the domestic economy. Therefore, the need to gradually transit to a more accommodative stance in order reinvigorate growth and depress poverty is inevitable.
Monday, June 18, 2018
The 3rd International Chamber of Commerce Africa Conference on International Arbitration will commence this day, just as Human Capital Associates kicks starts its Management and Control Of Store Operations Workshop in Lagos, Abuja and Port Harcourt.
National Broadcast Academy, the training arm of Federal Radio Corporation of Nigeria (FRCN) will this day commence a workshop on Creative Writing and Public Speaking.
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Tuesday, June 19, 2018
The Chemical & Allied Products Plc, Stanbic IBTC Holdings Plc and Eterna Plc’s Annual General Meeting will hold this day, while the Nigerian Association of Petroleum Explorationists (NAPE) holds its Technical/Business Meeting in Lagos.
The June 2018 Nextier Power Dialogue themed "Captive Generation: A Forefront for Nigeria’s Economic Liberation" will hold this day in Abuja, while the 5th Africa LPG Summit holds on the same day in Lagos.
Wednesday, June 20, 2018
The National Bureau of Statistics is scheduled to release the Federation Account Allocation Committee (FAAC) May 2018 Disbursement Report this day, while the Annual General Meeting of Dangote Cement, NEM Insurance Plc and UAC of Nigeria Plc will holds on the same day.
The 7th German Nigerian Business Forum with the theme “Leveraging Partnership for Economic Growth” will kick off this day in Lagos, just as the Nigeria Marketing & Media Conference powered by ROME Business School holds on the same day.
Thursday, June 21, 2018
The Economic Associate’s Conference on ‘Nigeria’s Economic Outlook’, the Nigerian-South Africa Chamber of Commerce (NSACC) June 2018 Breakfast Meeting and the CIBN Nigeria CCPD Training on "Enterprise Risk Management" will take place this day in Lagos.
The Economic and financial Crime Commission (EFCC) Benin Zone will this day host Secondary School Perfects for its Leadership Clinic, while the International Press Institute (IPI) World Congress 2018 kicks off in Abuja.
The Retail Leaders Conference (TRLC) 2018 with the theme “The Future of Retail 2.0 – Innovate Or Perish” and the African Women In Media Conference (AIMC) 2018 will take place this busy Thursday in Lagos and Ibadan, respectively.
Friday, June 22, 2018
The 2018 Construction Summit will kick start this day in Lagos with the theme “Smart Infrastructure for Sustainable Competitiveness", while the Nigerian Healthcare Excellence Award holds on the same day.
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