What To Expect From The Markets This Week - 020718

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Saturday, June 30, 2018 08:00 AM / Proshare Content

 

Nigeria: Economic Dashboard @ 290618

 

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From the Editor’s Desk                                        

According to the Debt Management Office of Nigeria, the Federal Government at the end of the first quarter of 2018 paid N642 billion in debt servicing on domestic debt instruments alone. Thereby reflecting a 49.8 % and 51% astronomical increase in debt servicing compared to the previous quarter and year, where debt servicing stood at N 429.75 and N424 billion, respectively.

 

The interest on recurrent expenditure streaming from domestic debt alone in the first quarter of 2018 made up 32% of the total amount forecasted for debt servicing in 2018 and 52% of the actual amount incurred on domestic  debt servicing tagged in 2017.

 

Fig 1: Domestic Debt servicing

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Source: DMO 

 

This capture both the huge absorption of domestic debt over a relatively short horizon in attempt to reflate the economy, coupled with the high cost of short term domestic debt instrument. This could pave the path for a hard-pressed position for the fiscal authorities, especially if non-oil revenue is deeply undercut. 

 

Although it is expected that the fiscal authority will circumvent the domestic money market in attempt to dampen the cost of debt servicing in the period to come. However, with the on-going jolt in inflation premium abroad and a rise in effective interest rate in the United States, the expected long term rate on external debt will increase, pushing the cost of external debt up. This scenario is already being witnessed as growing indifference manifest in debt instrument of emerging economies.  Obviously, there is a need to prioritize spending properly, strengthen fiscal housekeeping and improve the efficiency in revenue collection especially in the informal sector; in order to avoid being caught up in a debt over hang or run into a liquidity drought.    

  

News Post:  DMO Publishes Q1 2018 Debt Data; Total Public Debt Stood At N22.71trn or US$74.28bn

Read the Full Report HERE

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Monday, July 02, 2018 

The 17th Nigeria Oil & Gas Conference & Exhibition (NOG) 2018 will commence this day in Abuja with the theme “Driving Nigeria’s Oil & Gas Industry Towards Sustained Economic Development and Growth”.

 

The Association of Enterprise Risk Management Professionals (AERMP) will hold its 2018 training on Managing Risks in Credit Portfolio this day, while the 2nd Edition of the Nigerian Internet Governance Forum holds in Abuja. 

 

Tuesday, July 03, 2018

The Nigerian Shippers’ Council will hold its 15th International Maritime Seminar for Judges this day in Abuja; while the 11th Jackson Annual Lecture (JAL) titled “The Media and the Development Challenge in Nigeria at a Time of Crisis” holds on the same day at the University of Nigeria, Nsukka. 


Wednesday, July 04, 2018

The Health Care Nigeria Conference will commence this day in Lagos.

 

What did we miss?  

 

Thursday, July 05, 2018           

Fate Foundation will this day hold its 4th Policy Dialogue Series on Entrepreneurship in Abuja, while the Business Process Management Institute (BPMI) holds its Induction Ceremony on the same day in Lagos.

 

The Nigerian-British Chamber of Commerce (NBCC) will this day hold its Annual General Meeting in Lagos, while the July Edition of the Lagos PR Clinic hosted by the Nigerian Institute of Public Relations (Lagos Chapter) holds on the same day. 

 

Friday, July 06, 2018           

The Global Small and Medium Enterprise’s (SME’s) Summit will hold this day in Lagos. 

 

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Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds. Yours to Serve!

 
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Contact for Details:

For further information, enquiry or submission of information, kindly email market@proshareng.com and research@proshareng.com Tel: 0700PROSHARE (070077674273). We are waiting to hear from you!


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