Saturday, August 03, 2018 08:00 AM / Proshare Content
Nigeria: Economic Dashboard @ 030818
From the Editor’s Desk
The fluid political activity experienced recently have knocked economics to the back row. Shockingly two major reports - the Income and Expenditure Approach of Gross domestic product for 2017 and the June Purchasing Managers' Index were released in the same week. The Income and Expenditure Approach of GDP Report showed that gross fixed capital formation at the end of the fourth quarter of 2017 stood at N4.481 trillion, reflecting an 18% and 17% growth when compared to the previous and corresponding quarter.
Holistically, gross capital formation hewn in 2017 stood at N16.9 trillion, which reflects 11.94% rise in capital formation compared to the previous year. Capital formation to gross domestic product (income and expenditure) stood at o.149.
Countries with relatively low ratio of Gross capital formation to GDP have structural composition that are a product of rigidity. Thus, the uplift in gross capital formation can be attributed to the low base but the current ratio of gross capital formation to GDP remains tepid. Therefore, we see an urgent need to drive the ratio of Gross capital formation to GDP, in order to avert being stuck in a secular stagnation.
Fig 1: Gross Capital Formation and External Economy
According to the report, export in 2017 stood at N15.19 trillion compared to N9.455 trillion, reflective of a 60% increase in export injection to the economy. More importantly, this inflow constitutes 16.6% and 13% of National Income and GDP, respectively. However, the increase in import injections alone make up 1.5% of GDP, reaffirming that growth have largely been oil induced so far. Import induced growth have largely failed take off in contrast to earlier position; and this is largely due to inward policies.
The Central bank published the Purchasing Managers’ Index for the month of July, the indicator expanded to 56.8 for the month, thus reflective of a relatively slower pace expansion compared to the previous month. Production levels for the month under review also expanded at a relatively slower pace from 59.2 in June to 59 in July.
Input prices in the month of June also expanded to 60.7 in the month of June, thereby expanding at the slowest pace since the indicator began to beam green light. At the same time output prices expanded to 50.3 for the month of July from 53.8 in June, thus underlining the deceleration in the pace of the expansion in output price.
Fig 2: Purchasing Managers’ Index
Monday, August 06, 2018
The Annual General Meeting of Union Diagnostic & Clinical Services Plc will hold this day in Cross River, while the 42nd Edition of the Nigeria Annual International Conference and Exhibition (NAICE 2018) will hold in Lagos with the theme “Diversification of the Nigerian Economy – the Oil & Gas industry as an Enabler”
Flour Mills of Nigeria Plc will be marked down today by the NSE having declared a dividend of N1.00 in the preceding week.
The MSME Retreat will hold this day in Abuja with the theme “Towards a sustainable Growth development”
This day, the United States 3-Month and 6-Month Bill Auction will hold, while Australia releases its Construction Index and Japan its Foreign Reserves figure for July 2018.
What did we Miss?
Tuesday, August 07, 2018
The Centre for Democracy and Development 2-day Conference themed “Democracy and Disinformation: How fake news threatens our Freedom and Democracy” will hold this day in Abuja.
This day around the global economy, France will release its Trade Balance figure for June 2018, just as Canada releases its PMI for July 2018 and Japan its Current Account details for June 2018.
Wednesday, August 08, 2018
The Official Launch of the Association of Securities Exchanges of Nigeria (ASEN) will take place this day at the Nigerian Stock Exchange, while Red Star Express Plc will be marked down by the Exchange having declared a dividend of N0.40 in the preceding week.
Data on Foreign Investments in Japanese Stocks will be released today
Thursday, August 09, 2018
The National Bureau of Statistics will this day release the Telecoms Data for Q2 2018. The United Action for Change 3rd Annual Symposium will hold this day in Lagos.
Japan’s GDP YoY and QoQ figures for Q2 will be released this day, just as the United States publishes its Producers Price Index for July 2018, and Canada its New Housing Price Index (MoM) for June 2018.
Friday, August 10, 2018
The 2018 YALI Accountability and Transparency Summit will hold this day in Abuja
The United Kingdom’s GDP YoY and QoQ figures for Q2 will be released this day, just as the United States Core CPI YoY and QoQ for July 2018 is released. Canada’s Unemployment rate for July 2018 will also be published this day.
Saturday, August 11, 2018
Roedl & Partner will this day host a Training Seminar for Leaders of Not-for-Profit Organizations.
Check out our for event details and follow us on , , and for updates as the week unfolds.
Contact for Details:
For further information, enquiry or submission of information, kindly email and Tel: 0700PROSHARE (070077674273). We are waiting to hear from you!
Latest Reports This Past Week
Latest Videos This Past Week
Previous Week(s) Market Outlook