Saturday, April 08, 2017 08:00 AM / Proshare
From the Editor’s Desk
On Wednesday, April 5, 2017, the Federal Government officially launched the Economy Recovery and Growth Plan (ERGP). The policy objective is to achieve growth of 2.19% and 7% at the end of 2017 and 2020, respectively. This will also shrink the misery index inwards from 52.48 to 47.24 by the end of 2020.
We do align with fiscal authorities that the only way out of a recession is through counter cyclical spending. Regardless certain disconnection in the ERGP document needs to be raised. The ERGP expect broad money and net foreign asset to reach 48.56 trillion and 23.32 trillion by 2020. Which is reflective of 107 % and 162 % growth in broad money and Net foreign asset respectively; we do believe that the ERGP is overly optimistic on monetary aggregate projections. Moreover the effects from sporadic growth in money is not taken into account nor are the proper adjustments that will fuel net foreign asset growth put in place either. Certainly historical growth and external fundaments so far, do support our position.
The inflation figures for March 2017 will be made available on 15th of April, it is expected that core inflation maintain its downward trend. At the same time, headline inflation will continue its re-correction, given the nature of the inflation.
Here are the happenings expected this week.
Monday, April 10, 2017
Dangote Sugar Refinery Plc will be marked down haven proposed a dividend of N0.60kobo, while the Nigerian British Chamber of Commerce will host Dr. Emmanuel Ibe Kachikwu during its Oil and Gas Business Roundtable to discuss “The Nigerian Oil & Gas Industry: Confronting Realities”
Tuesday, April 11, 2017
The Bullion Lecture, the annual lecture series of Centre for Financial Journalism (CFJ Nigeria) titled “Financing Nigeria’s Economic Recovery and Growth” holds today. The lecture will be delivered by a renowned Economist, Prof. Olu Ajakaiye, Executive Chairman of African Centre for Shared Capacity Development Building and former Director General of the Nigerian Institute for Social and Economic Research (NISER).
Wednesday, April 12, 2017
The Federal Government of Nigeria (FGN) Savings Bond will be settled today, while the Debt Management Office on behalf of the FGN Offers for Subscription by Auction the 14.50% FGN JUL 2021 and 16.2884% FGN MAR 2027 (reopened), and the FGN APR 2037 (New Issue). The Bond listing Ceremony of Sterling Bank will take place at the Nigerian Stock Exchange.
Thursday, April 13, 2017
GlaxoSmithKline Consumer Nigeria Plc and FCMB Group Plc will be marked down having proposed a dividend of N0.30kobo and N0.10kobo, respectively. Mobil Oil Nigeria Plc and Nigerian Independent Petroleum Company (NIPCO) will be at the Nigerian Stock Exchange and sound the closing gong.
Saturday, April 15, 2017
National Bureau of Statistics (NBS) will release its March 2017 Consumer Price Index & Inflation, AGO, PMS, HHK, Liquified Petroleum Gas and Transport fare Price Watch.
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