Saturday, November 18, 2017 08:00 AM / Proshare
From the Editor’s Desk
The National Bureau of Statistics (NBS) made available inflation figures for the month of October 2017 recently. Contrary to our earlier forecast core inflation rose from 12.12% to 12.14% in the month of October. This trend suggests that core inflation is gradually becoming more responsive to upswings, as it has experienced an uptick twice in three months.
Erasing earlier perception that the initial uptick experienced in core inflation in the month of August was not a sudden deviation; month on month inflation dipped slightly from 0.78 to 0.76, in line with our expectation, as money supply remain blunted. However it is expected that the ushering in of the festive period will trigger a strengthening in month on month inflation. Food inflation in the month of October, dipped slightly from 20.32% in September to 20.31%, regardless food inflation still remain a concern. As predicted headline slipped slightly from 15.98% to 15.91%, thereby tip towing downwards by 0.07%.
The week ahead is a busy one for the markets as the NBS makes available the third quarter (Q3) 2017 Gross Domestic Product (GDP) figures, while the Monetary Policy Committee (MPC) meets. Our forecast supports a positive GDP figure for Q3’2017, as we expect the economy to sustain its recovery largely on the back of improved oil sector price, stable exchange rate dynamics and increase in government spending.
While we do forecast positive GDP, such will be too little too small to neither address issues of poverty nor create a dent on unemployment. Thus, the MPC in its meeting must come to terms with reality. Obviously the economy is still partly in need of an even keel to recover missing growth thus an accommodative monetary position is largely is inevitable at this point in time.
Monday, November 20, 2017
The 259th Meeting of the Monetary Policy Committee (MPC) will commence today in Abuja, while the National Bureau of Statistics will release the Q3’2017 Gross Domestic Product by Output Approach report.
The 3rd African Conference on Business and Human Right will commence today in Abuja, as the International Civil Aviation Organization (ICAO) World Aviation Forum commences today. The 2017 All Nigeria Judges’ Conference and the National Engineering Conference and Annual General Meeting themed “Diversification of Nigerian economy: Engineering perspective” will commence today.
Tuesday, November 21, 2017
The Agra Innovate West Africa trade show will commence today, while the Africa International Investment Summit and Expo (Africinvest 2017) holds in Abuja.
Wednesday, November 22, 2017
The FGN Monthly Bond Auction will hold today, while the Strategic Transformation and Empowerment Platform (STEP) Conference themed, “Capacity Building for the Transformation of the MarketPlace” will commence in Lagos.
Thursday, November 23, 2017
May & Baker Plc will hold its Annual General Meeting today in Ogun state. The Nigeria SME Connect hosted by Footprint to Africa in collaboration with the Nigeria Small and Medium Development Agency of Nigeria (SMEDAN) will hold today. In addition, the Made in Nigeria Conference & Awards 2017 will commence today.
The National Bureau of Statistics will release the Q3’2017 VAT by Sector Report today, while the Nigeria-South Africa Chamber of Commerce Breakfast Forum holds today in Lagos.
The Lagos Chamber of Commerce & Industry training on Work Ethics will commence today.
Satuday, November 25, 2017
The Women in Leadership Conference chaired by Dr. Obiageli Ezekwesili will hold today, while the Bfit Corporate Workout, a fun fitness event will hold today in Lagos.
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