Saturday, February 24, 2018 08:00 AM / Proshare
From the Editor’s Desk
The recently published Economic Report by the Central Bank of Nigeria stated that foreign inflow through the economy rose from $11.98 billion in Q3 2017 to $14.708 billion in Q4 2017. Thus, foreign inflow through the economy rose by 22.7% due to the increase in oil dollar receipts which grew from $2.64 billion in Q3 to $6.2 billion in Q4 in the same year.
Foreign outflows fell from $9.34 billion in Q3 to $8.38 billion in Q4 2017, reflective of a 10.27% slump. The current, inward looking approach by firms is responsible for softening export leakages, in the face of exchange rate stability which has tampered down the growth in foreign outflow.
The current dynamic beefs up current surplus net flow to $6.32 billion, making it the nation’s highest surplus net-flow so far as export injection remain positive.
Fig 1: Foreign inflows and outflows from 2010 to 2017
The aggregate foreign exchange through the economy rose from $26.95 billion in Q3 2017 to $30.o billion in Q4 2017, reflective of 12.9% increase when compared to the previous. Aggregate foreign exchange was bolstered by 4.7% increase in autonomous income and rise in oil receipts, while autonomous inflow rose from $15.o11 billion to $15.74 billion in Q4.
The persistent growth in autonomous inflow is stirred by the introduction of the importers and exporters window leading to increased foreign portfolio investors. Aggregate outflow fell from $10.17 billion in Q3 2017 to $9.19 billion in Q4 2017, the trajectory was in reaction to the earlier fall in foreign outflow.
Fig 2: Aggregate Foreign Inflow through the Economy
In the week ahead, the National Bureau of Statistics will make available the Q4 GDP figures for 2017. The current backwardation from low oil prices coupled with the persistent improvement in the health of leading indicators, subduing of implicit price effects on real sectors and considerable low growth base further support a positive gross domestic product in the fourth quarter. However, the danger of having growth residing within nominal enclaves alone, below 3% is grim. Evidently, casting doubt on the quality and inclusiveness of such growth moving forward.
Monday, February 26, 2018
The 2018 Edition of the Social Media Week Lagos commences today at the Landmark Event Centre, while Kingsley Moghalu, Former Deputy Governor of CBN Book titled “Build, Innovate and Grow: My Vision for Our Country” will be launched today in Lagos.
The Government of Nigeria in collaboration with the United Nations Educational, Scientific and Cultural Organization (UNESCO) and Lake Chad Basin Commission (LCBC) is organizing an International Conference on Lake Chad.
Tuesday, February 27, 2018
The National Bureau of Statistics will today make available the Q4 GDP figures by Output for Q4 2017 and the full year 2017
The Chartered Institute of Taxation of Nigeria (CITN) will today in Lagos hold a Seminar themed “the 2018 National Budget as a tool for Consolidating Economic Recovery and Catalysing Growth, while the Nigerian Association of Petroleum Explorationists holds its Extra Ordinary Annual General Meeting (AGM) today in Lagos. The Society for Human Resource Management (SHRM) will today hold a free webinar on how to earn the SHRM Certification.
BudgIT will today hold an Education Summit themed “Financing & the Context of Corruption” in Abuja, while the 5th edition of the Lagos Theatre Festival powered by the British Council commences today.
Wednesday, February 28, 2018
The National Bureau of Statistics will today make available the Prison Statistics for 2017 and the full year 2017.
The Lagos-Kano Economic Summit themed “States Partnership as a Tool for Sustainable Economic Development” will hold today in Lagos, while UUBO holds a 90-minute webinar focusing on “Reconciling Employment Laws with Local Content Requirements in Africa: Focusing on Natural Resources and Extractive Industries”
The Chartered Institute of Taxation of Nigeria (CITN) will hold a Transfer Pricing Seminar today in Abuja, while the Mind to Mind Youth Empowerment Initiative holds a summit themed “Alternative Solutions to Unemployment”.
Thursday, March 01, 2018
Nestle Nigeria will hold its board of directors meeting today to consider the audited financial statements for the year ended December 31, 2017.
The AFEX Commodities Exchange Limited (AFEX) will today host a meetup-style workshop for players in the agriculture, finance and technology industry to explore “What Happens When Finance & Technology Meet Agriculture”, while the Association of Enterprise Risk Management Professionals commences its Workshop on Managing Strategic Risk In Corporate Organisations today.
The Kaduna State Government will today host a VAIDS stakeholders’ symposium, while Data-Lead Africa will today commence a 3-day Training on Unlocking Data Science.
Friday, March 02, 2018
The Nigeria Anti-Corruption Collective Action Incubation Lab Workshop organised and jointly hosted by the United Nations Global Compact Office New York, the Global Compact Network Nigeria, and supported by Siemens’ Initiative will hold today.
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