What To Expect From The Markets This Week - 250917


Firday, September 22, 2017 9:00 PM / Proshare

Economic Dashboard

From the Editor’s Desk
The National Bureau of Statistics made available Nigeria’s debt profile for the first half of 2017. According to the recently released report, Nigeria’s foreign debt hit $15.5 billion as at 30th June 2017, reflective of 25.5% rise compared to the end of 2016.  This implies that foreign debt to GDP stood at 3.69% at the end of June 2017.  

Fig 1: Foreign Debt Composite as at 3oth June 2017

Source: NBS, Proshare Research  

Domestic debt at the end of the first half of 2017 stood at N14.04 trillion, reflective of a 0.27% increase in Nigeria domestic debt. Federal government held a lofty chunk of 74% of the aggregate domestic debt, making it N11.12 trillion. Therefore aggregate public domestic debt to GDP and total federal government debt stock to GDP stood at 15.34% and 11.35%, respectively as at 3oth June 2017. Concurrently, there was a tepid movement in domestic debt coupled with rising trajectory in foreign debt at the end of the first half of 2017.  

Underlining government’s resolve to increase the concentration of foreign debt in the nation’s debt universe, it is expected that the proposed short circuit to crowding by refinancing treasury bills will further increase foreign debt concentration and force the short term yield on the yield curve to drop.    

Alice Rivilin’s description of the job of the banking regulator is considered to be at tandem with today’s macro dynamic. Given the herculean reality faced by central banks. In Alice words, “the job of the central bank is to be worried”. 

On September 25th and 26th, the Monetary Policy Committee will hold its statutory meeting. Expectedly the banking regulator will make known their individual worries and how deeply disturbed such worries might be.  

Even though the cycle has risen above it first growth break in 24 years, the worries haven’t abated and this is because successive quarters of output gap have led to rising youth unemployment combined with a food inflation that has remained largely stubborn.  Moreover the fickle micro prudential ratios held by certain deposit money banks also added to such list of worries.  

Although it is largely believed that the banking regulator will maintain the existing status quo, while avoiding the temptation of giving up long term goals for purported short term ones, the prolonged period of weakness in money supply could spark a disruption, which could be an up risk to a fragile recovery. Thus, a multi targeted approach whereby both growth and price stability are equally important is inevitable at some point in time.  

Monday, September 25, 2017
The Monetary Policy Committee (MPC) meeting will hold today in Abuja, while the Nigerian Stock Exchange holds its Annual General Meeting in Lagos. 

The Nigeria CEO Summit & Awards themed “Accelerated Infrastructure Investment Drive” and the AgrikExpo & NABG Conference will commence today. 

Nigerian Oil and Gas Industry Research and Development Fair & Conference 2017 and the Lagos Startup Week 2017 focused on professionals in the tech fields will commence today.  

The African Tax Administration Forum (ATAF) will commence its 3rd International Conference on Tax in Africa (ICTA) today in Abuja, while Guinness Nigeria Plc will be marked down today having declared a dividend of 64 Kobo. 

Tuesday, September 26, 2017
The Nigeria Gas Summit 2017 and the Nigerian Economic Society (NES) 58th Annual Conference will commence today. 

The Association of Northern Nigerian Students will today visit Proshare Nigeria Limited for a conferment of the Sir Ahmadu Bello Sardauna Platinum Excellence/Leadership Award on Mr. Olufemi Awoyemi, CEO, Proshare. 

Wednesday, September 27, 2017
The Debt Management Office will today auction N135 billion worth of bonds at the local market, while the National Bureau of Statistics releases its Q2 2017 Labor Productivity Report and Q2 2017 Online Recruitment Service Report. 

The AgriTech Summit 2017 themed “Maximizing emerging opportunities in technology: The future of agriculture in Nigeria” will hold today, while the Society for Corporate Governance Nigeria holds its 2017 Annual Corporate Governance Conference with the theme: ‘Institutionalization of Corporate Governance as a Tool of National Economic Development’. 

Thursday, September 28, 2017
Economic Associates’ One-Day Conference on Nigeria’s Economic Outlook will hold today, while FMDQ OTC Securities Exchange host industry stakeholders for its 2017 Nigerian Debt Capital Markets Conference & Awards. 

Friday, September 29, 2017
The National Bureau of Statistics will today release the Q2 2017 Unemployment and Underemployment Watch Report. 

Insurance September an event focused on giving insurance stakeholders and in particular, policyholders (insurance customers) the much desired platform to engage the insurance industry in Nigeria will hold today in Lagos. 

Saturday, September 30, 2017
The National Bureau of Statistics will today release the 2016/17 Solid Mineral and Mining Sector as well as the Creative Industries Sector Survey Report. 

Accion Microfinance Bank will today hold a Financial Inclusion Seminar themed “Making Financial Inclusion a Certainty in Nigeria by 2020” as it celebrates its 10th year Anniversary.


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! 

Contact for Details:
For further information, enquiry or submission of information, kindly contact market@proshareng.com and research@proshareng.com Tel: 0700 PROSHARE  

Latest Reports 
CBN Communiqué No. 114 of the MPC Meeting – July 24-25, 2017  

June 2017 Foreign and Domestic Debt Report - NBS  

Latest Videos


Previous Week(s)
1.      What To Expect From The Markets This Week - 180917
What To Expect From The Markets This Week - 110917
What To Expect From The Markets This Week - 040917
What To Expect From The Markets This Week - 280817  

Related News
After Recession: A Need for Policy Change?
Reformed Pioneer Status Incentive in Nigeria: Any Contradiction to Tax Revenue Drive?
Invest in FGN Monthly Bond Auction – September 2017
Achieving Prosperity Through Agriculture in Africa
Dr. Teriba to Discuss Nigeria's Economic Outlook on September 28
FMDQ: Gradually Drawing Down the Curtains
Insurance September: One day for the Policyholders
Microfinance banks and the VAT legislation: Is there a case for exemption? 

Read More 
NSEASI Erases Previous Day Loss; Records +1.38% Gain WoW
NSEASI Pares Gain by -0.05% to Resume Downtrend
Market Halts Three-day Losing Streak; NSEASI Inches Up by +1.04%
NSEASI Dips by -0.08%; Extends Two-day Losing Streak

Related News