Sunday, September 23, 2018 08:00 AM / Proshare Content
Nigeria: Economic Dashboard @ 210918
From the Editor’s Desk
Recently, the external volatility witnessed globally streaming from trade frictions and rising fund rates have propelled yields on emerging economies to new high.
At the same time the growing indifference have bolstered the possibility of corporate defaults on external debt. Especially, in countries where growth has been fueled heavily by external borrowing combined with inherent negative current account.
The recently published report on the trajectory of public debt by the National Bureau of Statistics, Nigeria (NBS) is certainly timely at this particular point in time. It provides ample opportunity to take an in-depth diagnosis on Nigerian debt.
The external debt incurred by states rose from $3.94 billion at the end of 2017 to $4.24 billion at the end of the second quarter of 2018, thus reflecting a 7.6% increase in the total amount of debt incurred by sub-nationals.
The debt incurred by sub-nationals account for just 19.2% of the total external debt while the amount of external debt incurred by the Federal Government rose from $11.01 billion to $17.834 billion at the end of the second quarter of 2018.
Fig 1: Total Debt
Broadly, the total external debt rose from $15.047 billion at the end of 2017 to $22.03 billion at the end of the first quarter of 2018. Thus, reflecting a 60% and 142% increase compared to 2017 and 2015. The dynamic further underpin the administration’s policy to increase external debt to 40% of its total debt pool.
Although, the fiscal side in attempt to short circuit the domestic money market has increased its appetite for external debt. However, the growing accentuation in the degree of export concentration from 66.4% to 71.4% coupled with fickle rise in oil price.
Moreover, with the slack witnessed in GDP growth which has resulted into a slower pace in output compared to the present galloping rise in external debt.
Such dynamic is inflammable leaving the nation vulnerable to a debt over hang, thereby triggering wider ripples regarding fiscal management on the long term, if the growth in external debt is not curtailed. Evidently there is a need for stronger fiscal rule moving forward fused with increased use of such Federal Government guarantee as an alternative measure.
Monday, September 24, 2018
will on this day be marked down by the NSE having declared a dividend of N1.84 and N0.15 respectively in the preceding week.
The Monetary Policy Committee will on this day hold the 263rd meeting of the Monetary Policy committee in Abuja while the Make on Nigeria Exhibition & Conference 2018 will commence same day with theme The Emergence of the Entrepreneur
The Centre for Dryland Agriculture will on this day hold its 3rd International Conference on Drylands with titled Resource Constraints, Conflicts & Changing Climate in the Drylands: Option for attaining SDGs.
The United states of America will on this day issue 3 and 6 months Treasury bill auction as well as a 2 year note Auction.
Tuesday, September 25, 2018
Fidson Healthcare Plc, Veritas Kapital Assurance and First Aluminium Nigeria Plc will on this day hold its Annual General Meeting in Lagos, Abuja and Lagos Respectively while Lafrage Africa Plc will hold its Extra-Ordinary General Meeting same day in Lagos.
The Nigeria Innovative Summit 2018 will hold on this day titled Building a Culture of Innovation in Nigeria for Sustainable Economic Growth in Abuja while the Efina Media Roundtable will hold same day titled The Role of Media in Driving Financial Inclusion in Lagos
The National Bureau of Statistics (NBS) will on this day release the Federation Account Allocation Committee August Disbursement 2018 while the Power Nigeria will hold its Power Exhibition same day in Lagos
Nigeria will on this day host the 6th edition of the ApiExpo Africa in Abuja while the Bank of England Monetary Policy Committee Member Gertjan Vlieghe will be Speaking on same day
The United State of America will on this day issue a 4 week Treasury Bill Auction and a 5 year note Auction
Wednesday, September 26, 2018
Women in Finance Nigeria is scheduled to hold its 3rd quarterly dinner in Port-Harcourt Titled Financial Empowerment of Women as a Tool for Economic Development while the 8th Edition of the New Age Banking Summit will hold same day in Lagos titled Stay Relevant in the changing Financial Landscape of Nigeria.
NEM Insurance will this day host the Insurance September Conference titled TRUST - A new technology for insurance rebirth in Nigeria in Lagos
The German Government will on this day release a 10 year Bond Auction.
Thursday, September 27, 2018
University Press Plc, Chellarams Plc, Sovereign Trust Insurance Plc, Cornerstone Insurance Plc, Academy Press Plc and Ellah Lakes Plc will on this day hold its Annual General Meeting in Oyo, Kaduna, Lagos, Lagos, Lagos and Port-Harcourt Respectively while the
United Capital Plc will on this day on this day launch its InvestNow mobile App in Lagos while Economic Associates holds its Conference on Nigeria Economic Outlook in Lagos titled Reaping Gains: Contemplating actions needed to seize opportunities at Federal, State and Corporate levels.
Europe will on this day release its Consumer Inflation Expectation Report
Friday September 28, 2018
The Africa Future Tech & Energy Summit will hold this day in Abuja
Sunday, September 30, 2018
The National Bureau of Statistics will on this day release the Drug Usage Schedule for 2016/2017
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