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Nigeria Economy | |
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Friday,
October 09, 2020 / 9:31 AM / By FDC/ Header Image Credit: FDC Limited
The Embattled Nigerian Consumer is no
King
Gordon Selfridge, the founder of the iconic Selfridges
department store on Oxford Street, London once said, "The customer is always
right". The embattled Nigerian consumer has found the contrary to be the case.
He is currently challenged by a rash of measures, which have shredded his
wallet, whilst the prospects of continued employment may also be in doubt.
The silver lining is that in the short-term there are
problems but the medium-term looks promising, if the current reforms encourage
investors to bring out their cheque books.
The economic prognosis of light at the end of the
tunnel is predicated on the strong correlation between investment and higher
total factor productivity, currently (-2.8%). It is believed that GDP will
increase from -3.3% to 1.8% and total factor productivity will improve from
-2.8% to 0.6%. This scenario will bode well for the Nigerian economy and the
consumers.
As the naira strengthens...
The naira has been relatively stable in the forex market.
The Non-deliverable forward rate for 360 days (N451/$) is now mirroring the
parallel market. There is now more optimism that the rationing of forex will
discontinue and the speculative premium on the Naira will reduce making the
rate of exchange in the parallel market to appreciate.
In the download and link below, Bismarck Rewane and
the FDC Think Tank discuss these issues and the impact on your business
strategy and the positioning of your company in these uncertain times.
In
the download below, Bismarck Rewane and the FDC Think Tank unpacks the flurry
of policy changes and its impact on your business strategy (-6.1%) and the
positioning of your company in these uncertain times.
Kindly download The LBS Executive Breakfast Session - October 2020
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