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Nigeria’s economy shrank -1.5% year-on-year (YoY) in 2016 (2015: 2.79%) mainly due to weak oil output and broadly as a result of the persistent weakness in industries. This is in line with our 2016 full year forecast of -1.5% and it’s the first full year of negative growth since 1991 (-0.51%). Continue reading via http://www.dexteranalytics.com/2017/03/01/nigerias-economy-recession-gdp-shed-1-5-2016-lowest-since-1991/ |
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Nigeria’s economy is striving for growth and recovery in 2017, as contained in the Federal Government’s 2017 budget proposal. The FG has proposed an audacious expansionary budget of N7.30trn, with adequate provision for capital expenditure as stimulus to jump-start the economy. In contrast to the previous year, the FG is counting on higher oil production of 2.2mbpd to support oil revenues as projections for non-oil revenues are made to reflect present economic realities. With recent experience however, we note that the budget estimate seem overly ambitious. Read more via this link http://www.dexteranalytics.com/2017/01/31/2017-economic-review-outlook-threshing-floor/ |
In December 2016, inflation rate rose to 18.6% year-on-year – higher than 18.48% recorded in the previous month and the highest in over a decade according to historical records kept by the Central Bank of Nigeria. This marked the end to a challenging year for consumers, who suffered as average inflation rose to 15.7% in 2016 (2015: 9.01%). Read full report via this link http://www.dexteranalytics.com/2017/01/13/nigerias-inflation-rate-peaks-18-6/ |
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The Monetary Policy Committee (MPC) of the central Bank of Nigeria (CBN) is scheduled to hold its 5th meeting of the year between, Monday, the 19th and Tuesday the 20th September, 2016 where it is expected to deliberate on the recent development both in the global and domestic fronts since it last met and make policy decisions which are at best competing and requires strategic balancing. Read full report here: http://www.dexteranalytics.com/2016/09/17/pre-mpc-brief-crafting-a-way-through-competing-choices/ |
The consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) for July 2016 showed that inflation creeped to 17.1% (vs 16.5% in June 2016), the highest in almost eleven (11) years according to data from the Central Bank of Nigeria (CBN). After a nine month consecutive rise, inflation is finally showing signs of slowdown as the month-on-month pace of increase slowed for the second consecutive month to 0.6% points in July (vs 0.9% in June). This was due to slower pace of increase in most divisions contributing to the headline CPI. Read the full report here: http://www.dexteranalytics.com/2016/08/31/showing-signs-of-a-slowdown-inflation-rate-rises-to-17-1-in-july-2016/ |
Discovering nickel is a good thing but then if we start exporting nickel in commercial quantity it only further cements our economy as one that exports commodities thus still vulnerable to volatile commodity prices just like we have experienced with crude oil. Exporting nickel in commercial quantity helps broaden our forex earrings base but our economy should really be looking beyond exporting commodities. |
Global Market Fed Chair Janet Yellen told a global monetary policy conference that the case for a rate increase had grown stronger. Following her speech, global markets ended the week downwards after a volatile week. Read and download the full report here http://www.dexteranalytics.com/2016/08/28/weekly-market-report/ |
Global Market The International monetary fund has agreed in principle to grant Egypt a US $12 billion three-year loan facility. Germany’s GDP rose 0.4% exceeding expectations, although it slowed compared to a 0.7% growth recorded in the previous quarter. A disappointing retail sales report in the US had a negative effect on the dollar on Friday. The dollar dropped to its lowest since June. The dollar lost 0.2% to close at $1.1162 to the euro and 0.7% to close at $101.30 to the yen. In US markets, a weak retail sales data released on Friday saw indices go south except the NASDAQ composite index. The S&P 500 closed Friday dropping 0.08% to close at 2,184.05. On the week however it gained 0.01%. The NASDAQ composite index gained 0.09% to close at 5,232.8 on Friday. On the week it was up by 0.18%. The Dow Jones was also up on the week gaining 0.19%. In the European markets, the FTSE closed the week at 6,916.02 gaining 1.80%. The European Stoxx 50 index gained 2.26% to close the week at 3,044.94. In the Asian and African markets the Shangai composite index gained 2.63% to close the week at 3,050.67. The Japanese Nikkei 225 index 2.78% to close the week at 16,919.92. the Hong Kong Hang Seng was also up by 1.98%. The South African JALSH index closed the week at 52,806.84 up by 0.75%, while the Egyptian EGX 30 index went north by 1.27% to close at 8,378. The Nigerian ASI however continued its losing streak, going south by (-0.65%). Download the full report here: http://www.dexteranalytics.com/2016/08/15/dexter-weekly-market-report/ |
Global Market An impressive US jobs report had a positive effect on markets performance as markets closed on Friday with NASDAQ and S&P 500 closing at all-time highs,while the dollar strengthened against other currencies. The S&P 500 closed the week 2,182.87 gaining 0.86% from the previous week. The NASDAQ composite index also gained 1.062% from the previous week to close the week at 5,221.12. The Dow jones followed suit jumping by 1.043% to close the week at 18,543.53. Download the full report below http://www.dexteranalytics.com/2016/08/08/dexter-analytics-weekly-market-report/ |
The consumer goods sector of the Nigerian economy is home to many giant multinational companies and a host of domestic players who serve its over 170 million people. As the biggest consumer hub on the continent, the sector has attracted and retained foreign investment over decades. The latest of which is the boom in the retail sector, one that has spurred the entry of foreign capital through physical stores like Spar and Shoprite and online supermarkets such as Jumia.com and gloo.ng, amongst others. Read and Download the full report via http://www.dexteranalytics.com/2016/07/14/nigerias-consumer-goods-report-a-diamond-in-the-rough/ |
In its fourth meeting of the year which took place between July 25th-July 26th, the Monetary Policy committee (MPC) of the Central Bank of Nigeria increased the Monetary Policy Rate (MPR) by 200 basis points to 14%, and maintained the corridor around the rates at +2%/-5%. Against the backdrop of a weak macro-economy, indeed this was not a decision to be taken lightly and it reflected in the voting pattern of members in attendance. The decision to raise rates was largely divided among the members of the committee in attendance as five (5) of the eight ( members in attendance voted for the increase, while others preferred to hold rates. The harmonized Cash Reserve Ratio (CRR) was however retained at 22.5%.Continue reading via http://www.dexteranalytics.com/2016/07/27/249/ |
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Boko Haram gunmen killed dozens of people in
four villages in northeast Nigeria, slitting some
residents’ throats and opening fire on others, one
resident and the police said on Tuesday.
“Boko Haram gunmen came into our villages at
night, killing 43 people,” said Sheriff Kulo, from
Kilwa village near Monguno, who escaped to the
Borno state capital, Maiduguri.
There was no corroboration of his death toll but
the state police commissioner confirmed the
raids, which happened late last Friday.
Details have only just emerged because of poor
to non-existent phone networks in the remote
area.
Boko Haram has mounted almost daily raids,
bombings and suicide attacks in northeast
Nigeria since May 29, when Muhammadu Buhari
became president vowing to crush the six-year
Islamist uprising.
On Monday, he sacked his entire military high
command, who were appointed by his
predecessor Goodluck Jonathan, in the latest
sign he is making a fresh start in the counter-
insurgency.
Kulo said the gunmen seized food and cattle
then set villagers homes on fire.
“In Kilwa alone, they killed seven people,
including the village head and left one seriously
injured with a fracture on his leg,” he added.
“They then proceeded to Gwollam, Misala and
Magaram, where they did the same thing. In all
they killed 43.
“They opened fire on residents and in some cases
they used knives to slaughter their victims.”
Many women and children fled to Monguno but
were living in the open air with little food, he
said. Others made it to Maiduguri to raise the
alarm.
The Borno state police commissioner, Aderemi
Padokun, confirmed the attacks.
“From what we heard, the gunmen raided these
villages. They shot dead their victims and in
some cases slit their throats. They also carted
away foodstuffs and livestock,” he said.
“We don’t have details of the actual number of
people killed in the attack but I can confirm it
happened.”
Boko Haram mounted a similar raid on a nearby
village in the Monguno area on July 1, killing 48.
The latest deaths take the number of people
killed since Buhari’s presidency began to more
than 625, according to an AFP count.
www.punchng.com/news/dozens-killed-as-boko-haram-slits-residents-throats/ |
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No
members in attendance voted for the increase, while others preferred to hold rates. The harmonized Cash Reserve Ratio (CRR) was however retained at 22.5%.