In its latest report titled "World Economic Outlook: A Rocky Recovery" (April 2023), IMF has maintained Nigeria's economic growth projection at 3.2% for 2023. The IMF has, however, revised Nigeria's economic growth projection for 2024 upward from 2.9% to 3.0%. twitter.com/i/web/status/1…
Global Economy
Next Tuesday, UK Unemployment/Wages data for February will be released, and although the unemployment rate has remained low at 3.7%, the soaring cost of living poses a challenge to UK consumers
Oil and Gas
Analysts have widely agreed that the fuel subsidy should be phased down due to its exorbitant consumption volumes and over-bloated values, as well as its overbearing impact on government revenue. However, analysts disagree on the palliatives that should be… twitter.com/i/web/status/1…
Currency Market
The Naira depreciated W-o-W by 0.16% against the dollar at the I&E FX window to settle at N464. Likewise, at the NAFEX window, #Naira lost 1bp to close at N462.50/US$1 twitter.com/i/web/status/1…
Money Market
This week, the money market experienced a persistent shortage of liquidity, causing the funding rates to remain elevated. The Open Repo rate (OPR) and Overnight (O/N) rose by 70bps and 65bps week-on-week to close at 18.63% and 19% respectively.
FGN Bond Market
The long-dated bonds experienced buying interest this week, especially Apr 2049 and Mar 2050 maturity. However, the average benchmark yield still increased by 49bps week-on-week to 14.33% due to the large selloffs seen at the short-dated bonds twitter.com/i/web/status/1…
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The 4th edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) by The Nigerian Content Development and Monitoring Board (NCDMB)
Femi Otedola is a maverick, a mercurial Nigerian business character in the fashion of Elon Musk. His business decisions, like Musk’s, at times, appear random, but they never really are.
They are usually the products of cold-blooded calculations that makes little impressions on… twitter.com/i/web/status/1…
Out of the blocs in Q2 2023, Otedola was at it again. By the second week of April, the energy maven had reportedly acquired a 5.52% equity interest in #Transcorp Nigeria Plc, a conglomerate with revenues coming mainly from hospitality and energy businesses.