Nigeria’s Paint Industry to Hit $377m Growth by 2025

Nigeria’s paint industry is projected to record five percent growth rate from its present estimated $268 million (N96.50 billion) to $377 million (N135.80 billion) by 2025, a business expert has said.

Chris Kiwamu, Managing Consultant, Kirsten Turner Consulting, made the projection in Lagos, South-West Nigeria, during the 30th Annual General Meeting (AGM) of the Paint Manufacturers Association of Nigeria.

He spoke on the theme: “Strategic Roadmap for the growth of the Nigerian paint industry.”

Global Fund announces $660m grant for Nigeria

The Global Fund, an International Financing Organisation, has announced an additional humanitarian grant of 660 million dollars to tackle HIV/AIDS, Tuberculosis and Malaria epidemic in Nigeria.

Its Executive Director, Mr Peter Sands, announced this at a news conference on Wednesday in Abuja.

Sands noted that the grant was expected to last for a three-year period to include more people on the treatment of the diseases.

Q1:2018 GDP Report –Oil Sector Growth Propels GDP amid Non-Oil Sector Vulnerabilities

The National Bureau of Statistics (NBS) published the Q1:2018 Gross Domestic Product data earlier in the week announcing an expansion in real output of 1.95% Y-o-Y. This aligns with consensus expectations of a positive growth as the economy recorded the 4th consecutive quarterly increase since recovery from the economic recession in Q2:2017. This successive growth in output of 1.95% in Q1:2018 reflects a stronger increase of 2.87ppts relative to the first quarter of 2017 (-0.91%) but a slower growth when compared with the preceding quarter (2.11% in Q4:2017).

Pre MPC: Status Quo to be maintained on Downside Risks of Capital Flow Reversals

The Monetary Policy Committee (MPC) is set to have its 2nd meeting for the year on the 21st and 22nd of May, 2018 and as with all meetings since July 2016, we expect the committee to maintain status quo on all policy rates. We expect emphasis to be placed on the need to withstand a possible pass through inflation from rising global inflation as well as protect the economy and financial markets against rising downside risk of capital flow reversals. Below are our thoughts on possible MPC considerations.

Gains of Bilateral Currency Swap Agreement

During the week, the Central Bank of Nigeria (CBN) and People's Bank of China (PBoC) announced the conclusion of a bilateral currency swap agreement between Nigeria and China valued at Renminbi (RMB) 15.0bn or N720.0bn. The 3-year Agreement, signed by respective Central bank Governors on Friday, 27th April 2018, followed a 2-year long negotiation process between the two countries which began during President Muhammadu Buhari’s visit to China in April 2016.

Full Text of President Buhari’s Speech at White House Press Conference

Good day, Ladies and Gentlemen of the media.

It has been a pleasure and honour to visit Washington DC at the kind invitation of President Donald Trump.

Nigeria and the United States share a long history of close and cordial relations, which encompass political, economic, military, social and cultural cooperation. Our two countries maintain a strategic partnership for peace and security, conflict resolution as well as the global fight against terrorism.

Foreign Investors Still Calling the Shots

Saturday April, 21st 2018 marked one year anniversary of the CBN’s (Central Bank of Nigeria) launch of the Investors and Exporters’ (I&E) FX window. Although the policy was pitched almost a year after the CBN originally reneged on the June 2016 announcement of a transition to a flexible foreign exchange framework, initial scepticism which greeted I&E fizzled within weeks post-introduction after FX transactions in the window cumulated to US$1.9bn by May-2017.

The Race for Nigeria’s Presidency in 2019

Nigeria’s President Muhammadu Buhari announced on Monday he wants to seek another term in office in February 2019 elections. With that declaration, the race to lead Africa’s largest democracy is underway. The path ahead could be tough for his All Progressives Congress (APC), the People’s Democratic Party (PDP) opposition and any other party that may contest the vote, Reuters reports.

Buhari’s 2015 victory was built on three promises: to rid Nigeria of its endemic corruption, to fix the economy and to defeat threats to security.