Nigeria’s Policy Reforms Bearing Fruit

Against the backdrop of several deep-seated structural challenges stifling operating environment for businesses, Nigeria has persistently been ranked low by the World Bank in its Ease of Doing Business (EODB) report. Out of the 190 countries surveyed for 2017, the report ranked Nigeria 169th - a negligible improvement from 170th of 189 countries in 2016. On average, the country ranked 158th of 189 countries surveyed in the last 5 years and 37th of 48 countries in Sub-Saharan Africa for 2017.

Industrialisation: Doing it the Chinese Way

“Made in China’’ unarguably has become a dominant inscription on most products world over.

These products span across electronics, textile, pharmaceuticals, leather products, automobile, building materials, phones, accessories, military hardware, among others.

Available statistics indicate that that China has so far attracted over 139 trillion dollars in Foreign Direct Investment (FDI), the News Agency of Nigeria reports.

Wanted: 11 million Professionals to Save Africa from "Disaster"

Africa needs 11 million more doctors, nurses and teachers by 2030 to prevent a “social and economic disaster” that could propel millions to migrate, the United Nations said on Thursday.

It said the 11 million were needed to help the continent cope with a booming population, with the number of children set to increase by 170 million to 750 million in the next 13 years.

“We are at the most critical juncture for Africa’s children,” Leila Pakkala of the United Nations Children’s Fund (UNICEF) said in a statement.

IMF Reinforces Optimism on Global Growth Outlook

The International Monetary Fund (IMF) released its October 2017 World Economic Outlook this week as part of events marking the Annual Meetings of the World Bank Group (WBG) and the IMF holding between 10-15 October 2017. Titled “Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges”, the report expectedly reinforced the optimism on global growth acceleration against the backdrop of supportive financial condition, cyclical upswing of growth in advanced economies as well as resilient performance in emerging markets.

Nigeria –Investors’ Delight

Vice President Yemi Osinbajo on Monday declared that Nigeria is an investors’ delight as the Buhari Presidency is making specific efforts to enable the private sector to thrive.

Prof Osinbajo stated this at the Financial Times Africa Summit in London noting that the government of President Muhammadu Buhari, in the past months, had been working assiduously to improve macroeconomic conditions.

A copy of the speech was released to newsmen in Abuja.

Full Text of President Buhari’s 2017 Independence Broadcast

October 1st remains a special date for all Nigerians as this marks the day when we attained one of the most precious of human desires — freedom.

Over the years the country has gone through trials and tribulations, but October 1st is always a day for celebrations.

It is a day for thanksgiving, reflection and re-dedication.

It is also a day for remembrance. We should remind ourselves of the recent journey from 1999 – 2015, when our country happily returned to democratic rule.

Policy Variables: MPC to Maintain Status Quo despite Falling Market Rates

Since the release of our Pre-MPC Note last week, two major developments have surfaced in the global and domestic scene with potential impacts on domestic market condition and near term outlook for monetary policy. Whilst we consider these events important talking points as the Monetary Policy Committee (MPC) convenes next week to deliberate, our expectation of the outcome of the meeting remains unchanged as we anticipate committee members to overwhelmingly vote to retain policy rates at current levels.