The United States of Uncertainty

US president Donald Trump has already alienated some companies with his attempted travel ban but others are hoping that the former entrepreneur’s policies will result in a positive business environment in the country. What is clear is that his administration will be unlike any seen before, as Erika Morphy reports.

Shortly after US president Donald Trump’s inauguration, Nestlé USA announced it was moving its corporate headquarters across the country from Glendale in California, to Arlington, a suburb a few kilometres outside of Washington, DC.

Blooming Spring: IMF Maintains 0.8% Growth Projection for Nigeria

Ahead of the IMF World Bank Spring meetings which commenced today April 21st, the International Monetary Fund (IMF) released its April 2017 World Economic Outlook (WEO) earlier in the week with revised projections for global and regional economies as well as highlights of downside risks to the global growth.

Earnings Review: Resilience amidst Macroeconomic Challenges

In line with the challenging macroeconomic landscape in 2016 which weighed on household, government and investment spending as well as operating and financing cost, the operating environment for corporates has remained tight as reflected in the performance of macroeconomic indicators such as GDP, FX rate and inflation.

Domestic Investors Retain Dominance in Equities Trading

The Nigerian Stock Exchange (NSE) recently released a report on Domestic & Foreign portfolio participation in equities trading for February 2017. The report showed total transactions decreased M-o-M for the first time since November 2016, settling at N74.1bn, a 22.1% M-o-M decline from N95.3bn recorded in January 2017. The figure also came in 36.8% lower Y-o-Y compared to the N117.3bn recorded in the same period in 2016.

Pace of Reform Slows as Nigeria's Ailing Buhari Slims His Schedule

A lingering illness has led President Muhammadu Buhari to reduce his working day to a few hours since he returned from medical leave, slowing down the pace of economic reforms advanced in his absence, diplomats and government sources said.

The Nigerian leader is spending between one and four hours a day in his office to conserve his energy levels, three diplomats and presidency sources said, deepening concerns he is too unwell to orchestrate reforms to the recession-hit OPEC economy.

MPC Maintains Status Quo on Rates but Leaves FX Question Unanswered

At the just concluded MPC meeting held on 20th and 21st of March, 2017, the Monetary Policy Committee (MPC) voted to maintain status quo on all rates. The decision was in line with analysts’ consensus expectation and our pre-MPC prognosis where we suggested that the “MPC will maintain status quo on all rates while trying to consolidate on the gains of recent improvements that have been recorded in inflation, parallel market FX rate, increase in oil production and the release of ERGP (Economic Recovery and Growth Plan) by the fiscal authority”.

Pre-MPC Note: Maintaining Status Quo to Consolidate Recent Economic Gains

The Monetary Policy Committee (MPC) will be having its second meeting for the year next week (20th - 21st March, 2017) to review major global and domestic economic developments since its last meeting. This meeting will be coming on the back of a continuous decline in the nation’s domestic output, Inflationary pressures, weak earning scorecards and FX market challenges, though some improvements seem to have been recorded in fiscal policy and foreign exchange administration.

Nigeria Economic Recovery & Growth Plan: Long on Policy, Short on Delivery?

Nigeria’s economic downturn began in H2:2014, after global oil prices tumbled from more than US$100.00/b to less than US$50.00/b and dragged the economy into a recession in 2016. This resulted into increased calls for a road map to redirect the economy from the doldrums. To this end, the much awaited Economic Recovery & Growth Plan (ERGP) was finally released on Tuesday, 7th March 2017, to provide a framework for the Buhari administration to counter challenges in the system as well as reset the economy on a path of recovery and sustainable growth.