This week Monday and Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will be meeting to review major developments in the global and domestic space since its last meeting. This 3rd meeting in 2017 is coming at a time when the global economy is viewed to be in a sweet spot following respite in global downside risks related to the US elections, Brexit uncertainty and concerns of slower growth in China. The impact of the expectations of expansionary fiscal policy is evident in the bullish trend in US equities as well as a stronger dollar.
The Inequality report released by Oxfam International on Wednesday, revealed that the combine wealth of five richest Nigerians, put at $29.9 billion, could end extreme poverty in the country.
The report, entitled ‘’Inequality in Nigeria, Exploring the Drivers” exposed the large and growing gap between the rich and poor in Nigeria, the News Agency of Nigeria reports.
It revealed that the benefits of the nation’s economic growth had been captured by a few wealthy elite at the expense of the ordinary Nigerians.
The depressed state of the Nigerian economy over the last two years has been broadly reflected in capital market activities. Foreign investors’ appetite for Nigerian assets has waned significantly on the back of currency crisis which in turn has fundamentally weakened macroeconomic performance, dragged corporate earnings and also impacted on equities market viability. This condition has also lingered into the year 2017 as investors have been dumping equities for less risky investment opportunities in the fixed income market especially given the current relatively high yield environment.
It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast, ranging from performance and appearance fees to endorsement deals, royalties from image rights, tournament participation fees, etc. These incomes are often earned in multiple jurisdictions, which can potentially make accounting for appropriate taxes complicated.
In most gatherings of experts in the travel & hospitality industry, tourism as a tool in diversifying the Nigerian economy has received the most attention and provoked lots of intellectual comments. This is not surprising at all considering the huge potential that this particular sector possesses. In most developed and developing countries, tourism has enriched the economies of these countries thus becoming one of the major sources of income and a pillar of commerce.
The Central Bank of Nigeria (CBN) recently released the Purchasing Managers’ Index Report for April, with data showing an upturn in manufacturing activity in the first month of the new quarter. Buoyed by knock-on effects of the significant improvement in fiscal balance and the FX market – particularly related to FX liquidity – April manufacturing PMI expanded to 51.1 points (relative to 47.7 points in March 2017) after three consecutive months of contraction, settling in the positive region for the first time in 2017.
In response to the weak level of autonomous participation in the domestic FX market, the CBN launched a new FX window on Monday - tagged “Investors’ & Exporters’ FX Window”(IEFW) - which is expected to have portfolio investors, exporters, authorised dealers as well as the CBN as market participants.
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.
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.