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.

Nigeria and Sustaining Development Challenges

Ever wondered why news about the positive growth of the Nigerian economy doesn’t positively affect you personally? Ever wondered why the common man finds it difficult to grasp the fact that although Nigeria has the largest economy by Gross Domestic Product (GDP) in Africa, it still doesn’t translate to improved quality of life for them?

Global Hunger Rises for First Time in Decade

Global hunger levels have risen for the first time in more than a decade, now affecting 11 percent of the world’s population, as conflict, climate change and economic woes bite, U.N. agencies said on Friday.

Last year, 815 million people were hungry - 38 million more than in 2015 - the five agencies said in the first global assessment since governments set an international target to eliminate hunger and malnutrition by 2030, as one of a set of so-called Sustainable Development Goals (SDGs).

MPC: Tightening Argument Overriding despite Strengthening Case for Easing

The Monetary Policy Committee (MPC) is set to have its 5th meeting of the year on the 18th and 19th of September, 2017. As has been the case with all meetings held so far in 2017, we expect the committee members to maintain status quo on policy rates as they sit to deliberate on recent happenings in the global and domestic landscape next week. However, we expect emphasis to be placed on the need to consolidate gains in the FX market whilst urging for more fiscal-monetary policy coordination to sustain recent improvements in domestic macroeconomic fundamentals.

Economy Expands in Line with Forecast …Better Days Ahead?

During the week, the National Bureau of Statistics (NBS) released Nigeria’s Q2:2017 Gross Domestic Product (GDP) report which confirmed consensus view that macroeconomic fundamentals are improving and growth would turn positive after five consecutive quarters of contraction. The report showed GDP expanded by 0.55% Y-o-Y in Q2:2017 - much in line with our estimate of 0.6% - compared to a contraction of 0.9% Y-o-Y in Q1:2017 (revised downward from earlier estimate of –0.55%) and decline of 1.5% Y-o-Y in Q2:2016.