The latest national accounts released by the National Bureau of Statistics (NBS) show the continuous recovery of the air transport sector from the adverse effects of the COVID19 pandemic. Air transport grew by 50.7% y/y in Q1 ’22 compared to the contraction of – 11.8% recorded in Q1 ’21. This was the second fastest-growing segment …
More →The latest national accounts released by the National Bureau of Statistics (NBS) show that GDP grew by 3.1% y/y in Q1 ‘22 compared with 3.9% y/y in Q4 ’21. This growth can be partly attributed to positive base effects (GDP grew by 0.51% y/y in Q1 ’21) and CBN interventions in key sectors. On a …
More →Dear All, Ten (10) members of the committee were in attendance. Decision (unanimous) Six out of the 11 members voted to; Retain MPR at 13.0% Retain the asymmetric corridor of the MPR at +100 / -700 basis point. Retain CRR at 27.5% Retain liquidity ratio at 30%. The MPC noted that the available data on …
More →The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N725.6bn in April (from March revenue). This shows an increase of 4.4% or N30.6bn from the previous payout. Based on data in the local media, we learnt that companies’ income tax (CIT), petroleum …
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This podcast will focus on Nigeria’s fiscal landscape. A review of the performance of the previous year, 2021 and the discussions around the current year, 2022. Given its impact on overall growth and also on the fixed income market, the conversation will provide insights for listeners. Guest –: Taiwo Oyedele – Fiscal Policy Partner and …
More →The latest report from the National Bureau of Statistics (NBS) in its series on foreign trade in goods shows the total value of trade increased by 11.8% q/q to N11.7trn in Q4 ‘21. For FY ’21, total foreign trade increased by 57.6%, to N39.7trn from N25.2trn in 2020. Compared with 2020, the total export value …
More →The latest report from the NBS in its series on foreign trade in goods shows the total value of trade as N13.28trn in Q3 ‘21, representing an increase of 10% on the preceding quarter and a y/y increase of 59%. Compared with Q2 ‘21, the total export value rose by just 1% to N5.13trn, and …
More →Dear All, Ten (10) members of the committee were in attendance. Decision (unanimous) Retain MPR at 11.5% Retain the asymmetric corridor of the MPR at +100 / -700 basis point. Retain CRR at 27.5% Retain liquidity ratio at 30%. The MPC noted the relatively healthy GDP growth posted in Q3 ’21, as well as improving …
More →The NBS has released its November inflation report to show – Headline rate 15.40% y/y (15.99% in October): Core rate 13.85% y/y (13.24%); and Food rate 17.21% y/y (18.34%). November’s headline reading declined by 59bps (when compared with the previous month) to 15.40% y/y. On a monthon-month basis, headline inflation increased by 1.1% in November …
More →The NBS has released its October inflation report to show – Headline rate 15.99% y/y (16.63% in September): Core rate 13.24% y/y (13.74%); and Food rate 18.34% y/y (19.57%). October’s headline reading declined by 64bps (when compared with the previous month) to 15.99% y/y. Food inflation also recorded a decline (of 123bps). The highest increases …
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