April 23 2018
Recently, the International Monetary Fund in its April outlook on the global economy stated that earlier cyclical pressure is easing off and emerging economies are beginning to return to normalization. However, the fund was of the opinion that trade frictions and geopolitical tension is downside to global growth. Even though it pointed this out, trade trust seem to be at its lowest ebb largely to concerns of intellectual property rights and the role of subside in external trade.
Regardless, the fund is convinced that friction emanating from the on-going dynamic is transitory, thus developing economies will have to rely more on the domestic leg for growth as a fencing mechanism. On the home front, the fund was a bit more optimistic on the output in 2018, resulting into an upward revision in growth from 1.9% to 2.1% for 2018. However the fund left its forecast for 2019, unchanged at 1.9%.
Even though the recent green shoot experienced by leading indicators is responsible for the upward revision in output; the fund's position remain largely in line with ours as concerns about a secular stagnation in 2018 and 2019 remain rife.
Certainly, it is cheery to note that the on-going disinflation witnessed in price movement does provide some slight relief to the nation's well-being. However such will not be fully impactful without a concurrent improvement in the labour market.
Confirming the figures, the Bank's Acting Director, Corporate Communications Department, Isaac Okorafor said that interventions by the CBN in both the retail and wholesale sectors of the forex market were targeted primarily at ensuring liquidity in the market as well as encouraging production and trade, particularly now that the focus was on the promotion of local content.
Okorafor further explained that with the country's reserves nearing $50 billion, the Bank was even more determined to sustain the gains recorded through the various policy options the Bank took in the course of stemming the depletion of the external reserves and steering Nigeria out of recession.
Beyond ensuring liquidity in the inter-bank sector of the market, he said the Bank was committed to supporting efforts aimed growing the economy and further diversifying it away from oil.
Despite rates closing at N362/$1 on Friday, April 20, 2018, Okorafor, insisted that the market would remain stable and that the Bank would ensure it maintains the country's external reserves in order to safeguard the international value of the Naira.
Monday, April 23, 2018
On the side lines of IMF and World Bank Spring Meetings, Nigeria's Embassy in Washington will continue the US-Nigeria Investment Summit 2018 which commenced on April 21, 2018.
Dangote Flour Mills Plc and May & Baker Nigeria Plc will be marked down today haven both declared a dividend of N0.20, while Lafarge Africa Plc will be marked down following the dividend from Pioneer Profit of N1.50 declared, just as the Frontier Fund will be marked down haven proposed a coupon of N7.50.
United Bank for Africa Plc's Annual General Meeting (AGM) will hold today in Lagos.
Tuesday, April 24, 2018
The National Assembly is expected to pass the 2018 Budget today. ID4Africa2018 Event focusing on identity management and the Abuja Annual Economists' Summit will hold today in Abuja. The Nigerian London Business Forum in partnership with the Institute of Credit Administration will hold an Awareness Seminar on GDPR in Nigeria today.
The Association of Enterprise Risk Management Professionals (AERMP) Workshop on Managing Risks in Micro-Finance Institution will commence today, while Paradigm Initiative will commence its Internet Freedom Forum #IFF2018 in Abuja, and the Business of Photography Conference 2018 holds in Lagos.
Glaxosmith Consumer Nig. Plc, Axa-Mansard Plc and Law Union & Rock Insurance Plc will be marked down today having declared a dividend of N7.10, N0.06 and N0.04, respectively.
Ecobank Transactional Incorporated, Custodian and Allied Plc and Chams Plc will hold their AGM today.
Wednesday, April 25, 2018
The Nigerian Entertainment Conference will hold today in Lagos focusing on the theme "Understanding Emerging Markets, Trends and Opportunities". The Chartered Institute of Personnel Management of Nigeria (CIPM) Effective Communication & Presentation Skills training will commence today.
The DCSL Corporate Services Ltd is inviting you to the 2018 DCSL Academy session themed "The Company Secretary: A Corporate Governance Professional" and the Aviana Nigeria Expo 2018 sponsored by Olam and TopFeeds will commence today in Lagos and Ibadan, respectively.
The April 2018 Edition of Courteville Business Solutions' 3days Free Skill Acquisition & Entrepreneurship Development Program will commence today in Lagos, while Access Bank Plc, Continental Re-Insurance Plc and Grief Nigeria Plc will hold their AGM.
Thursday, April 26, 2018
The Chartered Institute of Bankers of Nigeria will today host a Business Forum on Contemporary and Strategic Financing Options for the SME Sector.
Economic Associates' One Day Quarterly Conference focusing on Nigeria's Economic Outlook will hold today in Lagos, just as the 2018 Nigeria Health Summit holds in Lagos and the Abuja People & Power Conference powered by Fled International Leadership Institute holds in Abuja.
The Nigeria South Africa Chamber of Commerce's Breakfast Meeting and the Womenpreneur Business Workshop powered by Access Bank and the Lagos Business School will hold today in Lagos.
The Ikeja & District Society of the Institute of Chartered Accountants of Nigeria will today hold a One-day Tax Seminar in Lagos, while C & I Leasing Plc holds its Annual General Meeting.
Friday, April 27, 2018
FCMB and Goldlink Insurance Plc will hold their Annual General Meeting today in Lagos. The Businessday AgricBusiness & Food Security Summit 2018 themed "Evolving Actionable Models to make Agricbusiness more viable" will hold today.
CVL "Leadership without Title" event focusing on Women Exceptionalism, and the NIRA Awards will hold today in Lagos, while the National Youth Entrepreneurship Congress 2018 holds in Abuja.
Saturday, April 28, 2018
The Digital Workforce Conference 2018 and the Ghana-Nigeria Youth Summit themed "Charting a positive economic path for Africa – Ghana and Nigeria must set the pace" will hold in Lagos today.