This is Nairametrics rundown of what to expect in the Nigerian economy this week. The month of October is typically the earning month and being the first month in the last quarter of the year, most economic activities ramp up from this week on to the second week of December.
We got the first wave of results for the 3rd quarter of 2017 on Friday, with Forte leading the pack. We expect more results to be out this week, especially with some stocks in the consumer goods, oil and gas and banking sectors. As results trickle in watch the prices of stock market start to rise or fall. Just as an aside, the All Share Index has posted negative returns in October for the last 3 years.
It’s going to be a very busy week on the macro-economic data front. We expect the National Bureau of Statistics to release the following reports
- Consumer Price index
- Food price watch
- Fuel, Diesel, Petrol, gas price watch
- Transportation watch
- VAT by sectors
Food prices have been moderating for a while, so it is likely that inflation rate could finally fall below 16% this week and for the first time in over a year.
The Debt Office will sell its next installment of FGN savings bonds next year. According to DMO, 2-year bonds will be going for 12.059% and 3-year bonds 13.059% respectively. To buy these bonds, all you need to do is approach your bank.
According to the CBN’s treasury bills calendar, we expect the CBN to announce treasury bills auctions on the 19th of October 2017. Treasury bills results a fortnight ago showed yields were dropping as investors expects pour in cash into safer investments.
The Federal Government on Sunday, via its official twitter handle explained that there was no $25 billion contract. According to its handle,
“Claims that $25 billion worth of oil contracts were awarded by NNPC or that $25 billion NNPC funds are missing are both false.”
This claim sets the stage for what to expect from the FG in the coming days especially as it affects the relationship Minister of State Ibe Kachikwu and President Buhari. The oil industry will be awaiting what next from the President, the Minister and the GMD of NNPC, Baru.