This is a preview of what to expect in the Nigerian Economy for the period March 4th to 10th, 2018. As usual, we begin this preview with a review of some of the big stories in the economy last week.
The BIG MACROS
- As expected The National Bureau of Statistics published Nigeria’s 2017 Fourth Quarter GDP results. According to the Data, GDP Growth Rate for the 4th quarter grew by 1.92% (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017.
- On annual basis, the economy grew by 0.83%. This is looking like a very slow recovery.
- The NBS also published data on Capital Importation and Foreign Trade for the 4th quarter of 2017 as well as full year numbers.
- In terms of foreign trade, total exports were about N13.5 trillion while imports were N9.5 trillion. Oil exports made up 81% of total export values. This compares to 82% in 2016, 71% in 2015 and 73% in 2014.
- In terms of Capital Importation, Nigeria attracted about $5.3 billion in foreign investors in the 4th quarter and $12.2 billion for the year. Nigeria attracted Capital Importation of $5.1 billion for the whole of 2016.
- The earnings season is upon us and we have started seeing numbers roll in. Last week’s big results were Nestle and Seplat who both reported massive profits.
- Nestlé’s profits were up 400% to about N33 billion while Seplat relied on Tax credit of N67.6 billion to declare profits of N81.1 billion.
- We expect to see more results this week.
- The likes of United Capital, Africa Prudentials, and Nestle also declared dividends during the week.
The BIG WEEK ahead
- The NBS is expected to release data on the Pension industry this week.
- The CBN could also reveal that our external reserves have topped $42 billion. Reserves currently stand at $41.6 billion and that was as at February 27th, 2018.
- The Lagos State Land Use Charge law is still gradually becoming a major concern for Lagosians. Some people have seen their charges rise by as much as 300%.
- We expect to see more discourse on this issue on the macro-economic levels.
- It is the earning season, so we expect to see more results being released.
- Zenith Bank is expected to release its results on the 6th of March while GT Bank could follow suit two days later on the 8th of March.
- Dangote Cement is scheduled to publish its results on the 7th of March 2018. Forte Oil is also expected to release its results on the 7th of March 2018.
- Access Bank scheduled its results for the 5th of March 2018