Connect with us
nairametrics
UBA ads

Business News

CBN projects macroeconomy confidence to rise by 118.3% in November 

The CBN is optimistic that the overall CI on the macroeconomy would increase from 27.3 index points as at October 2019, to 59.6 index points.

Published

on

Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results? 

The Central Bank of Nigeria (CBN) is optimistic that the overall Confidence Index (CI) on the macroeconomy would increase from 27.3 index points as at October 2019, to 59.6 index points by November 2019, a report obtained by Nairametrics from CBN disclosed.

The Consumer Expectations Survey Report, which was released by the apex bank on October 25, 2019, attributed the projection to some drivers.

UBA ADS

They are services (32.4 points), industrial (19.9 points), wholesale/retail trade (5.5 points), and construction (1.9 points) sectors.

[READ MORE: CBN’s Manufacturing PMI up to 58.2 points in October]

What it means

A positive CI indicates that respondents with a favourable view outnumber those with an unfavourable view, except for unemployment, change in prices and interest rate for borrowing money, where a positive CI indicates the opposite.

GTBank 728 x 90

An index above 50 means more respondents indicated that it is a good time to buy assets; below 50 means more respondents believed that it would not be an appropriate time to make those purchases, and 50 means the number of respondents on both sides is equal.

What makes the report

The overall consumer confidence index is computed as the average of the three indices namely: Economic condition, family financial situation and family income.

While economic condition refers to the perception of the respondent regarding the general economic condition of the nation, family financial situation refers to the level of savings, investments, other assets including cash at hand and outstanding debts. Family income includes primary income and receipts from other sources received by all family members as participants in any economic activity or as recipients of transfers, pensions, and grants among others.

onebank728 x 90

October’s index

In October, the 27.3 index was driven by the opinion of respondents from services (15.1 points), industrial (9.1 points), wholesale/retail trade (2.5 points), and construction (0.5 points) sectors.

[READ ALSO: CBN restricts OMO auctions to banks, foreign investors]

Nation’s macroeconomic performance

The growing importance of services has bolstered growth in the economy. The sector accounts for about half of GDP, dwarfing the 10% from oil and 22% from agriculture. The nation witnessed a recovery in services and industry — particularly mining, quarrying, and manufacturing.

app

The recovery benefited from greater availability of foreign exchange. Growth in agriculture was lacklustre, due partly to clashes between farmers and herders coupled with flooding in key middle-belt regions and continued insurgency in the northeast.

Patricia

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Real Estate and Construction

Nigerian Real Estate and COVID in 19 Slides

Validate investment cases and focus energies on property sectors that are more resistant to shocks.

Published

on

Nigeria is rapidly approaching an economic crisis as the COVID-19 global pandemic has put the world on lockdown and sent Brent crude oil prices to a 20-year low. Spurred by lower global demand and reliance on oil exports for 90% of its foreign exchange income, Nigeria’s economy and her fragile currency are being pushed to their breaking point.

In this report, we will focus on the impact this pandemic will have on the real estate market in Nigeria. So far, key themes include mass concessions, re-negotiation and restructuring activity, slowed decision making, stretched out project deliveries due to the lockdown and more. After outlining the potential property sector losers, hospitality and retail most especially, alongside potential winners (industrial and healthcare), we discuss the impact of the COVID-19 pandemic on individual property sectors and the direction of rentals, capital markets and more.

UBA ADS

Within this uncertain environment, we recommend that market participants including asset owners, real estate service providers and others stress test their businesses at varying levels of reduced income, use the downtime for market research to validate investment cases and focus energies on property sectors that are more resistant to shocks.

Download the report through the link in the header.

GTBank 728 x 90
Patricia
Continue Reading

Appointments

IMF appoints Ceda Ogada as new director and secretary of the fund 

Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.

Published

on

The International Monetary fund (IMF) has announced the appointment of Mr. Ceda Ogada as the Secretary of the Fund and Director of the Secretary’s Department with effect from September 1, 2020, following the retirement of the former Secretary, Mr Jianhai Lin. 

This was disclosed in a press statement by IMF on Wednesday, July 15, 2020. 

UBA ADS

While making the announcement, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said, Ceda has outstanding institutional knowledge, strategic and intellectual heft, and people leadership. His unparalleled ability to bring people together, combined with his profound appreciation of the Fund’s institutional history and legal principles, as well as a strong service orientation, will help the Fund to even more effectively serve our member countries in a very challenging economic environment.” 

Mr. Ogada joined the IMF’s Legal Department in 1999 and rose through the ranks to become Deputy General Counsel in 2014. During this time, he has worked on virtually all aspects of the Fund’s work, including advising on the governance of the Fund, on country operations, helping to develop Fund policies and implementation guidance, and providing technical assistance to member countries.  

According to the statement, ‘’Some of the key projects that he has worked on include the Fund’s enhanced policy to address governance and corruption issues, ensuring the adequacy of the Fund’s lending resources, reforms in lending policy such as the establishment of the Flexible Credit Line (FCL) and the Catastrophe Containment and Relief Trust (CCRT), reviews on surveillance policy and capacity development strategy and transparency, archives and communications policies.’ 

GTBank 728 x 90

The new Secretary of the fund was heavily involved in the work on euro area crisis countries during the global financial crisis. Recently, he has led the Legal Department in promoting good governance and transparency in several countries, together with the use of emergency financing for the COVID-19 crisis. 

Before he joined IMF, Mr. Ogada worked at the United Nations Conference on Trade and Development as a legal expert and also before that he was in private legal practice in the United States. He holds a Juris Doctor from Harvard Law School and a B.A. in history from Dartmouth College. Mr. Ogada is a citizen of Kenya. 

 

onebank728 x 90

Patricia
Continue Reading

Economy & Politics

Just in: Suspended EFCC boss, Ibrahim Magu, finally released from detention

Magu’s lawyer confirmed his release from the custody of the DSS.

Published

on

EFCC to help AMCON recover bad debts

The suspended acting Chairman of the Economic and Financial Crime Commission (EFCC) has been released from police custody after about 10 days in detention.

According to a monitored report, this was confirmed by his lawyer, Tosin Ojaomo, who said that the EFCC boss is no longer under custody.

UBA ADS

The suspended EFCC boss was invited by the presidential probe panel headed by Ayo Salami, a retired President of the Appeal Court to the Presidential Villa in Abuja on July 6 over allegations bordering on corruption and financial misconduct.

He was later moved to Area 10 Force Criminal Investigation Department (FCID) of the police in Abuja where he has since been detained.

Just earlier today, the Inspector-General of Police, Mohammed Adamu, asked Magu, to direct his bail application to the presidential probe panel.

GTBank 728 x 90

This was in response to a request by Mr Oluwatosin Ojaomo, Magu’s legal representative, who asked the IGP to grant bail to his client on self-recognisance after the suspended EFCC chief had spent four days in custody.

But in a letter dated July 14, 2020, and addressed to Mr Ojaomo, the IGP said the police force is not investigating and detaining Magu, so, it cannot grant the bail request.

It also advised the lawyer to redirect his request to the chairman of the presidential probe panel for appropriate action.

onebank728 x 90

Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement