Breakfast Report - 19 June 2024
The World Bank approved a total loan worth $2.25 billion to Nigeria, subdivided into $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET), Development Policy Financing Program (DPF), and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR). This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk. We expect this package, alongside an earlier $900 million receipt from the Africa Export-Import Bank, to bolster the external reserve stock and stem the slide in the Naira. We remain bullish on the Naira over the short term because of this multilateral support. Equity: We expect the market to resume on a mixed note albeit with a bearish tilt, as investors look to lock in gains recorded last week in key names across the market. Fixed Income: Following the one-week postponement of the Bonds auction, we expect market to trade on a similar note as activities resume today.
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