In today's rapidly changing financial environment, we believe our clients need a financial partner they can rely on to provide clear guidance, progressive thinking and innovative products. Our in-depth and qualitative research covers macroeconomics, fixed income and equities, offering timely market commentary and detailed analyses of the local economy, major sectors listed on the Nigerian Stock Exchange (NSE) and the Federal Government of Nigeria bond market. Our sound recommendations are based on a thorough and objective analysis of the relevant companies within the context of their respective industries, the local market and international peer set. Our research is well recognized and acclaimed for its value and integrity, as we provide existing and prospective investors access to reliable, independent, quality research to aid investment decision-making and strategy development.
BUSINESS ACCOUNT
Sign up for a business account to:
-
Access reports individually or via Subscription
-
Receive monthly invoices with payment via CSA or hard dollars
Get access to other exclusive features
-
Analyst access
-
Free Trial Subscriptions
-
Team account with shared subscriptions
-
Advanced analytics to track research consumption and performance
NIGERIA DAILY MORNING NOTE: The Fund agrees diplomatically to disagree
The Fund agrees diplomatically to disagreeThe IMF’s executive board has concluded the Article IV consultations for 2016 with the FGN, and released the customary press release to announce as such.The board’s discussions are generally based on a staff report, which is published once the member government gives its go-ahead and which tends to give a few revealing insights.We can see from the press release that the Fund and the FGN have agreed to disagree on exchange-rate policy, and so continue...
Good Morning Nigeria: Some better news on reserves
​Some better news on reservesData from the CBN show that official reserves increased marginally by US$40m in March on a 30-day moving average basis to US$27.9bn. Following a sharp decline in January of US$910m, reserves have stabilised over the past six weeks, for which we offer three possible explanations: that fx sales by the CBN slowed, that it plugged some leakages or that it saw a modest rise in its inflows due to the oil price recovery of about US$10/b in recent weeks. Reserves at end-Ma...
Dangote Sugar Refinery Q4 2015 results review
​Sugar production growth likely in 2016 Slight increase to our EPS est.; maintaining Neutral rating: Dangote Sugar Refinery’s (DSR) Q4 EPS of N2.2bn was in line with our forecast for the period. Management noted on its Q4 conference call that sales volumes at the start of 2016 are much higher than in corresponding periods of 2014/15. As such, we estimate a higher capacity utilisation rate for the Lagos refinery of around 56% in 2016E compared with c.50% in 2015. We also expect DSR to pass-th...
Good Morning Nigeria: E-payment growth prospects still strong
​E-payment growth prospects still strongData from the CBN’s latest Annual Report (2014) reveal that the volume of electronic payments surged by 41% y/y to 456 million while the value increased by 39% y/y to N4.4trn (US$22.1bn). The CBN commentary attributed the significant rise in e-payment transactions to improved public awareness on the back of sensitisation campaigns as well as increased consumer confidence in the utilisation of e-payment channels. A recent study conducted by Moody’s An...
Good Morning NigeriA: A sector in need of resuscitation
​A sector in need of resuscitation The two-day National Economic Council (NEC) Retreat which was held in Abuja closed yesterday. The aim of the retreat was to generate medium and long term policies that will address challenges within discussed areas of the economy at both the federal and state levels. Five specific sectors were addressed and Nigeria’s healthcare sector featured as one of them. The latest national accounts provided by the National Bureau of Statistics (NBS) show that the Huma...
Housing Sector Special Report: The first bricks in place for building
​The first bricks in place for building Bridging the gap through mass housing: Industry estimates suggest that about 100,000 new houses are built each year in Nigeria, compared to estimated demand of 700,000 units. The deficit nationally stands at 17 million units and the estimated cost of bridging this gap is N59.5trn (US$300bn). Punitive mortgage interest rates: The absence of a vibrant mortgage market and the burden of high interest rates directly correlated with inflation are some key dri...
NIGERIA DAILY MORNING NOTE: The Fund agrees diplomatically to disagree
The Fund agrees diplomatically to disagreeThe IMF’s executive board has concluded the Article IV consultations for 2016 with the FGN, and released the customary press release to announce as such.The board’s discussions are generally based on a staff report, which is published once the member government gives its go-ahead and which tends to give a few revealing insights.We can see from the press release that the Fund and the FGN have agreed to disagree on exchange-rate policy, and so continue...
Good Morning Nigeria: Some better news on reserves
​Some better news on reservesData from the CBN show that official reserves increased marginally by US$40m in March on a 30-day moving average basis to US$27.9bn. Following a sharp decline in January of US$910m, reserves have stabilised over the past six weeks, for which we offer three possible explanations: that fx sales by the CBN slowed, that it plugged some leakages or that it saw a modest rise in its inflows due to the oil price recovery of about US$10/b in recent weeks. Reserves at end-Ma...
Good Morning Nigeria: E-payment growth prospects still strong
​E-payment growth prospects still strongData from the CBN’s latest Annual Report (2014) reveal that the volume of electronic payments surged by 41% y/y to 456 million while the value increased by 39% y/y to N4.4trn (US$22.1bn). The CBN commentary attributed the significant rise in e-payment transactions to improved public awareness on the back of sensitisation campaigns as well as increased consumer confidence in the utilisation of e-payment channels. A recent study conducted by Moody’s An...
Good Morning NigeriA: A sector in need of resuscitation
​A sector in need of resuscitation The two-day National Economic Council (NEC) Retreat which was held in Abuja closed yesterday. The aim of the retreat was to generate medium and long term policies that will address challenges within discussed areas of the economy at both the federal and state levels. Five specific sectors were addressed and Nigeria’s healthcare sector featured as one of them. The latest national accounts provided by the National Bureau of Statistics (NBS) show that the Huma...
New bolts likely to be placed in auto policy
​New bolts likely to be placed in auto policyThe current situation with fx liquidity in Nigeria has visibly affected importation of goods into the country, automobiles inclusive. The National Automotive Design and Development Council (NADDC) estimates annual imports at about 400,000 vehicles (with 50,000 units as new cars) valued at US$3.45bn. Industry sources suggest that the importation of brand new cars fell by 67% y/y in 2015. Some attribute this decline to yielded fruits from the FGN’s ...