reports
March 2024 CPI Report: A Moderation in Sight?
The National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for March 2024. Headline inflation sustained its upward trajectory, climbing 150bps to 33.20% Year-on-Year (YoY), up from 31.70% YoY recorded in February 2024. This was driven by significant increases in its two (2) main subcomponents: food (+209bps to 40.01% YoY) and core (+77bps to 25.90% YoY) inflation. On a Month-on-Month (MoM) basis, the headline inflation declined slightly by 10bps to 3.02% MoM compared to 3.1...
Banking Sector Update | Review of Minimum Capital Requirements for Ba...
Review of Minimum Capital Requirements for Banks On the 28th of March 2024, the Central Bank of Nigeria announced the much-anticipated bank recapitalization guideline. For the recapitalization exercise, the CBN defined the minimum capital for existing banks as paid-up capital and share premium only. This definition effectively excludes shareholders’ funds from the computation.
March 2024 Monthly Fixed Income Market Update | Where are Yields Risin...
Where are Yields Rising to? At the end of March 2024, the secondary Fixed Income (FI) market continued to note upward pressure on yields on a Month-on-Month (MoM) basis. The average yield in the Nigeria Treasury bills (NT-bills) market increased by 76bps MoM to close at 17.66%. Similarly, the FGN Bond market closed negative as the average yields surged by 219bps MoM to settle at 19.41%. As a result, the average Naira fixed income market yield climbed by 148bps MoM to conclude at 18.54%.
March 2024 Monthly Equities Report | Positive Investor Sentiment Acros...
Global Market Overview: Bull Run Continues - Poised for Further Growth?In March 2024, the global equities market maintained its upward trend, extending its positive performance for the fifth (5th) month in a row. Consequently, the MSCI world Index surged by 3.01% month-on-month (MoM). This positive momentum extended to most of the major global Indices under our coverage, except for the China's SHCOMP index which declined by 0.15% MoM. Domestic Market: Equities Market Rebounds on the Back of Bar...
Post Monetary Policy Committee Meeting March 2024 - CBN Maintains Hawk...
The second (2nd) Monetary Policy Committee (MPC) meeting in 2024 held on the 25th and 26th of March. The committee reviewed recent economic and financial developments as well as assessed risks to the outlook. Following its deliberation, the committee decided to tighten the MPR by 200bps to 24.75% from 22.75% in February 2024. This move reflects the Central Bank of Nigeria's (CBN) efforts to curb inflation and attract Foreign Portfolio Investment (FPI) inflows. In addition to raising the MPR, the...
MTNN Plc 2023FY Earnings Note - Foreign Exchange Losses Bite Deep
Strong Revenue Growth Offset by Higher Costs In its recently released 2023 full year (FY) financial result, MTN Nigeria Communications Plc (MTNN) observed higher revenue figures on a Year- on-Year (YoY) basis, recording a 22.69% YoY growth to NGN2.47trn in 2023FY. Topline growth was underpinned by a robust growth in Data Revenue (+39.90% YoY to NGN1.07trn), followed by an increase in Other Revenue (+16.01% YoY to NGN445.14bn) which consists of ancillary income streams such as rental income, dig...
Q4 2023 and 2023FY Foreign Trade in Goods Statistics Report -Breaking ...
Recently, the National Bureau of Statistics (NBS) published the Foreign Trade in Goods statistics report for Q4:2023. On a Quarter-on-Quarter (QoQ) basis, Total Imports (+56.04% to NGN14.11trn in Q4:2023 vs. NGN9.04trn in Q3:2023) and Total Exports (+22.68% to NGN12.69trn in Q4:2023 vs. NGN10.35trn in Q3:2023) recorded significant increases. Consequently, we observed a 38.24% QoQ surge in Total Trade to NGN26.80trn in Q4:2023 from NGN19.39trn in Q3:2023. Notably, after four (4) consecutive quart...
2023FY Seplat audited Financial Result | Strong Revenue Performance Dr...
Seplat Energy’s revenue grew significantly by 72.53% year-on-year (YoY) to NGN696.87bn in 2023FY. This exceptional performance was fueled by a substantial increase in crude oil production (72.90% YoY), which offset the decline in crude oil prices (Average of 82.71 in 2023FY vs Average of USD100.93pb in 2022FY). The company also saw significant growth in gas revenue stream (+69.74% YoY). The surge in earnings across these revenue streams can be attributed to an 8% rise in average production to 47...
Monthly Fixed Income Market Report | February 2024
In February, the Nigerian fixed income market experienced a significant increase in yields. The FGN bond market average yield surged by 273bps Month-on-Month (MoM) to close at 17.22%, while the average yields in the Nigerian Treasury Bills market jumped by a significant 775bps MoM to settle at 16.90%. Overall, the Naira Fixed Income market climbed 524bps MoM to close at 17.06%. This upsurge was driven by investors' anticipation of a Central Bank of Nigeria (CBN) rate hike to curb inflation and m...
Monthly Equities Market Update | February 2024
Global Market Overview: Global Equities Extend Winning Streak in February In February 2024, the global equities market maintained its upward trend, extending its positive performance for the fourth (4th) month in a row. Consequently, the MSCI world Index surged by 4.11% month-on-month (MoM). This positive momentum extended to most of the major global Indices under our coverage, safe for the UK's FTSE 100 which declined by 0.01% MoM. Domestic Market: Equities Market Hit by Rising Yields Follow...
Post Monetary Policy Committee Meeting February 2024 - MPC Takes a Mor...
The first (1st) Monetary Policy Committee (MPC) meeting chaired by the new Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, was held on the 26th and 27th of February 2024. At the meeting, monetary policy tools were aggressively tightened to rein in inflation and curb excess money supply. The Committee after several considerations came to the following decisions: Hike the Monetary Policy Rate (MPR) by 400bps to 22.75% from 18.75%. Adjust the asymmetric corridor to +100/-700 bas...
Q4:2023 and 2023FY GDP Report | Nigerian Economy Still On the Path of ...
Yesterday, the National Bureau of Statistics (NBS) published the Gross Domestic Product (GDP) report for Q4:2023. For the thirteenth (13th) consecutive quarter since Q2:2020, the Nigerian economy grew by 3.46% YoY, an improvement from Q3:2023 (+2.54% YoY). This was spurred by growth in both the oil (+12.11% YoY in Q4:2023) and non-oil (+3.07% YoY in Q4:2023) sectors. However, in 2023FY, the economy slowed down to 2.74% YoY compared to 3.10% YoY recorded in 2022FY. The slower pace of growth in 20...
Q4 2023 Capital Importation Report- Turning the Tide Nigeria Sees Capi...
Recently released by the National Bureau of Statistics (NBS), the Q4:2023 capital importation report reveals a 2.62% year-on-year (YoY) increase, reaching USD1.09bn compared to the USD1.06bn recorded in Q4:2022. This growth stems from a significant rise in two major components: Foreign Direct Investment (+ 118.42% YoY to USD 183.97mn) and Foreign Portfolio Investment (+8.59% YoY to USD 309.76mn). However, Other Investment declined by 13.96% YoY to USD594.75mn during this period. Quarter-on-quar...
Nigerian Oil and Gas Sector Report 2024 | Unraveling Nigeria's Oil and...
Executive Summary Nigeria, a member of OPEC since 1971, boasts of substantial crude oil reserves of 37.1 billion barrels at the start of 2023, with a production capacity of 2.5 million barrels per day. The country heavily relies on crude oil production as a cornerstone of its economy, constituting a significant source of foreign exchange. Nigeria primarily exports light low-sulphur (sweet) crude oil, with 79.63% of total exports in Q1:2023 attributed to crude oil. The Nigerian Oil and Gas ind...
January 2024 CPI Report: Uptrend Continues
According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Headline inflation for January 2024 increased by 98bps, reaching 29.90% Year-on-Year (YoY) compared to the 28.92% YoY recorded in December 2023. The sustained elevation in headline inflation is attributed to increases in the two major sub-components: Food inflation rose by 148bps to 35.41% YoY, and Core inflation increased by 52bps to 23.59% YoY. On a Month-on-Month (MoM) basis, Headline i...
Monthly Fixed Income Market Report | January 2024
The Nigerian Fixed Income Market started 2024 on a bearish note in January, with average yields rising across board. The FGN bond market saw the average yield increase by 36bps Month-on-Month (MoM) to settle at 14.49%. Similarly, the Nigeria Treasury Bills market experienced a significant 286bps MoM surge in average yield to 9.15%. Overall, the Naira Fixed Income market witnessed an uptick of 161bps MoM to close at 11.82%. This overall rise in yields reflects the Central Bank of Nigeria's (CBN) ...
Monthly Equities Market Update | January 2024
Global Market Overview: Mixed Optimism with UK and China Downturns The global equities market continued its bullish streak in January 2024, marking its third consecutive month of positive performance. The MSCI World Index led the charge, surging 1.14% month-on-month (MoM), with other major indices following suit. However, the UK's FTSE 100 and China's SHCOMP bucked the trend, experiencing declines of 1.33% and 6.27% MoM, respectively. Domestic Market: Starting the Year with the Bulls The ye...
2023FY FBNH Unaudited Financial Result | Interest Income & Non-Interes...
FBNH released the unaudited Full-year results for 2023, revealing a respective 88.52% YoY and 129.41% increase in Gross earnings and Profit Before Tax (PBT). Major drivers for earnings growth include higher interest income (+66.27% YoY to NGN917.71bn) and non-interest income (+137.00% YoY to NGN599.66bn). PBT at NGN362.24bn exceeded our estimate due to outperformance in Gross earnings (2023FY actual; NGN1.52trn vs. 2023FY estimate; NGN1.27trn). Elsewhere, Operating Expenses remained elevated, i...
December 2023 CPI Report: Inflation Bites Deeper
Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps to 23.06% YoY). On a Month-on-Month (MoM) basis, headline inflation rose by 20bps to reach 2.29% MoM (vs 2.09% MoM in November 2023). This rise was a...
Nigeria Strategy Report H1:2024 | Rocky Road to Resilience
2023FY unfolded as quite an eventful economic odyssey, with the United States showcasing resilience amid shifting monetary policies, marked by the Federal Reserve's cautious approach and a subsequent decline in inflation. Looking forward, the International Monetary Fund projects a slowdown in US growth to 1.40% in 2024. The 2024 US elections raise concerns due to high debt levels and possible fiscal expansion. A growing debt and a dysfunctional congress may affect US credit ratings, adding stres...
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