DOCSLIB.ORG

Nigeria Economic Outlook H2-2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nigeria Economic Outlook H2-2021 Nigeria Outlook H2-2021: Walking a Slippery Slope Executive Summary Global Economy: Strong but uneven recovery 2021 was tagged the year of return to normalcy, and we highlighted that growth across countries would remain uneven due to differing wealth of nations. Large swathes of that forecast have proven to be right. The forecast that more affluent countries would recover stronger from the pandemic never appeared more accurate, thanks to the combination of accommodative fiscal and monetary policies. Although the global economy’s outlook appears greener, global expansion remains heavily dependent on successfully overcoming the Covid-19 health crisis, as the virus remains a threat. As of the time of writing, there have been 169,597,415 confirmed cases of COVID-19, including 3,530,582 deaths, as reported by the World Health Organisation (WHO). A 3rd wave of the pandemic, led by a new, more-infectious “Delta” variant, has emerged in various pockets of the globe, prompting the reintroduction of lockdowns. Furthermore, while the vaccination story has been largely positive, vaccination rates remain broadly uneven across regions. Despite 3.6 billion vaccine doses administered globally, only one in ten people in lower-income countries have received at least a dose of the vaccine. The rebound in global economic activity has triggered discussions of an overheating economy as inflationary pressures intensify. In June, the US inflation estimate printed at 5.4%, the highest pace of increase in 12 years, running ahead of the US Federal Reserve’s (US Fed) average inflation target of 2.0%. However, the US Fed has tagged these inflationary pressures as temporary effects of the economy reopening after pandemic- induced lockdowns. Nevertheless, it has stated it will be open to reviewing its monetary policy should inflation continue to spiral out of control. Notably, inflationary pressures have accelerated monetary policy normalisation in emerging markets like Brazil, Russia, and Turkey. Nonetheless, the sustainability of economic recovery in H2-2021 will largely determine monetary policy direction, which will be a crucial driver of financial market performance. As countries continue to scale up vaccination programs, global growth is expected to remain robust. The International Monetary Fund (IMF) projects global GDP to expand by 6.4% in 2021, after an estimated contraction of -3.3% in 2020, an improvement on estimates earlier in the year. The global recovery will likely remain divergent as Advanced Economies are forecast to lead at 5.1%, while Emerging Markets and Frontier Markets (except China) are expected to lag, as a result of varying vaccination efforts and capabilities. However, we remain cautiously optimistic that under-vaccinated regions will receive significantly higher vaccine batches in H2-2021 from global initiatives (the most noteworthy of which is COVAX) aimed at addressing the problem of inequitable vaccine access. 3 www.unitedcapitalplcgroup.com Nigeria Outlook H2-2021: Walking a Slippery Slope Sub-Saharan Africa: Treading a recovery path The Sub-Saharan Africa (SSA) region, forecast to be the world’s slowest growing region in 2021, performed in line with expectations in H1-2021 as SSA economies embarked on the path of recovery from the previous year’s pandemic-induced slump. In our outlook report for FY-2021 titled “A Shot at Recovery”, we stated an expectation of a decent but varied recovery for the region in 2021, underpinned by improvement in exports, commodity prices and travel as key growth drivers in line with a recovery in global demand from the synchronized, devastating impact of the Covid-19 pandemic. We also noted that the virus and related economic restrictions will remain a significant threat to full economic recovery due to the region’s limited access to vaccines. However, the slow-paced rollout of vaccines on the continent remains a downside factor that could potentially derail/prolong the region's recovery. SSA has lagged other regions in terms of vaccinations, although inoculations in some countries, including Angola, Ghana, Kenya, Nigeria, and South Africa, have picked up in the last quarter. Nonetheless, the region is significantly under-vaccinated, with an IMF estimated average of less than 1 vaccinated adult in every 100, compared to about 30 in advanced economies. This is largely a result of heavy reliance on sluggish external donations for the supply of vaccines, a consequence of limited fiscal power across SSA economies, which was further weakened by the pandemic. Besides procurement challenges, the poor and inadequate level of infrastructural development means that African countries also face storage and logistical bottlenecks as well as inefficient supply chains, leaving the region susceptible to new waves of infections and variants of the virus. Notably, the number of daily new Covid-19 cases in SSA spiked in June-2021, led by South Africa and Namibia, foreshadowing a 3rd wave of the pandemic. Clearly, SSA is on the road to recovery from the pandemic; the problem now lies in clawing back from the economic damage – particularly to individuals and households. The African Development Bank (AfDB) estimates that the pandemic drove c.30.0m Africans into extreme poverty in 2020, with c.39.0m more likely to fall into extreme poverty in 2021. Reversing this will be significantly harder for countries with high fiscal deficits like Ghana (16.0% of GDP), Zambia (13.9% of GDP) Kenya (8.4% of GDP) and Nigeria (5.8% of GDP), where debt must be brought back to more sustainable levels. Nonetheless, our outlook for an economic rebound in the region in 2021 remains intact, although the increased risk of a 3rd wave of Covid-19 infections as well as the region's challenges with vaccination, insecurity, political instability, climate-related shocks, and credit access pose significant downside risks that threaten to elongate the recovery. Nigeria: Walking a slippery slope In our January outlook titled “A Shot at Recovery”, we predicted that the economy would recover (by 1.7% to 2.0%) from the previous year's recession in 2021, boosted by full 4 www.unitedcapitalplcgroup.com Nigeria Outlook H2-2021: Walking a Slippery Slope economic reopening, increased economic activity, and modest improvements in the oil market. We also expected structural factors such as illiquidity in the foreign exchange market and probable increases in energy prices to keep the overall price level elevated. Interestingly, economic activities began to rebound as of Q4-2020. Over the last 6 months, Nigeria has continued to make solid progress in its fight against Covid-19 outbreak. As of H1-2021, Nigeria received 3.9m of the 16.0m doses of the Oxford/AstraZeneca COVID-19 vaccine pledged by the COVAX facility. In addition, Nigeria also received 100,000 doses from the government of India, bringing total vaccine doses received to 4.0m doses according to the National Primary Health Care Development Agency (NPHCDA). So far, according to NPHCDA, as of June 29, Nigeria has administered 3.4m doses in two rounds of vaccination, of which 2.2m people have received the first dose while 1.2m have received a second dose (0.6% of total population). That said, Nigeria continues to record Covid-19 cases daily with total cases recorded printing at 168,867 cases as of 13-Jul. Nevertheless, unlike events in countries such as India, Nigeria appears to have flattened the curve of the pandemic. This has not only emboldened the authorities to push forward with the reopening of the economy but as also hastened the road to recovery as Q1-2021 GDP came in at 0.5%. Looking ahead, a myriad of factors will shape the trajectory of the Nigerian economy in H2-2021. First, developments around Covid-19 infections and vaccination rates will determine if economic growth garners pace. Also, the success of the FG’s external debt issuance plans is critical for the FG’s ability to finance its budgetary obligations and for improved USD flows, stronger FX reserves and consequently, the exchange rate. The subsidy program, which is expected to last till Oct-2021 is also key to watch as the rising cost of subsidies (estimated at over N100.0bn/month) continue to weigh on FG’s finances. Furthermore, the Monetary Policy Committee (MPC) will be meeting three times before the end of H2-2021. The committee’s decision on the monetary policy rate at these meetings would be a key factor to watch in the second half of the year. Overall, we raise our GDP forecast for FY-2021 to 3.1% y/y from our prior forecast of 2.1% y/ y, with rapid economic growth of 7.4% y/y and 4.4% y/y in Q2-2021 and Q3-2021. The upward adjustment to our GDP forecast reflects the faster than expected recovery in economic activities, as well as the low base impact of 2020. Despite continued inflationary pressures, we expect the high base effect of H2-2020 to create an inflection point for consumer prices, causing the headline rate to continue trending downward. Lastly, we expect to see sustained stability in the FX market as oil prices are expected to remain strong while the upcoming Eurobond issuance is expected to support external reserves. Certainly, downside risks abound, mostly tied to the key factors highlighted above, but also due to the rising insecurity bedevilling the country. We express concerns that failure to stem the recent tide of instability could lead to a country-wide breakdown, disruption of economic activities, destruction of oil installations and weakened investor sentiments. Thus, the government’s action or inaction regarding the security situation would be a critical factor to watch. 5 www.unitedcapitalplcgroup.com Nigeria Outlook H2-2021: Walking a Slippery Slope Naira Assets: Yield reversal sets tone for financial markets True to our expectations, albeit surging faster than initially projected the yield environment reversed higher in H1-2021, setting the tone for financial market performance.
Load more

Recommended publications
  • An Affiliate of Aljazirah Nigeria Newspapers
    الجزير نيجيريا ةالجزير نيجيريا ة ...first in breaking the news www.aljazirahnews.com Vol. 2 No. 187 JULY NIGERIA N200 26 – August 1, 2021 MULTIPLE TAXATION Citizens Bleed As FCT engages touts to extort individuals PAGES 9 – 10 X-raying BPE’s Quest For Privatization PAGE 11 Demonized N1.5trn NAFDAC Explains Foods That Are Intervention In Why Herbal Medicine Re-visiting One Actually Good Power Sector: Firms Not Approved For Horrific Night Unable To Deliver In Igangan PAGE 31 PAGE For You 14 PAGE PAGE 22 COVID-19 PAGE 28 EDITORIAL Igboho’s Arrest And The Yoruba Nation hief Sunday Adeyemo aka Sunday Igboho was some Yoruba youths and Fulani in the community where arguably an unknown personality outside the properties were reportedly destroyed. Southwest sub-region not until mid-January. Igboho also visited Ogun State and vowed to evict He and his supporters took the battle to end herdsmen in the South-west, following the insecurity rocking the spate of insecurity by killer herdsmen in the the region. SouthwestC rather frontally. He then became a chief promoter of a Yoruba agenda of He stormed the Fulani community in Igangan, Ibarapa defending its land from the incursion of killer herders who Local Council of Oyo State to issue a seven-day notice to kill, maim and abduct farmers. herdsmen to quit insecurity or vacate the community and After holding a series of rallies in some southwest states, all other Yoruba communities or be forced to do so. he met stiff resistance against any rally in Lagos. Despite warning by Governor Seyi Makinde against
    [Show full text]
  • Money and Politics in Nigeria
    Money and Politics in Nigeria Edited by Victor A.O. Adetula Department for International DFID Development International Foundation for Electoral System IFES-Nigeria No 14 Tennessee Crescent Off Panama Street, Maitama, Abuja Nigeria Tel: 234-09-413-5907/6293 Fax: 234-09-413-6294 © IFES-Nigeria 2008 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of International Foundation for Electoral System First published 2008 Printed in Abuja-Nigeria by: Petra Digital Press, Plot 1275, Nkwere Street, Off Muhammadu Buhari Way Area 11, Garki. P.O. Box 11088, Garki, Abuja. Tel: 09-3145618, 08033326700, 08054222484 ISBN: 978-978-086-544-3 This book was made possible by funding from the UK Department for International Development (DfID). The opinions expressed in this book are those of the individual authors and do not necessarily reflect the views of IFES-Nigeria or DfID. ii Table of Contents Acknowledgements v IFES in Nigeria vii Tables and Figures ix Abbreviations and Acronyms xi Preface xv Introduction - Money and Politics in Nigeria: an Overview -Victor A.O. Adetula xxvii Chapter 1- Political Money and Corruption: Limiting Corruption in Political Finance - Marcin Walecki 1 Chapter 2 - Electoral Act 2006, Civil Society Engagement and the Prospect of Political Finance Reform in Nigeria - Victor A.O. Adetula 13 Chapter 3 - Funding of Political Parties and Candidates in Nigeria: Analysis of the Past and Present - Ezekiel M. Adeyi 29 Chapter 4 - The Role of INEC, ICPC and EFCC in Combating Political Corruption - Remi E.
    [Show full text]
  • Jonathan to Aliyu: You're a Pathetic Fellow Who Lies to Remain Relevant
    NCAA Approves Commercial Flight Operations at Bayelsa Airport It's a dream come true, says Governor Diri Chinedu Eze on Saturday to commence House, Yenagoa, after a for daytime flight operations. to the visit had certified that Musa said the agency had commercial flight operations. NCAA team had completed The governor's Chief Press out of 29 gaps, the airport to limit flight operations to After months of expectation, NCAA Director-general, Dr. the mandatory inspection of Secretary, Mr. Daniel Alabrah, was able to close 26. He noted daytime, as the runway lights the Bayelsa State Government- Nuhu Musa, presented the the airport and its facilities. quoted the NCAA DG as that other requirements were were still being installed, owned airport finally received regulatory body's approval Musa said the airport met saying the approval was sequel non-safety related and work stating that once completed, the nod of the Nigerian Civil letter to an elated Governor all airspace standards and was to the report of the agency’s was already in progress to Aviation Authority (NCAA) Douye Diri at Government one hundred per cent ready inspection team, which prior achieve night flight operations. Continued on page 10 1,081,548 Nigerians Receive Astrazeneca Vaccine Jabs… Page 8 Sunday 18 April, 2021 Vol 26. No 9506 www.thisdaylive.com T N400 RU N TH & REASO Akpabio: NDDC Forensic Audit Ends July Okon Bassey in Uyo Minister of Niger Delta Affairs, Senator Godswill Akpabio, has set July ending 2021 as deadline for conclusion LONELY QUEEN ELIZABETH... of the forensic
    [Show full text]
  • A Wobbly Upturn …Traversing Uncertain Paths
    A Wobbly Upturn …Traversing Uncertain Paths 1 | Meristem Research 2021 Half Year Outlook A Wobbly Upturn …Traversing Uncertain Paths Content Highlights Executive Summary……………………………………………………………………….…5 Global Economy & Market.………………………………………………………………7 Uneven recovery across board Coming into the year, we premised our positive outlook for the global economy on wide-spread resumption of economic activities due to rapid vaccination. So far, recovery has been uneven across regions as some countries were forced to reintroduce lockdowns, while others gradually eased strict measures. However, in many countries Monetary and Fiscal authorities have maintained a supportive posture, keeping policy parameters accommodative till “skies are clear”. Going forward, we still expect speedy vaccination to spur growth although the emergence of a Delta variant poses downside risk to our outlook Domestic Economy……………….………………………………………………………….19 Slow but Steady Economic Growth As witnessed in Q4:2020, the pace of economic growth in the first quarter of the year remained sluggish due mainly to low oil output. While the steady recovery points to the impacts of fiscal and monetary stimulation, key macro indicators like exchange rate, inflation and capital flows highlighted lingering domestic weaknesses. In the second half of the year, a key tailwind to growth would be the possible OPEC quota relaxation amid supportive oil prices. Domestic Equities Market …………………...………….……………………………. 32 Increase in Fixed Income Rates Turned Equities Fortune The improvement in fixed income yields triggered rotation of funds out of equities. Continued profit-taking across counters dragged the index performance even further into the negative territory. The buying pressure during earnings season turned out to be a dead cat bounce as the market soon reverted to its bearish-course.
    [Show full text]
  • Pan African Monitor
    Pan African Monitor Weekly Wrap & Outlook March 12, 2021 Anglophone West Africa Looking Forward Ghana • Nigeria CPI—16th Mar • The Ghanaian statistical service released its inflation estimates for February-2021 showing that headline consumer inflation spiked 40bps to West Africa 10.3% in February 2021. N igeria • To plug the deficit in its 2021 budget, Ghana will embark on a roadshow GDP 0.1% next week to raise $5.0bn in Eurobonds from the international capital Inflation 16.5% markets. • The Chamber of Bulk Oil Distributors (CBOD) has revealed that the MPR 11.5% government lost GHS 1.9bn ($33mn) to petroleum tax evasion in 2019. External Reserves ($) 34.7bn • In a State of the Nations Address (SONA) in parliament on Tuesday, the Ghana President of Ghana stated that he expects the GDP growth in 2021 to GDP -1.1% rebound by 5% y/y. Ghana’s growth was estimated at 0.9% in 2020, amid Covid-19 pandemic. Inflation 10.3% • The Bank of Ghana yesterday (11/03/2021), in a circular addressed to MPR 14.5% banks, specialized deposit-taking institutions and the public, reiterated External Reserves ($) 8.6bn the consequences of issuing dud cheques. Senegal Gambia GDP 0.7% • The Gambia's Central Bank issued a 91-day, 184-day, and 364-day Inflation 1.7% treasury bills( Sukuk-Al-Salaam Bills) to investors. Ivo ry C o ast • Stop rates closed at 5.3%, 2.09% and 5.3% for the 91-day, 184-day and GDP 0.7% 364-day bills, respectively. Inflation 2.3% Nigeria M ali • The Managing Director of the Nigeria Export-Import Bank (NEXIM Bank), GDP -0.7% Mr Aba Belllo, stated that the solid minerals sector would increasingly Inflation 2.5% realise the benefits of NEXIM’s intervention over the next few years.
    [Show full text]
  • Download Q2 2021 Newsletter
    Q2 2021 CFA SOCIETY NIGERIA NEWSLETTER WELCOME Dear Members, Looking ahead, I am pleased to inform you of our upcoming conference in Abuja focused on Environ- Once again, I am delighted to present the Q2 2021 Society update to you. The highlights of Q2 for the mental, Social and Governance (ESG) scheduled to hold in Q4 2021. As ESG issues ascends the priori- Society were the successful launch of our Quarterly Leadership Series which featured the Founder ty list globally, the conference is intended to be a call to action for all stakeholders by promoting of Guaranty Trust Bank, Fola Adeola, OFR; and the award of Most Outstanding Society (350-999 fairness, equity, and sustainability in the Investment industry in Nigeria. The line-up of speakers are members category) won by your Society in the 2021 Society Excellence Award of CFA Institute. the decision-makers and experts in the ESG Investing. The maiden Quarterly Leadership Series attracted unprecedented numbers viz: over 1,700 registra- During the election process, there was a demand for interest groups to address the areas of exper tions and 600+ attendees who joined the 90 minutes live session from around the world. This is the tise for our members, there was also an expression of the need to build communities to support our highest turnout of attendees in the history of our virtual programmes. We are looking forward to the members. Based on this feedback, we will be launching a Quarterly networking event in September 2nd series which will take place in the 3rd Quarter of the year, featuring the 14th Emir of Kano and the 2021 that will focus on the younger members of the Society.
    [Show full text]
  • Private Sector Development in Africa
    VISUAL SUMMARY INNOVATIVE FINANCE FOR PRIVATE SECTOR DEVELOPMENT IN AFRICA ECONOMIC REPORT ON AFRICA 2020 VISUAL SUMMARY INNOVATIVE FINANCE FOR PRIVATE SECTOR DEVELOPMENT IN AFRICA ECONOMIC REPORT ON AFRICA 2020 VisualVisual SummarySummary INNOVATIVEINNOVATIVE FINANCEFINANCE FORFOR PRIVATEPRIVATE SECTORSECTOR DEVELOPMENTDEVELOPMENT ININ AFRICAAFRICA ECONOMICECONOMIC REPORTREPORT ONON AFRICAAFRICA 20202020 Ordering information To order copies of this report, please contact: Publications Economic Commission for Africa P.O. Box 3001 Addis Ababa, Ethiopia Tel: +251 11 544-9900 Fax: +251 11 551-4416 E-mail: [email protected] Web: www.uneca.org © 2020 United Nations Addis Ababa, Ethiopia All rights reserved First printing December 2020 Title: Economic Report on Africa 2020: Innovative Finance for Private Sector Development in Africa Development in Africa Language: English Sales no.: E.20.II.K.2 ISBN: 978-92-1-125139-5 eISBN: 978-92-1-005124-8 Print ISSN: 2411-8346 eISSN: 2411-8354 Material in this publication may be freely quoted or reprinted. Acknowledgement is requested, together with a copy of the publication. The designations employed in this publication and the material presented in it do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations Economic Commission for Africa concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Cover design: Carolina Rodriguez, Dilucidar. ii 2020 Economic Report on Africa | INNOVATIVE FINANCE FOR PRIVATE SECTOR DEVELOPMENT IN AFRICA CONTENTS Lists of Figures, Tables and Boxes . v FOREWORD . viii. ACKNOWLEDGEMENTS . xi ABBREVIATIONS . xiii . EXECUTIVE SUMMARY . .xvi . Recent economic developments .
    [Show full text]
  • United Capital Research | Daily Market Commentary
    United Capital Research | Daily Market Commentary Wednesday, May 5, 2021 The day in review Headline Level 1 day YTD 1 day MTD YTD P/E (x) Div. Yid. • Equities dipped 0.9% NSE ASI 39,433.8 -0.9% -2.1% Agriculture 0.0% 0.0% 6.3% 0.0 0.0% • Financial system liquidity remained tight Mkt. Cap (₦'bn) 20,637.5 -0.9% Banks -0.3% -0.3% -10.7% 3.3 10.0% • Flattish session in the NTB market Mkt. Cap ($'mn) 54,452.4 -0.9% Consumer 0.8% 0.8% -1.9% 118.9 3.9% • Naira gained 12bps at the I&E window Value (N'mn) 3,501.1 -24.8% Industrial -0.6% -0.6% -5.6% 17.9 4.8% Value ($'mn) 9.2 -24.8% Insurance -1.3% -1.3% 5.0% 4.0 4.7% Looking forward Volume 349.6 -18.0% Oil & Gas -0.7% -0.7% 18.8% na 5.5% Q1-2021 Terms of Trade Data - NBS Deals 4,554.0 Mkt. Avg. P/E 13.7 Mkt. Avg. Div. Yid 4.7% Market Breadth 1.4x *P/Es are based on the last twelve months trailing earnings Daily Insight *Dividend yields are based on past year dividend payments Domestic investors sustain dominance of local bourse T-Bills Yields Current Previous %Δ Technical Indicator of Market Position: Relative Strength Index (RSI) 3 months 3.05 3.05 0.00 100 Recently, the Nigerian Exchange Group (NGX) released the Overbought region 6 months 4.20 4.20 0.00 monthly Foreign Portfolio Investment Report for Mar-2021.
    [Show full text]
  • Stakeholders' Workshop on Operationalizing Sustainability & Circular Economy
    AfriKairos P r e s e n t s STAKEHOLDERS’ WORKSHOP ON OPERATIONALIZING SUSTAINABILITY & CIRCULAR ECONOMY: MEASURING, MONITORING, REPORTING, IMPACT INVESTING, ESG RATINGS. Chief Chris O. Okunowo, F.IoD Mr. Oscar Onyema, OON, F.IoD Dr. Ndidi Nnoli-Edozien President & Chairman, Governing Council Group Chief Executive Ocer, Partner, Afrikairos & Chair, Hon. Sam Egube IoD Nigeria Nigerian Exchange Group Plc Circular Economy Innovation Partnership, Honourable Commissioner, Economic Growing Businesses Group Planning and Budget, Lagos State. CHIEF HOST KEYNOTE ADDRESS MODERATOR HOST STATE KEYNOTE Patrick Kabuya Prof. Kenneth Amaeshi Dr. Dolapo Fasawe Senior Governance Specialist, President, Association of Sustainability Director General, World Bank Professionals (ASPN) Lagos State Environmental Protection Agency GOODWILL MESSAGE WAY FORWARD KEYNOTE ADDRESS Thursday, April 22, 2021 3pm - 7pm Registration: http://bit.ly/SustCirEco2021 CIRCULAR ECONOMY supported by... INNONATION PARTNERSHIP AfriKairos P r e s e n t s STAKEHOLDERS’ WORKSHOP ON OPERATIONALIZING SUSTAINABILITY & CIRCULAR ECONOMY: MEASURING, MONITORING, REPORTING, IMPACT INVESTING, ESG RATINGS. Chief Chris O. Okunowo, F.IoD Mr. Oscar Onyema, OON, F.IoD Patrick Kabuya Hon. Sam Egube Dr. Ndidi Nnoli-Edozien Partner, Afrikairos & Chair, President & Chairman, Governing Council Group Chief Executive Ocer, Senior Governance Specialist, Honourable Commissioner, Economic Circular Economy Innovation Partnership, IoD Nigeria Nigerian Exchange Group Plc World Bank Planning and Budget, Lagos State.
    [Show full text]
  • The Nigerian Stock Exchange 2020 Market Review and 2021 Outlook
    Contents 1. Global Capital Market Review 2020__________________________________________________ 2 2. NSE Market Performance 2020 _____________________________________________________ 3 2.1. NSE Equity Market Review _____________________________________________________ 3 2.2. NSE Fixed Income Market Review _______________________________________________ 4 2.3. NSE ETF Market Review _______________________________________________________ 4 3. NSE Strategic Performance 2020 ____________________________________________________ 6 4. Outlook for 2021 ________________________________________________________________ 9 Appendix 1: NSE Index Performance ____________________________________________________ 10 Appendix 2: NSE Market Performance __________________________________________________ 11 The Nigerian Stock Exchange 2020 Market Recap and 2021 Outlook 1 1. Global Capital Market Review 2020 The year 2020 was indeed a historic one for global capital markets. Facing buffeting headwinds, including an unprecedented pandemic, a weak global economy leading to manufacturing recessions, historically low crude oil prices, elevated geopolitical risks and social unrest – to name just a few, world markets saw sharp swings and steep losses, but largely remained resilient and orderly amid rising uncertainty. The outbreak of the novel coronavirus disease (Covid-19) and its rapid spread across the globe in the first quarter of the year, triggered panic selling by global investors. According to the World Federation of Exchanges (WFE), global capital markets
    [Show full text]
  • Africa Regulatory Ensight 2021 | 03 *Coronavirus (COVID-19) Regulatory Measures 3
    Africa regulatory ENSight 2021 | 03 *Coronavirus (COVID-19) regulatory measures 3 Angola sector measure effective date/status key points and impact Immigration Executive Decree No. 56/21 of 3 March Effective from 3 March The Executive Decree: 2021 2021. • repeals Executive Decree No. 3/21 of 5 January 2021, which extended the validity of the documents listed below; and • determines that documents relating to the residence of foreign nationals who are absent from the national territory, including residence permits, refugee cards, investor visas, work visas and temporary residence visas, which expired from 28 February 2020, shall be considered valid until 30 April 2021. Applies to Presidential Decree No. 62/21 Effective from 12 March The Presidential Decree: multiple sectors (Exceptional and temporary measures in 2021. • repeals: force during the Situation of Public • Presidential Decree No. 39/21 (Exceptional and temporary Calamity under COVID-19) of 11 March measures in force during the Situation of Public Calamity 2021 under COVID-19) of 9 February 2021; • Joint Executive Decree No. 23/21 of 15 January 2021, which temporarily suspended regular air passenger connections with South Africa, Portugal and Brazil; and • all legislation contrary to the provisions of this Presidential Decree; • is amended by Presidential Decree No. 77/21 (Amendment of measures to prevent and control the spread of SARS-CoV-2 virus and COVID-19) of 26 March 2021 [see below]; and • updates the exceptional measures for the prevention and control of the spread of the SARS-CoV-2 virus and COVID-19, as well as the rules for the operation of public and private services, social and other activities for the duration of the Situation of Public Calamity, in force until 10 April 2021.
    [Show full text]
  • Cycle of Prayer
    Cycle of Prayer 13 January - 11 May 2019 Diocese of Chester Receive the daily Cycle of Prayer on: www.facebook.com/dioceseofchester Key: C = Clergy LM = Licensed Lay Minister (Reader) (Pastoral Worker) (Youth Worker) Diocesan entries from the Anglican Cycle of Prayer are in italics. Chester Diocesan Board of Finance. Church House, 5500 Daresbury Park, Daresbury, Warrington WA4 4GE. Tel: 01928 718834 Chester Diocesan Board of Finance is a company limited by guarantee registered in England (no. 7826) Registered charity (no. 248968) Foreword This Cycle of Prayer is a reminder to pray. The best reminders have a regular rhythm about them. The reminders of the importance of family life naturally take the form of anniversary events and celebrations. The Christian Year was established for just this purpose, building upon the annual rhythm of ritual and celebration which was well developed in Jewish life. Christmas, Easter, and all the other features and festivals of the Christian Year, are there to remind us of key features of the Gospel story, and the life of the Church. The diocesan daily Cycle of Prayer is provided as a reminder to pray – and a reminder of the central importance of prayer to the Church, and the Christian life. +Peter Face painting in Edgeley Welcome ‘It seems to me their faith is too much about religion and not enough about Christianity.’ The speaker was describing a couple much involved in the life of their local church who had left a lonely aged parent needing assistance to his own devices. The criticism caused me to ponder on my perhaps too easy promise to pray for people.
    [Show full text]