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Adapt Or Perish – Alice Hills

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Adapt Or Perish – Alice Hills LBS Breakfast Session Adapt or Perish – Alice Hills It’s not just about sustainability but an economic necessity Presented by Bismarck Rewane CEO, Financial Derivatives Company Ltd. February 5th, 2020 January Snapshot Stock & Capital markets = Equity + debt The future of capitalism Policy and Politics Domestic Economic Performance & Outlook February Outlook New Decade, New Paradigm 3 4 Nigeria in the New Decade (2020-2030) Transition from bank based economy to market based economy 5,000.00 Improved sector diversity in the 4,657.58 4,500.00 4,391.91 bourse market 4,000.00 3,740.33 3,500.00 3,246.97 Sectors: banking, consumer 3,000.00 3,049.78 2,500.00 goods, industrial, oil & gas, 2,000.00 1,500.00 1,520.67 insurance, telecoms 1,365.30 1,000.00 1,067.70 793.72 762.04 500.00 Telecommunications sector - 2015 2016 2017 2018 2019 accounts for 24% of total market T.Bill (bn) FGN Bonds (bn) capitalization Banking sector influence is a declining function of time 5 Nigeria in the New Decade (2020 – 2030) Nigeria must lift aggregate investment from $87bn (19.5% of GDP) to above $110bn in 2-3years Gross Fixed Investment ($'bn) 120 $110bn 100 80 98.2 80.2 87.4 60 59.6 40 55.3 20 0 2016 2017 2018 2019 2020 Source: EIU Using the mixed economic model 6 7 Points of Inflection You Cannot Ignore Higher inflation Lower interest rates Falling disposable income Stable naira Lower corporate revenues Falling external reserves Aggressive tax mobilization 7 Nigeria in the New Decade (2020 – 2030) The Imponderables Events Impact Border closure reversal Disruptive Currency adjustment Disruptive Heterodox monetary Disruptive policy Signed Petroleum Industry Innovative Bill (PIB) Border Closure (Aug – Feb) : Impact on Sectors Telecoms sector grew by 12.16% in Q3’19 Contributing 9.20% to GDP PMS imports fell to 60mn litres per day in September From 66mn litres in July In December, PMS imports returned to 60mn litres per day At least 3000 base stations in the border areas were inactive Trading sector GDP fell in Q3 Agric sector grew by 2.28% Monthly import duty collected by customs up by 15% Currency Adjustment: Impact Analysis From multiple to unified exchange rate Convertible currency inevitable Why? AfCFTA Adopting the Eco during the decade Accepting and leading the regional convergence criteria 9 Heterodox Monetary Policy: Impact Analysis Will be dropped for orthodox monetary policy Adopting the feedback rule of monetary policy Interest rates > Inflation Leading to an increase in national savings (N17.15trn in H1’19) 10 January Snapshot The Head Scratching The Eye Popping The Usual Suspects 12 13 The Head Scratching Lagos state bans tricycles from key highways Commissions 14 new ferries on the marine urban transit Uses e-tags and electronic payments to decongest the Lekki-Ikoyi bridge After 3 weeks of relief, resurfacing of Falomo bridge traffic is the new nightmare Lagos state issues 10-year N100bn Infrastructure bond at 11%p.a Oversubscribed and pays off significant contractor arrears 14 The Head Scratching States of the Federation pay new minimum wage (N30,000 per month) NYSC increases Corpers’ allowance from N19,800 to N33,000 The new VAT rate kicked off on Feb 1 Estimated revenue accrual to increase from N1.9trn to N2.8trn 15% of VAT stays with FGN and 85% goes to the states This will help the states meet the new wage bill CBN has slashed transfer, ATM and payment charges by an average of 50%-80% To help financial inclusion and deepening 15 The Head Scratching CBN leaves MPR unchanged but increases CRR by 5% to 27.5%pa Forcing banks to scramble for additional funding to meet new debits Inflation is up by approximately 12% Heading towards 13% in February 8.5% above the 91 – day T-bills rate M2 growth well above the same period of 2019 at 4.99% (November 2019) 16 The Eye Popping Coronavirus spreads in China into almost a pandemic Over 25,000 confirmed cases To slow Chinese growth sharply from 6.3% Drags down the price of oil to $55pb Will hurt Nigeria’s trade balance ($21.8bn), current account and reserves (now at $37.85bn) 42 airlines globally have stopped flights to mainland China 6 African carriers have also stopped flights into China The Eye Popping OPEC is mulling a further production cut from 1.7mbpd or 1.7% of total demand US slaps limited visa ban on Nigeria and five others For security reasons and higher than normal overstay rate (15.2%) 8 francophone countries opt for the Eco to replace the CFA Nigeria and five others say “not so fast” Ghana says not a bad deal but no fixed exchange rate Ghana and Ivory Coast attempt to set up COPEC in the cocoa market The Eye Popping Both countries control more than 60% of world cocoa production Unlikely to become a price leader Nigeria border closure extended beyond Jan 31/20- indefinite PMS demand goes back up to 60mn litres per day Retail consumer traffic slows sharply in January As disposable income succumbs to taxes, border closure and inflation Also hurting a cross-section of the older generation is the sharp fall in investment income from T/Bills The Usual Suspects In the last 5 years PMI always fell in January The average drop between December and January in the last five years is -16% 80 68.7 60 60.2 58.3 60 54.6 40 48.6 51.5 53.6 20 0 2016 2017 2018 2019 December January Source: FBNQuest This January is different: The slope of the PMI curve was flatter The Usual Suspects The weather forecast confirms first rains in the South on February 24 End date estimated between November-December Northern states are predicted to record first rains from June 2 End date estimated from October through November 15 Harvest period shorter and inflation effect The Usual Suspects Q4 GDP to be released on February 24 Inflation data will be published on February 17 The 2019 average GDP is estimated to come in at 2.2% Positive in direction but below the two population growth rate estimates (World Bank: 2.6%; NPC: 3.2%) Also below the potential GDP growth rate of 3.1% Average power output from grid was 3,816MWh/hour The Presidential task force on power to make pronouncements on tariff and outlook in February The Usual Suspects Minister of Transport is now uncertain as to Lagos-Ibadan rail commissioning 90% of construction completed but finishing and stations remain a challenge The beer market declined by an average of 8% Malt market grew by 6% after sluggish earlier quarters in 2019 Most brewers are increasing price along with VAT and minimum wage hikes Soft drinks sales continue to fall on health and obesity concerns 23 The Usual Suspects Nigeria is not among the top 10 countries in obesity % of adult population with obesity % of adult population with obesity (1) Kuwait 37.9 (6) Libya 32.5 (2) USA 36.2 (7) Turkey 32.1 (3) Jordan 35.5 (8) Egypt 32.0 (4) Saudi Arabia 35.4 (9) Lebanon 32.0 (5) Qatar 35.1 (10) UAE 31.7 Source: The Economist 24 The Usual Suspects % of underweight adults % of underweight adults (1) India 23.6 (6) Afghanistan 16.4 (2) Bangladesh 21.5 (7) Timor-Leste 16.1 (3) Vietnam 17.7 (8) Congo-Kinshasa 15.9 (4) Eritrea 17.3 (9) Ethiopia 15.8 (5) Nepal 16.8 (10) Pakistan 15.0 Source: The Economist Coronavirus: Impact Analysis Epidemic or Pandemic Dead: 490, Infected: 25,000 26 27 The Facts Originated from Wuhan, China Confirmed cases in other Asian and non-Asian countries Potent in temperate regions Death toll over 490 and 25,000 confirmed cases Two deaths outside China recorded: Philippines & Hong Kong No confirmed case in Nigeria yet 28 Nigeria/China Trade China accounts for 19.7% of Nigeria’s total import bill 3-year swap agreement ($2.4bn) Chinese funded projects in Nigeria: Airports: Nnamdi Azikiwe International Airport, Port Harcourt International Airport, Mallam Aminu Kano International Airport, Murtala Muhammed International Airport Rail: Lagos-Ibadan, Ibadan-Kano ($5.3bn) Power : Mambilla hydroelectric power plant Telcos: Huawei (5G), Satellite 29 Impact on Air Travel Airlines that have Airlines suspending flights to mainland China suspended flights to China include Governments also imposing travel bans on Chinese British Airways visitors RwandAir Emirates Would result in revenue slowdown of airlines Delta Airlines Shares in China’s biggest airlines down 20% since virus Lufthansa Virgin Atlantic onset EgyptAir Hotel occupancy in China also down by 45% ET Chinese stock market plunges 8% on February 3rd Kenya Airways Qatar Airways Chinese central bank invested $170bn to forestall a Royal Air Maroc crash in the stock market 30 Impact on Oil Market China – largest importer of crude oil (estimated consumption: 14mbpd) Decline in Chinese oil demand since Coronavirus outbreak Down by approx. 3mbpd (20% of total consumption) Oil price down 16.8% YTD Spread of the virus could also reduce the demand for jet fuel As global airlines suspend flights to China Global Developments 31 32 Global Developments Trump to replace AGOA with bilateral deals AGOA a multilateral deal will expire in 2025 AGOA gives nearly 40 African states tariff free access to the US for 6500 products The US is starting with Kenya and hopes to clinch a bilateral deal 2-way trade between Kenya and the US was $1bn in 2018 with a $280mn surplus in favour of Kenya 33 Global Economy to Expand Mildly Global economy to expand by 3.3% in 2020 – IMF Up from 2.9% in 2019 Supported by US-China trade truce Aggressive monetary policy easing by major central banks Risks to the global economy remains on the downside Further escalation in US-China trade tensions Rising geopolitical tensions – US and Iran 34 US Economy Remains Resilient US economy grew by 2.1% in Q4’19 FY’19 : 2.3% - slowest pace in the last 3 years Q4 GDP was buoyed by increased consumer spending and residential investment Consumers account for approx.
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