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January 18, 2018

New year, old challenge for the DMO

The DMO has found itself at the start of the calendar year with the familiar challenge of having to set out its plans for FGN bond auctions without an approved budget in place. We sympathise with its predicament. In the interim, it looks to raise N110bn at next week’s auction from the reopening of the five and ten-year benchmarks (14.50% Jul ‘21s and 16.29% Mar ‘27s). The DMO may well look, as last year, to front-load its issuance in the first quarter, and create a little flexibility ahead of it as the executive and legislature stumble through the budget process.Local media accounts of the 2018 budget proposals submitted by the president to the National Assembly in early November put the FGN deficit at N2.0trn, of which borrowing was to cover...

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January 17, 2018

A steeper fall in inflation

The latest inflation report from the NBS shows headline inflation y/y at 15.4% in December. This was the eleventh successive...

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January 16, 2018

The elusive tipping point in asset allocation

The assets under management (AUM) of the Nigerian regulated pension industry increased by 23.1% y/y in November to N7.41trn (US$24.2bn),...

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January 15, 2018

Upward trend in business confidence

Small and medium-sized enterprises (SMEs) are regarded as growth engines for developing economies. However, for Nigeria, a large proportion are...

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