Proshare Nigeria Pvt. Ltd.
Nigeria: Economic Dashboard @ 251220 Proshare Nigeria Pvt. Ltd. Editor’s Note
Source: Proshare Research – December 26 , 2020 The N13.5trn 2021 appropriation bill was passed by Nigeria’s national assembly. The main highlights of the passed appropriation bill show that the amount earmarked for statutory transfers is N496.53bn, debt service N3.32trn, recurrent expenditure N5.64trn, and capital expenditure N4.13trn.
Lingering effects of gas constraints and low load demand by discos affected electricity generation in the country last week, as the electricity generated averaged 4,601.33MW. According to daily generation figures collated from the Nigerian Electricity System Operator, power plants connected to the national grid produced a total of 32,209.3MW last week. The plants could not produce 8,924.4MW because of gas supply challenges while 1,182.4MW generation capacity was left idle because of Discos’ low demand.
The CBN in its survey report titled consumer expectations survey report for the fourth quarter of 2021 noted that most of the consumers surveyed do not have intentions to buy big-ticket items in 2020, considering the current economic conditions. The report noted that consumers’ overall outlook was negative in the current quarter, as consumers were pessimistic in their outlook. However, consumers had a positive outlook for the next quarter and the next 12 months. Overall buying conditions index for big-ticket items in the current quarter stood at 21.6 points. Overall buying intention index in the next 12 months stood at 29.9 index points, which implies that most consumers do not intend to buy big-ticket items in the next 12 months.
CBN in its Q3 economic report noted that deposit money banks and merchant banks continually accessed the standing facilities window to improve their positions in Q3 2020. The report revealed that the total standing lending facility granted in Q3 2020 was N1.7trn, made up of N866.93bn direct SLF and N833.53bn Intraday Lending Facilities converted to the overnight repo. Furthermore, the total SDF granted was N1.76trn with a daily average of N37.55bn in 61 transaction days from July 1, 2020, to September 25, 2020.
Global Economy The International Labour Organization in its Global Wage Report 2020-2021 noted that over 15% of all wage employees which represent about 266m employees earned less than the minimum wage. It noted that the African continent had the highest proportion of workers 21% or 28m workers earning less than the minimum wage. While Asia and the Pacific region […]
