Newsletter- A Rebounding Economy: Milestones and Measures

— Headline Inflation has now fallen for the eighth successive month (February to September 2017)

— Foreign exchange reserves are up to $32 billion, from $24 billion a year ago

— Oil production is at nearly 2 million barrels per day, a significant improvement from 2016 when it languished for the most part below a million

— The Home-grown School Feeding Programme now being implemented in 17 States, benefiting more than 3 million public primary school children and more than 30,000 cooks across 20,000 schools.

— Close to 200,000 youths are now benefiting from the N-Power Programme, which recruits unemployed graduates to work as teachers, agric extension workers, and health extension workers.

— The Government Enterprise & Empowerment Programme (GEEP), which provides micro-credit to farmers, traders, and artisans, now has in excess of 1 million beneficiaries, with women accounting for 56% of that number

— This month Vice President Yemi Osinbajo flagged-off construction of a Bridge linking the Island of Bonny to the Mainland town of Bodo, in Rivers State. Bonny is home to the Nigerian Liquefied Natural Gas Limited (NLNG), which is partnering with the Federal Government to deliver the 120 Billion Naira bridge

— The Nigerian Electricity Regulatory Commission (NERC) has recently issued mini-grid Regulations to guide registration and licencing for small consumers and off-grid developers seeking to produce up to 100 kilowatts and over 100 kilowatts and up to 1 megawatts respectively, without connecting to the National grid.

— The National Electricity Regulatory Commission (NERC) will this month issue directives on independent metering, which will allow independent entities aside from registered power distribution companies to sell and install meters to customers and be paid directly as collections are made from metered customers.

— National Grid capacity for on-grid power has risen by more than a third since 2015; from 5,000 MW in 2015 to 6,900 MW in September 2017. (Most recently, in September 2017, 100 MW was recovered and restored to the grid from the Afam power station IV which had been out of commission since January 2015 due to a burnt transformer.)

— The Federal Executive Council this month approved the verified sum of N25.9Billion as debts owed Power Distribution Companies by Federal Ministries, Departments and Agencies, as well as the payment of the said sum by offsetting it against the debts owed by the DisCos to the Nigerian Bulk Electricity Trader (NBET).

— Federal Government in 2016 signed 14 solar Power Purchase Agreement (PPAs) with 14 Developers, with the potential to deliver more than 1,000 MW of solar power.

— The Presidential Fertilizer Initiative (PFI) has since the beginning of 2017 created 50,000 direct jobs and 70,000 indirect jobs (Factory jobs, drivers and motor assistants, labourers, bag manufacturers and printers, truck dealers, spare parts dealers, etc). 8.5 million bags of NPK Fertilizer have been produced under the wet season phase of the PFI, by the end of 2017, it will have produced in excess of 10 million bags.

— Abuja’s Rail Mass Transit System is scheduled for completion in December 2017. The first line will connect the City Center to the Airport, and open up a lucrative investment corridor for restaurants, parking lots, shopping malls, etc.

— The Federal Government’s Anchor Borrowers Programme, launched by President Buhari in November 2015 has benefited 200,000 small scale farmers and attracted investments of more than 40 billion Naira from participating institutions.

— The Naira has since stabilised against the dollar (with the margin between the Interbank and parallel market rates having narrowed considerably). End users of dollars now have increased access to foreign exchange partly due to increased export earnings and remittances, as well as the introduction of a dedicated transparent window for Investors and Exporters (NIFEX).

— At about $1.8 billion, Capital inflows in the second quarter of 2017 were almost double the $908 million imported in the first quarter.

— The Nigerian Stock Exchange All Share Index (NSEASI) has seen dramatic gains in recent months (now about 36% higher than beginning of 2017 value; the surge being largely attributable to the new Investors and Exporters Window (NAFEX) introduced by the Central Bank in April).

FBN Capital says: “Liquidity in the FX market has had a positive impact on the manufacturing sector as access to imported inputs is greatly improved… The FGN’s import substitution strategy has yielded some successes, particularly for manufacturers geared towards agro-processing.”

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