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IMF Staff Completes 2018 Article IV Mission to Nigeria
December 22, 2017--Nigeria is exiting the recession but the economy remains vulnerable.
Welcome actions to improve the power sector and business environment under the Economic Recovery and Growth Plan.
Macroeconomic and structural reforms remain urgent to contain vulnerability and support sustainable private sector led growth.
An International Monetary Fund (IMF) staff team led by Amine Mati visited Nigeria during December 6-20, 2017 to conduct the 2018 Article IV consultation. Following the conclusion of the visit, Mr. Mati, Senior Resident Representative and Mission Chief for Nigeria at the IMF, issued the following statement:
"Overall growth is slowly picking up but recovery remains challenging. Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017-the second consecutive quarter of positive growth after five quarters of recession-driven by recovering oil production and agriculture.
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Source: IMF
JSE climbs, rand weakens
December 21, 2017--The JSE climbed higher in line with broadly stronger global markets on Thursday, while the rand weakened, closing at R12.70/$.
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Source: FIN24
JSE lower as banks ease off fresh highs
December 20, 2017--The JSE closed mixed on Wednesday, with the All Share index receding 0.24% while the blue-chip Top 40 closed flat.
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Source: FIN24
Global disaster costs soar in 2017: Swiss Re
December 20, 2017--Total economic losses from natural and man-made disasters have soared by 63% to strike an estimated $306bn in 2017, reinsurance firm Swiss Re said on Wednesday.
"The US was hardest hit, including by hurricanes Harvey, Irma and Maria, which have made 2017 the second costliest hurricane season" after 2005, the company said.
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Source: FIN24
Rand rallies over 4% as Ramaphosa takes
December 18, 2017--The rand rallied to under R12.60 to the US dollar as news broke that Cyril Ramaphosa has won the ANC leadership race at the party's 54th National Conference.
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Source: FIN24
Markets lower ahead of ANC elective conference
December 15, 2017--The local bourse closed weaker on Friday as the gains from the previous day's bounce were quickly erased.
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Source: FIN24
UPDATE: Rand soars on Ramaphosa optimism, dips under R13.10/$
December 15, 2017--The rand strengthened more than 3% to trade under R13.10 to the US dollar amid optimism that Deputy President Cyril Ramaphosa would be victorious in the race for ANC president.
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Source: FIN24
JSE breaks losing streak
December 14, 2017--The JSE closed firmer on Thursday as it broke a streak of consecutive losing sessions.
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Source: FIN24
Traders brace for 'explosive' rand moves after ANC election
December 14, 2017--Just days before the ANC elects a new leader to replace President Jacob Zuma as party head, the rand's implied volatility versus the dollar has shot up to levels last seen in 2008.
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Source: FIN24
Local equities weaker as inflation slows
December 13, 2017--The JSE closed weaker on Wednesday as the current selling pressure in most of the blue chip stocks persisted.
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Source: FIN24
