Economic Highlights – First Ideas Limited

Economic Highlights

Economic Highlights (Eight weeks ended 29th April 2022)

8th March 2022

Announcement of proposed acquisition of SIAT Nigeria Limited by Presco Nigeria Plc for cash consideration of N21 billion. SIAT is the operator of three oil palm estates in Rivers State, Nigeria including Ubima Estate, Elele Estate and Risonpalm Estate.

10th March 2022

Publication of receipt of court sanction of the Scheme of Arrangement of Access Bank Plc on its restructuring to a holding company.

17th March 2022

Successful completion of Nigeria’s USD1.25 billion 7 years Eurobond issue at 8.375%.

29th March 2022

Notice of Extraordinary General Meeting of Capital Hotels Plc scheduled for 25th April 2022 to approve private placement of 1,611,995,510 ordinary shares representing 51% shareholding with 22 Hospitality Limited at N7 per share.

29th March 2022

Commencement of operation as HOLDCO by Access Bank Group with four subsidiaries comprising the Bank, Consumer Lending and Agency Banking company, Payment and Switch Services company and Insurance Brokerage/Wealth Management company.

29th March 2022

Approval of shareholders of Neimeth Pharmaceuticals Plc of capital raising of N5 billion through combination of Rights and private placement.

5th April 2022

Announcement of completion of Presco Nigeria Plc N34.5 billion 7 years 12.85% Fixed Rate Bond due 2029.

7th April 2022

Submission of supplementary upward revision of N965.42 billion to the 2022 Approved Federal Government of Nigeria Budget to the National Assembly by the President increasing the Budget Deficit to N7.35 trillion. The revision is to provide for an increase in the Fuel Subsidy Budget fro N3 trillion to N4 trillion.

7th April 2022

Announcement of agreement on sale of Suntary Beverage and Food Nigeria Limited (SBF) to the Chanrai Summit Group in transaction valued at USD14 million. SBF is the owner of the Ribina and Lucozade brands in Nigeria.

14th April 2022

Approval of revised Medium Term Expenditure Framework, N4trillion 2022 Petroleum Subsidy and N7.35 trillion 2022 Budget Deficit by Nigeria’s House of Assembly as proposed. The Revised 2022 Budget is based on revised average crude oil price of USD73/barrel and average crude oil production of 1.6 million barrels per day, increase in domestic debt service of N76.13 billion and decrease in Statutory Transfers of N66.07 billion.

26th April 2022

Nigeria National Pension Commission (PENCOM) approved the acquisition of IEI-Anchor Pension by Norrenberger. The pension fund administration company was divested by International Energy Insurance Plc as part of the compliance plan to meet the new capital requirements.

27th April 2022

Announcement of completion of Shelter Afrique’s N46 billion Fixed Rate Senior Unsecured 5 years and 7 years Bonds at 13% and 13.25% respectively.

Key Economic Statistics

Nigeria Headline Inflation for March 202215.92%
Nigeria Real GDP Growth for Q4 20213.98%
Federal Government of Nigeria Interest/Revenue percentage 202159%
Nigeria External Reserves as at 31/3/21USD39.55 bill.
Nigeria External Borrowings as at 31/12/21USD38.39 bill.
Nigeria Unemployment Rate for Q4 202033%
Nigeria Underemployment Rate for Q4 202023%
Nigeria Gross Export Revenues in 2021USD45.79 bill.
Nigeria’s Growth in Export Revenues in 202130%
Nigeria Banking average Lending Non-Performing Ratio February 20224.84%
Nigeria Stock Exchange All Share Index growth year to April 30, 2022+16.2%
First Ideas Index (FIL) growth year to April 30, 2022+23.8%

About the Author

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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