Investor Presentaiton
COVID-19 Impact on External Position
Balance of Payment
BOP funding estimate of US$14bn in 2020
■
Crude oil and gas exports will decrease in line with softer demand and drop in oil prices
"
Imports expected to decrease as well in line with general economic slowdown and drop in refined oil product prices
Retreat to safe haven assets likely to influence capital outflows in 2020
Widened deficit will be financed with a combination of reserves and new financing from multilateral lenders
External Reserves
FX Reserves (US$ billion)
1
44
44
43
43
41
40
40
39
38
37
36
=4
34
33
33
36
Jun 19 Jul 19
Aug 19
Sep 19
Oct 19
Nov 19 Dec 19 Jan 20 Feb 20 Mar 20
■Liquid Blocked
Apr 20
May 20
Federal Ministry of
Finance, Budget and
National Planning
11
Source: Central Bank of Nigeria
US$8.5bn decline due to:
c. US$21bn increase in imports in 2019
Offshore investors exiting OMO bills
market in 2H 2019 and Q1 2020
Import Cover
■ Dec' 2019 FX reserves of US$38bn
represented a goods and services
import cover of 5.2 months or 9.1
months of goods only import cover
Demand for imports expected to slow
down, easing pressure on import coverView entire presentation