Investor Presentaiton

Developments Developments have primarily been shaped by the COVID-19 pandemic and developments in the crude oil market. The Federal Government and its agencies have responded decisively to stimulate the economy. January 13 Nigeria ratifies landmark Finance Act to increase VAT rate and provide tax reliefs for small businesses February 24 Nigeria reports 2.55% Y-o- Y GDP growth in Q4 2019 - the highest quarterly growth since the 2016 recession March 08 Collapse of OPEC production cut discussions and subsequent price war plunges oil price to historic lows March 09 President Buhari sets up 12-member Presidential Task Force on COVID-19 April 06 Ministry of Finance, Budget and National Planning announces fiscal stimulus measures and proposed amendments to 2020 Appropriation Act April 06 Fitch downgrades Nigeria from B+ (Negative) to B (Negative) May 25 Nigeria reports 1.87% Y- o-Y Real GDP growth in Q1 2020, despite weakening global economic conditions June 13 Economic Sustainability Plan launched to respond to challenges posed by the COVID-19 pandemic and to propose wide ranging policy response measures Jan-20 Feb-20 Federal Ministry of Finance, Budget and National Planning 2 Mar-20 Apr-20 May-20 Jun-20 February 27 First case of COVID-19 confirmed in Nigeria March 18 Central Bank of Nigeria announces stimulus package in response to COVID-19 March 26 S&P downgrades Nigeria from B (Negative) to B- (Stable) March 30 Cessation of all movement in Lagos State, Ogun State and the Federal Capital Territory due to COVID-19 under the Quarantine Act April 15 Moody's affirms Nigeria B2 (Negative) rating / outlook April 28 IMF approves $3.4bn Rapid Financing Instrument facility to support Nigeria's Fiscal and Balance of Payment needs May 13 FEC passed a revised 2020 Budget and MTEF May 28 NASS convenes to deliberate on 2020 Budget and MTEF June 11 Passage of the Revised 2020 Budget by NASS

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