2020 Financial Highlights
The Operating Environment
The Nigerian economy exited recession in Q4 '20
as growth in Telecoms and Agriculture sectors
etc. offset the impact of lower oil prices.
GDP growth in Q4 '20 was 0.11% from -3.6% in
Q3 '20. However, the full-year 2020 GDP growth
came in at -1.92% compared to 2.3% in 2019.
Headline inflation inched up for the 16th
consecutive month from 11.0% in Aug 2019 to
15.8% in Dec 2020.
High food prices, insecurity, upward review of
PMS price, and pass-through effect of the
pandemic etc. led to rising inflation rate.
Average crude oil prices (Bonny Light) in 2020FY
dropped by 35.7% to $42.09pb from $65.49pb
with the highest and lowest prices at $72.18pb in
Jul and $7.15 in Apr 2020 respectively.
Crude prices have since stabilized above $60pb
while the external reserves is now at $34.8bn.
Real GDP Growth
2.6%
Q1 '19
1.9%
0.1%
Q2 '20
Q4'20
-3.6%
-6.1%
Headline Inflation (%)
15.8
12.2 12.3
12.6
13.2
14.2
*
12.0
Dec-19
Feb-20 Apr-20 Jun-20
Aug-20 Oct-20 Dec-20
Bonny Light ($ per Barrel)
67.9
53.8
42.5
45.3
13.9
36.4
51.3
Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20
8
www.fidelitybank.ngView entire presentation