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Investor Presentaiton

Macroeconomic Overview (1/3) The Nigerian economy grew by 2.31% Y-o-Y in real terms while inflation rose to its highest level in the last five years at 22.79% as at Q2 2023 Gross Domestic Product The non-oil sector contributed 93.79% to Q1 2023 GDP growth rate, lower than its 95.66% contribution in Q4 2022. Services, Agriculture, and Industries sector contributed 57.29%, 21.66% and 21.05% to Real GDP respectively. The Nigerian Capital Market Update PwC 2.31% Q 1 2023 (YoY) 3.52% Inflation rate; Q2 2023 22.7% Monetary policy rate (MPR) June 2023 18.5% ā—‰ Inflation reached an all-time high of 22.79%, up by 4.1% from the 18.6% recorded in June 2022, with potential impact on the real return on investments The CBN further increased the MPR to 18.5% in May 2023 to enhance price stability. However, this may impede on Bank's ability to service the real sector of the economy A new administration was sworn in on May 29th, 2023. Policies implemented by the new administration include; Removal of fuel subsidy. Unification of exchange rates Signing of electricity and student loan bill Suspension of some taxes Q4 2022 (YoY) Economic Downside Top 5 Contributors to Real GDP in Q1 2023 (%) Crop Production 19.48 1. Cash crunch. Trade 15.97 3.11% 2. Fuel subsidy removal 3. Rising exchange rates ICT 14.13 Oil & Gas Real Estate 6.21 5.31 Q1 2022 (YoY) August 2023 4
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