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
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