In its recently released Financial Stability Report (FSR) for June 2017, the Central Bank of Nigeria (CBN) released the result of its bi-annual banking industry stress test carried out to evaluate the resilience of Nigerian banks to credit risk, liquidity, interest rate and contagion shocks. The assessment was carried out on 20 commercial and 4 merchant banks which were tiered based on asset size into Large (N1.0tn and above), Medium (assets above N500.0bn but less than N1.0tn) and Small (total assets less than N500.0bn) banks.
This week, the National Bureau of Statistics (NBS) released statistical reports on several sectors of the economy amongst which were Petroleum Products Imports and Consumption Statistics for 2017, Q4:2017 data on sectoral distribution of Value Added Tax (VAT) and Telecommunications sector. The data released by the NBS on petroleum industry showed total imports of major products such as PMS (Petrol), AGO (Diesel) and HHK (Kerosene) fell in 2017 to 17.3bn, 4.2bn and 340.3m litres from 18.8bn, 4.9bn and 713.8m litres in 2016 respectively.
The Consumer Price Index (CPI) data for Jan-2018 was published earlier this week by the National Bureau of Statistics and in line with expectation, Headline Inflation moderated for the 12th consecutive month to print at a 21-month low of 15.1% Y-o-Y from 15.4% Y-o-Y in Dec-2017. The 24bps decline in Y-o-Y inflation was however majorly driven by high base effect as M-o-M Headline Index price growth accelerated 21bps M-o-M to 0.8% from 0.6% in Dec-17 against the backdrop of increases in Food and Core Indices M-o-M growths.
On the 7th of February 2018, the National Bureau of Statistics (NBS) released PENCOM data for Q4:2017 which shows a breakdown of Pension Assets and Retirement Savings Account (RSA) membership. As at December 2017, total Fund Assets Under Management (AUM) was valued at N7.5tn, up 22.0% Y-o-Y and 4.9% Q-o-Q from N6.2tn and N7.1tn in FY:2016 and Q3:2017 respectively. Similarly, total number of registered RSA holders grew 6.5% Y-o-Y and 1.5% Q-o-Q to 7.8m people from 7.3m and 7.7m individuals as of FY:2016 and Q3:2017 respectively.
As the saying goes: ‘necessity is the mother of innovation’. This justifies the fact that, many countries have experienced several breakthrough in innovation during crisis such as natural disaster, epidemic, war amongst others. These crises triggered the invention of technologies and ideas that leapfrogged some countries to their current developed state. But in Africa, a continent gripped with unemployment, poverty, hunger and more, the case is different. Africa’s poverty rate is yet to spark creative thinking and action to save the continent from poverty. For instance:
The news is full of blockchain, but the technology behind it is little understood. And what are its consequences for Foreign Direct Investment (FDI)? Martin G Kaspar explains.
Blockchain emerged in public discourse with the introduction of bitcoin, which is why the two terms are often used synonymously. However, there are clear distinctions between the two: blockchain is the underlying technology for bitcoin, which is one of many co-called cryptocurrencies.