WEEKLY MONITOR: NIGERIA ECONOMIC & CORPORATE UPDATES…

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Economic News

  • Nigeria capital inflow hit $6.3bn in Q1 driven by foreign investors: Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalization of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures released last week by the National Bureau of Statistics showed capital inflow had hit $6.3 billion in the quarter, dominated by offshore portfolio investors buying local shares and bonds rather than foreign direct investment. Reuters
  • Moody’s Says Nigeria’s Oil-Led Economic Recovery Supports Modest Improvement In Debt Issuers’ Credit Profiles: Moody’s said Nigeria’s oil-led recovery supports modest improvement in debt issuers’ credit profiles. It also said that although Nigeria’s oil-driven economic recovery will support credit profiles across various sectors, the impact will be modest. Reuters

Corporate news

  • Unilever Nigeria calls shareholder vote over the sale of spreads business: Unilever Nigeria plans to hold shareholder meeting to vote on the proposed sale of its Blue Band margarine business, the company said last week. The brand, made and distributed by Unilever Nigeria in the west African country, is being sold by parent Unilever as part of the 6.8 billion euro ($8.1 billion) sale of its Flora Food Group spreads arm to private equity firm KKR. Reuters
  • MTN Nigeria Posts Q1 Subscriber Net Additions Of 2.3Mn: MTN Nigeria reported strong subscriber net additions of 2,3 million. In Q1 of 2018, MTN Nigeria increased naira service revenue by 14,5% year-on-year. Also, the company had a 62,2% increase in billed data volumes, active mobile money customers increased to 2,0 million, data revenue increased by 73,2% year-on-year, EBITDA margin increased by 332bp to 41,8% and invested n17,9bn in CapEx in q1 Reuters

 

Equity Valuations

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