Key Summary from FGN Global Investor Call

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Federal Government of Nigeria hosted a global investor call on Tuesday, June 23, 2020. Representatives were.

  • Mrs. (Dr) Zainab Shamsuna Ahmed (Hon. Minister of Finance, Budget and National Planning)
  • Mr. Godwin Emefiele (Governor, Central Bank of Nigeria)
  • Mr. Ben Akabueze (Director-General, Budget Office of the Federation)
  • Ms. Patience Oniha (Director-General, Debt Management Office)
  • Dr. Osagie Ehanire (Hon. Minister of Health) 

The presentation was focused on Macroeconomic & Fiscal Response, Central Bank of Nigeria’s Response and COVID-19 Response & Health Infrastructure. 

Key highlights

Macroeconomic & Fiscal Response

  • Reduction in FGN revenue available for budget (including GOEs) from N8.4 trillion to N5.6 trillion
  • COVID-19 related fiscal expenditure of N500 billion
  • Revision of the benchmark oil price for 2020 to US$25/barrel (previously US$57/barrel) and oil production to 1.9mbpd (previously 2.18mbpd)
  • Adjustment in Budget Exchange Rate to N360/US$1 from N305/US$1
  • Removal of fuel subsidies regime
  • Full cost-reflective power tariffs in 2021
  • N2.3 trillion domestic debt. 63% raised so far.
  • Nigeria has no plans to ask for debt forgiveness.

Central Bank of Nigeria’s Responses to the Q&A Session

  • Depreciation of the Naira along with supply shocks attributed to COVID-19 led to a gradual rise in inflation.
  • inflation to begin a downward trend in Q4 2020 given the strengthened emphasis on improving productivity in the agriculture and manufacturing sectors
  • Given the drop in crude oil prices and its impact on the foreign exchange earnings, NGN/USD rate experienced an 18% depreciation at the official exchange rate window.
  • CBN will continue to work towards a gradual unification of rates across all FX windows.
  • CRR debit will continue to be an unorthodox means to curb liquidity.
  • CBN assures FPI everyone will get their monies in an orderly manner.
  • Expected $3 billion foreign loans from AfDB and Afrexim to boost reserves further.

Download the June 2020 Global Investor Call – Nigeria report here

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