Warning: set_time_limit(): Cannot set max execution time limit due to system policy in /customers/b/b/b/brandspurng.com/httpd.www/wp-config.php on line 92 Q4 2020 Economic Outlook: Out of Reverse and into Second Gear - Brand Spur

Q4 2020 Economic Outlook: Out of Reverse and into Second Gear

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Economic Outlook – Out of reverse and into second gear

Off the floor but no dramatic GDP rebound

The economy, while still contracting, picked itself up off the floor in Q3’20 due to the end of the domestic and external lockdowns, which have given a boost to the crude price. The benefits from the discovery of vaccines for Covid-19 will be felt with a lag in Nigeria.

The GDP contraction this year and the recovery next year will be subdued, as we have consistently warned, because of Nigeria’s limited global integration and the slow pace of policy reform.

Oil as ever the determinant of a modest recovery

This latest recession, like the last and its predecessors, can be traced to oil price softness (as well as the pandemic). For a successful exit, we must look for an oil price recovery because project diversification of the economy remains just that (a project). The FGN needs the tax revenue from oil to make the changes.

OPEC+’s relative discipline, the hit taken by the shale industry in the US and the positive news on vaccines all point to such a recovery. This will give authorities headroom within the 2020 budget as global demand for crude, led by Asia, gathers momentum, and will compensate for faltering collection of non-oil taxes.

Just enough to get by on FX

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Repetitive we regret but our view on FX policy and direction has not moved. The CBN’s plan is to make small FX rate adjustments once it has exhausted all administrative measures. This time around, foreign portfolio investors (FPIs) will not underpin the rate and shore up reserves. The rescue will come in the form of an oil price recovery and, the FGN trusts, the release of multilateral loans. The authorities should therefore be able to adhere to their plan.

Read Also:  The GTBank 2020 Economic Outlook: Macro-Economic and Banking Sector Themes

Bond yields to settle after declining

The doubling of the DMO’s domestic funding target to NGN1.6trn this year has not created a spike in yields. Rather, the CBN’s management of liquidity and use of its regulatory powers, as well as the shortage of investment alternatives for domestic institutions, have caused yields to tank: almost nothing now for NTBs and the yield for the FGN bond maturing in ’50 at half the rate of inflation.

At these levels of return and allowing for global macro and FX considerations, the FPIs have dropped the Nigeria credit story. They have decamped to Egypt and elsewhere. We see FGN bond yields in the mid-curve in a range of 4.0% to 5.0% over the next quarter.

Central economic indicators Year-end December
  2018a 2019a 2020f 2021f
Real growth (in per cent) 1.9 2.3 -2.5 1.8
CPI (in per cent; y/y Dec) 11.4 12.0 14.8 14.1
Monetary policy rate (%; year-end) 14.0 13.5 11.5 11.0
Current account/GDP (in per cent) 1.1 -4.3 -1.0 -1.1
Bonny Light (end-period spot; USD/b) 62 67 49 53
Bonny Light (average spot; USD/b) 73 65 42 51
Official FX reserves (in USD bn) 43 39 35 36
NGN/USD (NAFEX; end-period) 364 365 395 420
NGN/USD (NAFEX; average) 362 362 382 415

 

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Q4 2020 Economic Outlook: Out of Reverse and into Second Gear - Brand Spur

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.


Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

"The endpoint has become a key battleground as determined threat actors try to take advantage of the pandemic to target distributed workforces and vulnerable remote access infrastructure. But throughout this difficult period, we've been there for our customers," said Wendy Moore, vice president of product marketing for Trend Micro. "I'm delighted to see us recognized again for doing what we do best: Protecting global organizations through innovative, cloud-first and platform-based security. We will continue to focus on offering simple, robust and industry-leading protection through our cybersecurity platform."

At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

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Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


Q4 2020 Economic Outlook: Out of Reverse and into Second Gear - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.


Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

"The endpoint has become a key battleground as determined threat actors try to take advantage of the pandemic to target distributed workforces and vulnerable remote access infrastructure. But throughout this difficult period, we've been there for our customers," said Wendy Moore, vice president of product marketing for Trend Micro. "I'm delighted to see us recognized again for doing what we do best: Protecting global organizations through innovative, cloud-first and platform-based security. We will continue to focus on offering simple, robust and industry-leading protection through our cybersecurity platform."

At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


Q4 2020 Economic Outlook: Out of Reverse and into Second Gear - Brand Spur
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