LBS Executive Breakfast Session – July 2022 (Re – What Goes Up Never Comes Down???)

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LBS Executive Breakfast Session – July 2022 (Re – What Goes Up Never Comes Down???)

What goes up will come down…., but when???

The laws of gravity tell us that whatever goes up must come down, literally meaning that the good times do not last forever and also bad times are not in perpetuity.

For Nigerians, who are facing a confluence of economic hard times, they are not interested in the theories of gravitational forces.  They are dealing with kitchen table realities.  The annual inflation according to the NBS reading is at 17.71% whilst the market prices are pinching households at a rate(83.50%) much higher than is reported.  The power supply situation has gone from bad to hopeless and the price of diesel is up 290% to N800 per litre, if and when you can get it.

Political Choices are not great for 2023 (But it is what it is)

In the midst of all these, Nigeria is at the cusp of what is likely to be a life-defining election. The choices are not great, because the challenges are far beyond the capacity of the bench (but it is what it is).  The historical triangle of power amongst civilian governments since independence in Nigeria has been the North West, South West and North East.  This is now being extended to include the South East (a new quadrangle of power).

The cost of any electoral victory in a country plagued by abject poverty (83 million people) makes the purchase of votes a lucrative transaction for willing buyers and sellers.  Our crude electoral cost matrix including the price of placating loosing opponents is at an outrageous figure in excess of N3 trillion (approx. 16% of the annual FGN budget).  The electoral cost recovery process could undermine the effectiveness of government in the next dispensation.

Naira in a crawling peg (N428 official – N618 parallel)

The CBN seems to have slowly allowed the official rate to slide by 1.75% (N8) from 420 to 428 in the last week.  Since the supply did not increase correspondingly, we have also witnessed the Naira plunge in the parallel market to N618.  We believe that Naira will appreciate slowly in the parallel market in the weeks ahead as the CBN releases additional forex and allows the crawling peg (official) to adjust towards N235/$.

All of these policies, challenges and political developments are leaving analysts bemused (puzzled), markets confused (scratching their heads) and speculators amused (having a field day).

In this edition of the LBS Breakfast Session, Bismarck Rewane and the FDC Think Tank analyze the current developments in the market, the economy and its impact on your business and strategy.

Read more HERE

Nigeria’s Inflation Jumps 17-Year High To 19.64%

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Nigeria’s Inflation Jumps 17-Year High To 19.64%

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022.

The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).

The last time Nigeria’s inflation was above 19.64% was in September 2005 when it rose to 24.32%. This is according to Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data. Notably, the uptick in the inflation rate was driven by increases in the food and core index.

Further breakdown of the report shows that the urban inflation rate rose by 2.08% to 20.09% in July 2022 from 18.01% recorded in July 2021, while the rural inflation rate hit 19.22% from 16.75% recorded in the corresponding period of 2021.

Food inflation

  • The closely watched indicator to its highest level in 14 months, standing at 22.02% in July 2022, representing a 1.42%-point increase compared to 20.6% recorded in the previous month. On a month-on-month basis, the food inflation rate in July stood at 2.04%, this is 0.01% lower than 2.05% recorded in the previous month.
  • According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.
  • Meanwhile, the average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which represents a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).

Core inflation

  • The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 16.26% in July 2022, compared to 15.75% recorded in the previous month. This also represents the highest core inflation rate since January 2017, when the rate stood at 17.8%.
  • On a month-on-month basis, the core inflation rate was 1.75% in July 2022. This was up by 0.20% when compared to 1.56% recorded in June 2022.
  • Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.

States with highest inflation rate

Akwa Ibom State recorded the highest inflation rate in the month under review with 22.88%, closely followed by Ebonyi State with 22.51%. Others include Kogi (22.08%), Bayelsa (21.6%), and Rivers State (21.37%).

In terms of food inflation rate, Kwara State recorded the highest with 29.28%, followed by Akwa Ibom (27.22%). Kogi State recorded 26.08% food inflation rate in July 2022, while Ebonyi, and Ekiti State recorded 25.83% and 24.78% respectively.

What this means

  • Nigerians have had to deal with the rising cost of goods and services following the Russia-Ukraine war, which caused a significant rise in energy prices, spiralling into a global energy crisis and food supply issue.
  • Nigeria is one of the countries with significant uptick in its cost of living as a result of high inflationary pressure. On a year-to-date basis, Nigeria’s inflation rate has increased by over 400 basis points from 15.63% recorded in December 2021 to 19.64% in the review month.
  • This implies that the consumer price index has increased by 12.7% between January and July 2022. This means that the purchasing power of Nigerians has been eroded. In basic term, keeping income at a fixed level, Nigerians are not able to purchase as much as they have been able to with their monies.

Four HKTDC August fairs and ICMCM close on a High Note

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Food Expo and concurrent events attract more than 430,000 visitors

HONG KONG SAR – is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises, and to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via and . For more information, please visit: . Follow us on @hktdc and

Nasal-spraying LiveSpo NAVAX: Probiotics of the next generation for respiratory infections

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HANOI, VIETNAM –

Seven Months Of Rewarding Customers In The Stanbic IBTC Reward4Saving Promo Draws

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Seven Months Of Rewarding Customers In The Stanbic IBTC Reward4Saving Promo Draws

In a bid to keep inspiring Nigerians to develop a healthy savings culture, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, held its seventh Reward4Saving promo draw at its head office on Monday, 08 July 2022. The July draw is the fourth of the second season of the promo and the seventh since inception.

The promo, which has rewarded 287 customers in the second season is expected to reward customers with cash prizes ranging from  ₦100,000 monthly, ₦1 million quarterly prize, and ₦2 million grand prize, from seven zones.

Adenike Nubi, Head, Mobile Financial Services, Stanbic IBTC Bank, stated that the July draws were carried out to encourage Nigerians to save while creating funds for their summer expenditures.

“Saving is a necessity, especially in our economic clime. Having funds can bring about peace of mind, as there is comfort in knowing that there is a pool of funds somewhere to fall back on when there is an urgent financial need. The Reward4Saving promo adds value to Nigerians, as it allows them to earn funds in their savings accounts while promoting a savings culture. Part of our strategic priority at Stanbic IBTC is to transform our customer experience, by aiming to do valuable things for our customers,” Adenike noted.

Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank said the promo is aimed at engraining a savings culture in the minds and hearts of Nigerians. He said: “For this month’s draws, we have rewarded 70 winners across different states with N100,000 cash prize each, as a way of appreciating individuals who have saved their funds in their accounts and e-wallets. The act of saving requires dedication, consistency, and discipline. As a financial institution committed to improving the lives of its customers, we will continue to reward the diligence and dedication of savers in Nigeria.”

“I congratulate our customers for emerging as winners in our July summer monthly draw. We understand that every fund received in their accounts will put a smile on the faces of our customers and we urge them to put their winnings to good use. To the public, we urge you to keep saving, to earn larger rewards.”

Verdant Capital Hybrid Fund Completes Its first investment, In Watu Credit Uganda Limited

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Verdant Capital Hybrid Fund Completes Its first investment, In Watu Credit Uganda Limited

Verdant Capital (www.Verdant-Cap.com) is pleased to announce that its Verdant Capital Hybrid Fund (the “Fund”) has made its first investment, in Watu Credit Uganda Limited (“Watu”). The investment of USD 7 million will help Watu expand its footprint of two-wheeler financing throughout the country.

This represents an important milestone for Watu in Uganda, it’s second largest market after Kenya, where the business was first established in 2015. In addition, Watu is expected to benefit from initiatives supported by the Fund’s technical assistance facility.

Watu is one of Uganda’s leading asset financing companies, specifically for two-wheelers. The business model accommodates and creates opportunities for the unbanked and financially underserved population. Watu’s operations are backed by the strong use of technology, including automated processes, GPS tracking tools for the motorbikes and the exclusive use of digital payments via mobile money wallets.

The Fund’s investment will provide Watu with more capital to finance motorbike taxis across Uganda. These motorbikes are usually the principal source of income for the riders. Watu’s business model provides an affordable route for riders to attain financial stability, the ability to participate in the economy and, in many cases, the first opportunity to have tangible wealth in the form of ownership of a motorbike.

The Fund’s subordinated debt investment will strengthen Watu’s balance sheet and help “crowd-in” more senior debt funding to further grow its balance sheet. The Fund was attracted by Watu’s business model aligned with the Fund’s mission to use its capital to empower “base-of-the-pyramid” clients, while benefiting from fundamental credit risk mitigants.

The Verdant Capital Hybrid Fund is a USD 100 million fund (target final closing). The Fund is targeting high developmental impact, including job creation and income generation through SMEs and micro-entrepreneurship.

The Fund is investing hybrid capital and subordinated debt instruments into inclusive financial institutions on a pan-African basis. The Fund is targeting specialist banks, microfinance institutions, leasing, and factoring companies, fintech and other non-bank financial institutions. A strong focus will be to ensure that the investments comply with high environmental and social standards.

Education And Office Investment To Propel Middle East And Africa Stationery Market Close To US$13 Billion By 2028

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Education And Office Investment To Propel Middle East And Africa Stationery Market Close To US$13 Billion By 2028

The future is bright for the Middle East & Africa’s stationery market, with a new report predicting the sector will achieve annual growth of 3.2 percent over the next six years to reach a regional record worth of US $12.93 billion.

The report, by event knowledge partner 6Wresearch, makes for optimistic reading but points to shifts needed if the sector is to reach its full potential with the sustainability of products and supplies a key growth factor.

Growth hotspots

The Middle East will be the region’s strongest performer at a predicted annual 4.3 percent growth, with the UAE and Saudi Arabia being the main driving forces, while Africa’s forecasted 3.1 percent annual growth will be largely propelled by South Africa and Nigeria.

Investment in education is expected to account for two-thirds of the growth, with the remainder attributed to office investment. Growing literacy and the spread of education are pushing the sector forward, but an accelerated adoption of digitalisation could hinder progress. It’s a factor that sector players are advised to heed in forward strategies.

“There is an opportunity for growth, but the increasing adoption of technical devices in schools and colleges means manufacturers of stationery products and office supplies need to remain responsive to industry needs and carefully manage their supply base,” said Syed Ali Akbar, Show Director of Messe Frankfurt’s Paperworld Middle East, the region’s largest international trade exhibition for the stationery, paper, gifts, and office supplies industry.

Change checks

Alongside digitalisation lies the rising demand for sustainable products as suppliers have to live up to new client demands for carbon-limiting supplies and distribution chains.

“These are genuine issues that are here and now, and we have reimagined the role of Paperworld Middle East to address these issues,” explained Akbar. “The show is now also a knowledge-sharing forum and an ideal space to network, share ideas, source new products and discover innovative solutions that are sustainable, promote efficiency and productivity, and are cost-effective.”

When the 2022 show opens its three-day run at the Dubai World Trade Centre on November 15, it will find an expanded product showcase encompassing office and school supplies but also festive decorations and brandable merchandise.

Office stimulants

Yet in an ironic twist, the growth in office investment, stimulated by tech start-ups regionwide, could help offset the impact of digital adoption.

Office space requirement is rising sharply in Nairobi and Lagos post-Covid and is exacerbated by demand from Africa’s growing start-up community. 6W predicts Africa’s venture capital investments will exceed US$10 billion in 2025, creating greater demand for stationery products.

In the Middle East, the UAE remains a hotbed of activity with post-Covid demand for office space in Dubai surging to a five-year high amid a huge influx of foreign companies looking to expand or relocate in the country. Office units with a combined 480,000 square feet of space were delivered in the first quarter of this year, bringing the city’s supply to 107 million square feet, all of which is expected to generate demand for office stationery supplies.

The Saudi factor

Saudi Arabia also holds out great promise in the commercial office space sector and is actively implementing policies and incentives to encourage international firms to set up shop in the Kingdom.

“It’s estimated that nearly 32 million square feet of office space is being built in the kingdom’s capital to accommodate the multinational corporations relocating to Saudi Arabia,” says 6W research.  “This sudden increase in the number of offices will drive the market for stationery products in the coming years.”

The Saudi government has launched its Program HQ campaign in a bid to attract 500 international corporates to relocate regional headquarters to Riyadh by 2030 and is attracting investors with incentives such as a 50-year tax holiday, waiving quotas for Saudi citizens, and protection against any future regulations. To date, 24 international companies have agreed to establish their regional offices in the Saudi capital, increasing the office space demand and positively impacting the stationery market.

Sustainability

On top of changing regulations within leading jurisdictions, the regional industry must also factor in increasing demands for sustainability credentials for products and services. For the second year running, Messe Frankfurt Middle East has introduced a special Project Sustainability area into Paperworld Middle East where exhibitors’ environmentally friendly products feature along with their ‘eco-credentials.’

“This is a clear sign of the times and one which the entire industry is actively engaged in,” added Akbar. “This is now an era where the sector has adopted an approach that goes well beyond paper thereby ensuring a sustainable future.”

More information is available at: www.paperworldme.com

Naira Falls As Reserves Fall To $38.8 Billion

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Naira Falls As Reserves Fall To $38.8 Billion

The naira depreciated last week after reaching N640 to the dollar in the parallel market, as the country’s external reserves were depleted by $211 92 million in the first 11 days of August.

The reserves, which had risen to $39.444 billion as of July 18, 2022, had been on the decline since dropping to N39.093 billion on August 1st, 2022, before falling further to N38.881 billion on August 11th, 2022.

Across the markets, the naira fell by 0.3% at the Investors’ and Exporters’ window, where it sold for N429.63 to the dollar. On the parallel market, the naira fell 2.2% to N675 per dollar, widening the gap between the two markets by N246.

The I&E window saw a 38% drop in weekly turnover, which stood at $325.6 million as of Thursday last week, with trades consummated within the N415 and N444 to the dollar band.

The naira depreciated -0.1% to N429.51 and -0.6% to N482.24 to the dollar in the Forwards market, but appreciated 0.1% to N438.51 and 2.0% to N452.24 to the dollar in the 3-month and 6-month contracts, respectively.

Meanwhile, analysts predict that liquidity will remain tight this week due to the expected bond issuance. The August 2022 FGN Bond auction is expected to take place today, Monday, August 15, 2022, at the Debt Management Office (DMO).

According to Cordros Research analysts, the N100 billion inflow expected from OMO maturities may not be enough to offset the outflows from bond issuance as well as the CBN’s OMO and forex auctions.

The DMO will offer instruments worth N225.00 billion at the auction, including re-openings of the 13.53% FGN MAR 2025, 12.500% FGN APR 2032, and 13.0000% FGN JAN 2042 bonds. “However, we maintain our view that yields will rise further in the short term, given that the FGN’s borrowing plan for 2022FY and expected fiscal deficit point to an elevated supply.”

Reddington Hospital Launches Bodycare Plastic Surgery Clinic

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Reddington Hospital Launches Bodycare Plastic Surgery Clinic

Ahead of an official launch, The Reddington Hospital Group has announced that it has established a Bodycare Plastic Surgery Clinic at the Hospital in Victoria Island, Lagos.

The new centre is the result of a collaboration between The Reddington Hospital Group and Abuja Plastics, a renowned plastic surgery centre in Nigeria. This collaboration, combining an internationally accredited hospital with a renowned, international Plastic Surgery team with an impeccable safety record and unrivaled expertise is the first of its kind in Nigeria.

Speaking at a media briefing at the Reddington Hospital Group headquarters in Lagos, the Chief Operating Officer of Reddington Hospital,  Mr. Emmanuel Matthews said the establishment of the Bodycare Centre was in response to the yearnings of  discerning members of the public for a professional, affordable, high quality and world class plastic surgery clinic  in Nigeria and reduce the foreign exchange spent by Nigerians on medical tourism to India , United Arab Emirates,  United Kingdom, among other countries.

Medical Director of  Bodycare Plastic Surgery Clinic and Founder of Abuja Plastics, Dr. Stanley Okoro said   the cutting edge medical technology and very qualified staff currently at Reddington Hospital provide a perfect synergy between Reddington and Abuja Plastics to make the Bodycare Plastic Surgery Clinic a plastic surgery destination for Nigeria, Africa and the world.
Dr. Okoro has flourishing plastic surgery clinics in Nigeria and  Atlanta, Georgia, United States of America and  has extensive experience in all areas of plastic surgery. He has won many global awards. Okoro said plastic surgery is very beautiful and safe if done by a team of professionals in the right environment.

Dr Okoro is supported by a team of plastic surgeons and specialist doctors and nurses. A key member of the Bodycare team is Dr Jennifer Cameron, an experienced Plastic Surgeon from Minnesota, USA. The Reddington Bodycare Centre is co-located with its Breast & Gynae Centre at 276a Kofo Abayomi Street, very close to the Continental Hotel in Victoria Island.

Explaining further , Dr. Cameron who is the Resident Plastic Surgeon said the Bodycare Clinic  offers an extensive range of aesthetic plastic surgery procedures for all areas of the body including face lifts, eyelid surgery, breast augmentation and reductions, buttock lifts, contouring and reduction, Botox treatments and many others including procedures for men such as tummy tuck, waist reduction, etc.
The centre has already accepted its first patient who travelled from the UK for the procedure. The Bodycare team will also provide remedial plastic surgical services as well as reconstructive services, providing solutions for congenital defects such as cleft palate, dealing with the victims of burns injuries and providing other specialist Plastic surgeries.

According to Okoro, there is no need to travel overseas for excellence in cosmetic or reconstructive plastic surgery as the services are very well provided at the Reddington Bodycare Plastic Surgery Clinic.

The Reddington Group which is internationally accredited is well known for pioneering breakthroughs in healthcare in Nigeria which include the first digital Cardiac Catheterization facility in Nigeria, the first angioplasty and stent operation to be performed in Nigeria, the first closure of a hole in the heart in a child using non-surgical modern technology.
The Group has also established a reputation for being in the forefront of advances in the use of medical technology. On three occasions, it has been awarded Best Private Provider in the Nigerian Healthcare Excellence Awards and have also scooped the Nightingale Merit Award for Excellence in Nursing Care Delivery.

The Bodycare Centre is the latest innovation from the pioneering Reddington Hospital Group who have previously opened numerous specialist healthcare facilities, and most recently opened the Duchess International Hospital in GRA Ikeja, an affordable top-quality hospital which in last month successfully operated on the Vice President, Prof. Yemi Osibanjo. They have also broken new ground with pioneering cardiac and laparoscopic (keyhole) surgical procedure

BruHealth’s #BNontheMove – Campaign for a healthier lifestyle to reach 1 billion steps

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  • BruHealth’s Billion Steps Together is a campaign that kicked off with a walkathon at Taman Sultan Omar Ali Saifuddien, to encourage the nation towards living a healthier lifestyle
  • Over 12,000 registrations received within 3 days for Billion Steps Together and BN on the Move, a health management plan in BruHealth that went live last Monday, August 8
  • Apart from tracking daily steps, BN on the Move lets users add friends via QR code and links through various social media platforms to encourage and challenge each other
  • Campaign showcases the changing function of BruHealth from pandemic management to health management
  • Physical activity can lead to weight loss, improved glucose tolerance and reduced blood pressure

BANDAR SERI BEGAWAN, BRUNEI –

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