Nigeria's White Knight - Saudi Sovereign Fund
Quote:
Originally Posted by
beacon
Wale Edun, the Minister of Finance stated that FX liquidity will improve in the coming weeks. He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases...
On November 10, the Saudi government had said it would provide a “substantial” deposit of FX to boost Nigeria’s forex liquidity, as a show of support for the ongoing forex reforms by the CBN. FMDQ said transactions opened at N813 to the dollar and closed at N780, up 22%, total value of trades recorded at the official window stood at $84.02 million.
https://www.thecable.ng/naira-apprec...fficial-market
Weakness brings opportunities
Quote:
Originally Posted by
beacon
Meanwhile, Naira has remained volatile and its continued depreciation has further eroded NAV, since I last posted. However, the discount (market price to NAV) has also been reducing.
Despite Naira slumping, investors are becoming increasingly optimistic about Nigeria’s economy.
Moody’s raised the country’s credit outlook to positive this month, citing Naira devaluation as one of the reasons for its positive outlook.
World Bank upped Nigeria's economy annual growth estimates to 3.5% pa between 2023-2026 from 3%, 0.5% more than if the reforms were not implemented.
Tinubu is gunning for 6% pa https://www.semafor.com/article/12/2...-to-record-low
More development expected
Nigerian Senate has approved ~90% of President Bola Tinubu’s ~$8 billion external borrowing plan covering 2022-2024.
The funds are earmarked for the development of critical areas such as infrastructure, agriculture, health, education, water supply, security, and employment, as well as financial management reforms.
https://nairametrics.com/2023/12/31/...-loan-request/
Nigeria, Africa’s most populous nation and biggest economy, aims to join BRICS within the next two years, as stated by Minister of Foreign Affairs Yusuf Tuggar in November.
https://nairametrics.com/2023/12/29/...anuary-1-2024/
Cryptocurrency, old Naira notes, other protectionist Buhari’s policies reversed by Tinubu.
LIFTED BAN on cryptocurrency. Validity of the old currency extended indefinitely to prveent Naira scarcity, Lifted 8-year ban on 43 items (incl rice, cement and poultry, etc.) restricted from accessing fx from the official market. Buhari had also shut down land borders for years in order to protect the investment in the agricultural sector, particularly rice.
https://dailypost.ng/2023/12/31/cryp...sed-by-tinubu/
Tinubu goes after corruption
N44bn fraud: EFCC freezes N30bn moved from NSIPA accounts
Economic and Financial Crimes Commission, EFCC, has tracked and frozen N30 billion of the N44 billion moved from the accounts of the National Social Investment Programme Agency, NSIPA. The development comes barely 24 hours after Halima Shehu, the embattled National Coordinator of NSIPA, was detained and arrested by EFCC after her suspension by President Bola Ahmed Tinubu.
https://dailypost.ng/2024/01/04/n44b...sipa-accounts/
Meanwhile, Portharcourt refinery projected to come up in the first quarter of 2024 = 2 refineries in Nigeria, stopping FX drain on fuel imports