FDC ECONOMIC MONTHLY PUBLICATION – MAY 2017

They say “Sell in May and Go Away”, certainly not the case in 2017. The month of May was more challenging than exciting. The MPC maintained the status quo in its policy stance, OPEC and non OPEC members extended their output cuts and GDP numbers came in at -0.5%, widely in line with analysts’ consensus.

Nigeria is now the only African oil producer with negative real GDP. The greater challenge is what the second half of 2017 holds in stock for the economy and markets. Like most, we expect positive growth in Q2 and a slow climb out of the recession path.

One of the most daunting issues is how to review a minimum wage in a country where labour productivity is negative (-1.8%).

This edition of the FDC Monthly publication analyzes some of the burning issues and also provides an update on leading macroeconomic indicators in the month of May.