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Monthly Economic News and Views
at
Lagos Business School
Executive Breakfast Meeting
May 5, 2010 Presented by B.J. Rewane
Financial Derivatives Company Limited
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
•! !"#$&.(785'91(
•! 0&"-":$&(!1;<";:'-&1(
–! =#">'#(0&"-":$&(?$@A#$@A9*(
–! B":1*%&(0&"-":$&(?$@A#$@A9*(
•! 6C*$-1**(,&%D$9.()1D$1E(
•! F9"&+(G';+19(
•! H1'5$-@(0&"-":$&(I-5$&'9";*(
•! JC9#""+(<";(G'.(
2(!"#$#%"$&'()*"+$,+)-'./0'1230'
The King is dead, Long live the King
•! K';L'L5C'(8'**1*("-(E$9A('(#1@'&.("<(51&1-&.('-5($-91@;$9.(
•! M;1'%-@('-("88";9C-$9.(<";(<C;9A1;(8"E1;(&"-*"#$5'%"-("<(8"E1;(>.(=""5#C&+(
•! I9('#*"(51#$-1'91*(9A1(*C&&1**$"-(*9;C@@#1($-9"(9A1((
–! NA1(;1:'$-51;("<(9A1(91;:($O1O(,8;$#(2344(
–! NA1(>'P#1(<";(9A1(8;1*$51-&.($-(2344(
•! =""5#C&+(E'*(A"#5$-@('##('&1*('*(8"**$>#1(+$-@('-5(+$-@:'+1;($-(9A1(;'&1(<";(2344(
•! Q"E(A1(A'*(9"(*A';1(8"E1;(E$9A('(-1E(RO!O(EA"(&"C#5(&":8#1:1-9(";(C-51;:$-1(A$*('C9A";$9.(
S(!"#$#%"$&'()*"+$,+)-'./0'1230'
The King is dead, Long live the King
•! NA1(-1E(RO(!O($*(#$+1#.(9"(>1('(Q";9A1;-T(UC#'-$V(GC*#$:(
•! W$##(>1(8"*$%"-$-@('*('(8;1*$51-%'#(&'-5$5'91((
•! =""5#C&+($*(:"*9(#$+1#.(9"(*AC-(9A1(91:89'%"-(9"(;C-(
-1X9(.1';((
•! I-(9A$*(*&1-';$"T(A1(E$##(>1('>#1(9"(51#$D1;("-(A$*(S(8"$-9(8;"@;'::1(
–! Q$@1;(B1#9'(*9'>$#$9.(
–! 0#1&9";'#(;1<";:('-5(M;15$>#1(1#1&%"-*(
–! )1*9";$-@(*'-$9.(9"('(&A'"%&(8"E1;(*C88#.(*$9C'%"-(Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
The Calculus of Power
•! ,*(=""5#C&+('P1:89*(9"($-&;1'*1(A$*(@;$8T(*":1(
#1D1;*(';1(8;"D$-@(1#C*$D1(
•! ,(#1'51;*('C9A";$9.('-5(*C;D$D'#($-(Q$@1;$'($*('(<C-&%"-("<(9A1('@@;1@'91(*&";1(
•! NA1(1ZC'%"-("<(&"-*"#$5'%"-('-5(;191-%"-("<(8"E1;(*A"E*(
[(!"#$#%"$&'()*"+$,+)-'./0'1230'
The Calculus of Power
\(!"#$#%"$&'()*"+$,+)-'./0'1230'
Consolidation to Politicking
(Risks Escalate)
](!"#$#%"$&'()*"+$,+)-'./0'1230'
Struggle for Power Intensifies
!""#$%&'()"*+,-+*(./0123#1*,4(
^! 5"0610(718%,9(!":10*"0(";(<+91$2+(2,+,1((
^! <1*1=,1#(;0"6(,-1(3681+&-61*,(";(,-1(!":10*"0((
^! >3&1(/0123#1*,((,"(/0123#1*,(?+0@(+#%+((
^! <1&+61(A&B*C(/0123#1*,(3*(51D0%+09(EFGF((
^! H+2(*1:10(D11*(+,(,-1(,"8(";(+*(1$1&B"*(B&'1,(
!1*10+$(ID0+-36(<+D+*C3#+(.0,#4(
^! 50"6(J3C10(K,+,1L(3*(M3##$1(<1$,(
^!M3$3,+09(0%$10(;0"6(GNOPQGNNR(
^! A**%$$1#(,-1(GNNR(1$1&B"*((
^! /3"*110(";(1&"*"63&(01;"06(+*#(2,0%&,%0+$(+#S%2,61*,(
^! I*&01#3D$9(T1+$,-9(+*#(&-+0326+B&U(6"2,(8"$3B&+$$9(3*V%1*B+$(J3C103+*(
^! 712810+,1(,"(01-+D3$3,+,1(-32(D+W101#(36+C1(+*#(018%,+B"*(+X10(+**%$61*,(
NIGERIAN KEY PLAYERS
_(!"#$#%"$&'()*"+$,+)-'./0'1230'
Struggle for Power Intensifies
!1*10+$(Y$%21C%*(YD+2+*S"(.0,#4(
^! Q"E(9A1(%$B6+,1('3*C6+'10(
^! 50"6(YC%*(2,+,1(3*(,-1(K"%,-T12,(
^!M3$3,+09(0%$10(;0"6(GNZZ(,"(GNZN(
^! 716"&0+B&(/0123#1*,(;0"6(GNNN(,"(EFFZ(
^! H1(32(,-1(&-+306+*(D"+0#(";(,0%2,112(;"0(/7/(
^! U'$#15('P1:89(9"(*1;D1('(9A$;5(91;:T(5':'@15((A$*(;18C9'%"-($;;18';'>#.(
AB'%(AD%D+'+0(./0123#1*B+$(A2830+*,4(
^!50"6(A#+6+T+(2,+,1(3*(J"0,-Q[+2,(
^!\+2(>3&1Q/0123#1*,(,"(YD+2+*S"(D1,T11*(GNNNQEFFZ(
^!<0"'1(0+*'2(T3,-(YD+2+*S"(":10(,-1(,-30#(,106(2+C+(
^!]1,%0*1#(,"(,-1(/7/(01&1*,$9(
^!K,0"*C(&"663,61*,(,"(01;"06(
^!K%^101#(6+S"0(8"$3B&+$(21,(D+&'2(
^!<1&"63*C(8"$3B&+$$9(3001$1:+*,(3*(01&1*,(B612(
^!<1$31:1#(,"(-+:1(1_-+%2,1#(-32(T+0(&-12,(
NIGERIAN KEY PLAYERS
`(!"#$#%"$&'()*"+$,+)-'./0'1230'
Struggle for Power Intensifies
I2+(?%C%#+(.!":10*"0(";(<+%&-3(2,+,14(
^!<"0*(3*(M+3#%C%03L(J"0,-Q\12,(
^!̀ %001*,(!":10*"0(";(<+%&-3(2,+,1(
^!5"0610(63*32,10(";(,0+*28"0,(+*#(+:3+B"*(
^!U";:1;(G'-'@$-@(B$;1&9";("<(9E"(>'-+*(
^!F"-L$-LH'E(9"(K';L'L5C'(
^!FE$9&A15(8"#$%&'#(8';%1*(<;":(!B!(9"(,Q!!(V(>'&+('@'$-(
^!61#$1D15(9"(>1(;C9A#1**#.(':>$%"C*T(8;'@:'%&(('-5(1a&$1-9(
!1*10+$(A$39%(!%2+%(.0,#4(.JKA4(
^! <"0*(3*(a+6;+0+(2,+,1(3*(J"0,-Q[+2,(
^! ,b1;(.1';*($-(9A1(5';+(A'*(>1&":1(A$@A#.(D$*$>#1(;1&1-9#.(
^! H+2(D11*(-1+#(";(:+03"%2((3*,1$$3C1*&1(+C1*&312(;"0(R(#1&+#12(
^!\3#1(3*V%1*&1(3*(D",-(&3:3$3+*(+*#(63$3,+09(&30&$12(
^! A(&$"21(;031*#(+*#(+$$9(,"(I<<(
NIGERIAN KEY PLAYERS
43(!"#$#%"$&'()*"+$,+)-'./0'1230'
Struggle for Power Intensifies
^!7+%C-,10(";(H32(]"9+$(H3C-*122L(b+,1(`-31;(501#103&'(AD391(AC+6+(
^!A*(A0&-3,1&,(
^!5302,(;16+$1([_1&%B:1(7301&,"0(+,(K-1$$(J3C103+(
^!5"0610(M3*32,10(;"0(c0+*28"0,+B"*U(M3*12(+*#(K,11$(71:1$"861*,(
^![_81&,1#(,"(;+&1(1^1&B:1*122(&-+$$1*C12(
731d+*3(A$$32"*QM+#%1'1(
!"#"$%&'()*(+&%'),&-.(
^!A($+T910(;0"6(e+#%*+(2,+,1(
^!5"0610(718%,9(M+*+C3*C(7301&,"0(";(JbJ!(
^!A362(+,(&+$63*C(,1*23"*(T3,-(IY`2(":10(,-1(/I<(+*#(",-10("3$Q01$+,1#(322%12(
M+$$+*(K-1-%(b+#+*(
/')-0(!12(33+4(
^!A(,1&-*"&0+,(T3,-(6"01(,-+*(RP(91+02(1_81031*&1((
^!A(2,0"*C(&0%2+#10(;0"(,-1(81,0"$1%6(01;"062(
^!K11*(,"(8$+9(+(&0%&3+$(0"$1(3*(,-1(*1_,("3$($3&1*23*C(0"%*#2(
[66+*%1$([CD"C+-(
50&6"7,(89:"$&'(%)(%;&(
+'&$"9&#%()#(+&%'),&-.(!7<&'$(
NIGERIAN KEY PLAYERS: The oil Troika
44(!"#$#%"$&'()*"+$,+)-'./0'1230'
42(!"#$#%"$&'()*"+$,+)-'./0'1230'
Theory Vs. Reality c-1"09(>2f(]1+$3,9(3*(J3C103+*(/"$3B&2(
c-1"09g(716"&0+&9(]1+$3,9g([,-*"&0+&9(
Gf! `"*2B,%B"*(
Rf! ]%$1(";(b+T(
Pf! /+0B12(
Gf! b+&'2(8"8%$+0($1C3B6+&9(
(((((((`"261B&(&-+*C12(32(T"0'Q3*Q80"C0122(
(((((((K81&,01(";(+(63$3,+09(&"%8(-+%*,(#16"&0+B&(
80"&122(
Ef! h*#10Q012"%0&1#(S%#3&3+09(
(((((((`"00%8B"*(
((((((((K-+03+(
Rf! M1+*3*C$122(+22"&3+B"*2(
((((((([$1&B"*(03CC3*C(1*,10803212(
!! +,-'7,(1&.)6'76=(>(?0&#(@7,,)%2(?#&(.7#2(?#&(:)%&(
!! 5%7@","%=(>(A)#"#B2(C&9&'7,(4;7'76%&'2(D7'B7"#"#B(@=(/)9*7%;&'$(4S(!"#$#%"$&'()*"+$,+)-'./0'1230'
Election 2011: Proxy War Between
Generals and Governors
•! !;1*$51-%'#(1#1&%"-*(9"(A"#5($-(c4(2344(
•! !;"&1**(-"9(9A1("C9&":1($*(&;$%&'#(
–! H"E1;(9"#1;'-&1(<";(;$@@$-@(>"9A(5":1*%&('-5(
$-91;-'%"-'#(
–! =;1'91;(9;'-*8';1-&.('-5(@"D1;-'-&1($-(8C>#$&(*8'&1(
•! I-(233Sd]("C9&":1('-5(-"9(8;"&1**(E'*(&;$%&'#(
•! !B!(&"-D1-%"-('(:'e";(:$#1*9"-1(
–! F9'91(@"D1;-";*(A'D1(S3f("<(9A1(*C81;(51#1@'91*(
•! Y()1%;15(=1-1;'#*($-D"#D15($-(;'&1(
4Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
Election 2011: Proxy War Between
Generals and Governors
•! I-&C:>1-9(8"E1;(E$##(8#'.('(;"#1(g(:"-1.('-5(
$-*%9C%"-(
–! h"-$-@(;C#1(E$##(8"*1('(<";:$5'>#1("88"*$%"-(9"(
$-&C:>1-9(8"E1;((
•! G'e";(I**C1*/(
–! =1"8"#$%&'#(h"-1(
–! )1#$@$"-(
–! N;'&+()1&";5(
–! M";;C8%"-(
–!W1*91;-(81;&18%"-(
–! )1@$:1(;1#'915(&";8";'91*(
4[(!"#$#%"$&'()*"+$,+)-'./0'1230'
4\(
ELECTORAL BATTLE GROUNDS—Goodluck- Babangida- Atiku-Buhari- Yuguda
Goodluck Babangida Atiku Buhari Yuguda
Northwest ?? ?? ??
North Central ?? ??
Northeast ?? ?? ??
Middle Belt ?? ??
Southwest ?? ?? ?? ??
South-South ?? ?? ?? ??
Southeast ?? ?? ?? ??
Election 2011: Proxy War Between
Generals and Governors
•!(UC;9A1;('-'#.*$*($*(-11515(>1<";1($-<1;1-&1*(&'-(>1(5;'E-($-(9A1(D';$"C*(1#1&9";'#(>'P#1(@;"C-5*(
!"#$#%"$&'()*"+$,+)-'./0'1230'
Risk Factors For Investors in 2011 [>[Jc( IM/A`c(
2344(0#1&%"-*/(!;"&1**(:";1($:8";9'-9(
9A'-(JC9&":1((
•!=1-1;'##.(C-*9'>#1('-5(C-8;15$&9'>#1(>C*$-1**(1-D$;"-:1-9(•!F%i1(;1<";:(8"#$&.(8;"&1**1*(
•!,>*%-1-&1(<;":("$#(&"-9;'&9(C-%#('b1;(9A1(1#1&%"-(
•!F81&9;1("<(:$#$9';.(&"C8((:'.(>1&":1(
:";1(;1'#(
09A-$&d;1#$@$"C*(&"-i$&9((
•!Q";9A((j?$@A(#1D1#k(•!G$55#1(61#9(j?$@A(#1D1#k(
•!H'@"*(j#"E(#1D1#k(
G15$C:(5$;1&9($:8'&9(
I-*C;@1-&1($-(9A1(Q$@1;(B1#9'( G'e";(5$;1&9($:8'&9(
•!H"**("<(#$<1(•!B1&;1'*15("$#(8;"5C&%"-((•!l$5-'88$-@("<(1X8'9;$'91*(
M";;C8%"-((
•!6;$>1*(•!F9'91(#""%-@(
I-&;1'*15(9;'-*'&%"-(&"*9(
M;1'915('(91-*1('9:"*8A1;1(<";(*"&$'#('-5(*1&9';$'-(D$"#1-&1(
4](!"#$#%"$&'()*"+$,+)-'./0'1230'
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
•! !"#$&.(785'91(
•! 0&"-":$&(!1;<";:'-&1(
–! =#">'#(0&"-":$&(?$@A#$@A9*(
–! B":1*%&(0&"-":$&(?$@A#$@A9*(
•! 6C*$-1**(,&%D$9.()1D$1E(
•! F9"&+(G';+19('-5(M":81%9";(,-'#.*$*(
•! H1'5$-@(0&"-":$&(I-5$&'9";*(
•! JC9#""+(<";(G'.(
4_(!"#$#%"$&'()*"+$,+)-'./0'1230'
Policy Issues
•! 6'-+$-@(–! ,GM(
–! 6'-+$-@(;1*9;C&9C;$-@(
•! !19;"#1C:(–! !I6(–! H"&'#(M"-91-9(–! Q$@1;(B1#9'('-5(,:-1*9.(
–! MA$-1*1(I-&C;*$"-(–! F'#1("<(J$#(6#"&+*(
•! N1#1&":*(–! QC:>1;(!";9'>$#$9.(
–! FIG(;1@$*9;'%"-(
–! !;$&$-@(jM'88$-@("<(=FG(&'##(9';$mk(
–! ,88"$-9:1-9("<(9A1(A1'5("<(9A1(QMM(4`(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! 6'-+$-@(;1<";:(<'&1*(8C*A>'&+(<;":(D';$"C*($-91;1*9(@;"C8*T($-&#C5$-@(8"#$%&'#(@;"C8*(
•! JKA(4'1$5)#2-'/#'26)'7$"&8*)'/7'*)7/*5'
''''''''''''''4'.$&&-'"2'$'26*)$2'2/'#$,/#$&'-)%8*"29'
•! Jb`(4':$*#-'/7'-2*";)'$%,/#'2/'<*/2)-2'26)'"5<$%2'/7'
26)'*)7/*5'
•! )1-'$**'-&1(@;"C8('-5(FA';1A"#51;*('**"&$'%"-((( ((((4'.*)3"2'.*8#%6'''
''''''''''''''''4''=$&8)')*/-"/#''
•! F9'>$#$9.(;1ZC$;15('9(9A$*(%:1(
•! M"-*1-*C*(>19E11-(*9'+1A"#51;*('-5('#$@-:1-9("<($-91;1*9*(
Policy Issues – Banking Reform
23(!"#$#%"$&'()*"+$,+)-'./0'1230'
MA)Y](IKKh[K(
•! N':$-@($-i'%"-(
•! G'-'@$-@(9A1(C->C-5#$-@("<(C-$D1;*'#(>'-+$-@(
•! M"C-91;&.&#$&'#(;1:15.(9"(&;15$9(&;C-&A(
•! M":8#1:1-%-@(";(&"-9;'5$&%-@(n*&'#(8"#$&.(
•! G'-'@$-@(1X91;-'#(;1*1;D1*(
•! 0-*C;$-@('(*9;"-@(Q'$;'("-(9A1(>'&+("<((#"E($-91;1*9(;'91*(
•! G'-'@$-@(9A1(*'#1("<(9A1(;1*&C15(>'-+*(
Policy Issues – Banking Reform
24(!"#$#%"$&'()*"+$,+)-'./0'1230'
The Unbundling Of Universal Banking
•! NA1(M6Q(A'*('--"C-&15('(8#'--15(9;'-*$%"-(>'&+(9"(
9A1(1;'("<(*1@;1@'915(>'-+$-@(
•! NA1(8;"8"*15(C->C-5#$-@("<(C-$D1;*'#(>'-+$-@(;'$*1*(
*1D1;'#($**C1*((
–! I*(9A$*('(<";:("<($51"#"@$&'#(>'&+*#$5$-@(";('(8;"@;1**$D1(
:"D1o(
–! I*(9A1($-91@;'915(>'-+$-@(:"51#(;1*8"-*$>#1(<";(9A1(
&C;;1-9(&;$*$*o(
–! ,;1(;$*+*(>1P1;(:'-'@15(EA1-(*1@;1@'915(";(
'@@;1@'915o(
22(!"#$#%"$&'()*"+$,+)-'./0'1230'
–! ?"E(#$'>#1(E1;1(";(';1(9A1(&C;;1-9(;1@C#'9";*(9"(&A';@1*(
"<(&"-9;$>C9";.(-1@#$@1-&1o(
–! B"(E1(-115(9"(;'5$&'##.(&A'-@1(9A1(&C;;1-9(;1@C#'9";.(
<;':1E";+(9"(:$-$:$p1(;$*+*o(
–! B"1*(Q$@1;$'(-115(;1@C#'9";.(&"-D1;@1-&1(9"($51-%<.(
1';#.(E';-$-@(*$@-'#*('-5($-91;D1-1(1X815$%"C*#.o(
The Unbundling Of Universal Banking
2S(!"#$#%"$&'()*"+$,+)-'./0'1230'
Factors Driving the Change
•! =#">'#(9;1-5*($-(9A1(8"#$&.('-5(;1@C#'9";.(&"::C-$9.(
•! NA1(A$@A(8;$&1("<($-91;D1-%"-(EA1-(9A1;1(';1(
8;"<"C-5(*.*91:$&(;$*+*(
•! NA1(&"-9'@$"-(1m1&9("<(:1#9(5"E-*('-5(9A1(
'P1-5'-9(:";'#(A'p';5(
•! NA1('*&1-*$"-(9"(8"E1;("<(:";1(#$>1;'##.(:$-515(
51:"&;'9*(9"(9A1(WA$91(?"C*1O(
2Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
2[(!"#$#%"$&'()*"+$,+)-'./0'1230'
Factors Driving the Change
•! ,(*C>9#1('&&189'-&1(>.(9A1(8;"8"-1-9*("<(n-'-&$'#(
<;115":(9A'9("81-(:';+19*(5"(-"9(-1&1**';$#.((*1#<(
;1@C#'91(1m1&%D1#.(
•! F11(,#'-(=;11-*8'-*(>6)'?@)'/7'>8*A8&)#%)0'
?3+)#28*)-'"#'$'B)C':/*&3(
•! NA1(*$:C#9'-1"C*(&;.*9'##$p'%"-("<(;$*+*($-(5$m1;1-9(
:';+19*(@'D1($9(1#1D'915('P1-%"-(
2\(!"#$#%"$&'()*"+$,+)-'./0'1230'
Reponse to Driving Forces
•! B":1*%&'%"-("<('&%D$%1*('*('@'$-*9(8;$";($-91;-'%"-'#$p'%"-(
•! ,(A'#9(9"(9A1($-91@;'%"-("<(5$m1;1-9(n-'-&$'#(>C*$-1**(
•! =;1'91;(5$D1;*$n&'%"-("<('&%D$%1*(
•! G";1(-$&A1(:';+19('&%D$%1*(
•! ,5"8%-@("<(;'5$&'##.(&A'-@15('-5(-1E(&";8";'91(*9;'91@$1*(
•! G$-$:$p'%"-("<(;$*+('-5(&"-9'@$"-(
•! NA1(ZC1*%"-(9A1;1<";1($*(–! N"(EA'9(1X91-9(5"1*(";(5$5(C-$D1;*'#(>'-+$-@($-&;1'*1(;$*+o(
2](!"#$#%"$&'()*"+$,+)-'./0'1230'
Reponses to Driving Forces
•! WA'9(*.*91:(";(n-'-&$'#(';;'-@1:1-9($*(*C$9'>#1(<";(
Q$@1;$'('9(9A$*(*9'@1($-($9*(1&"-":$&(51D1#"8:1-9o(
•! WA'9(*$@-'#(5"1*('(;1D1;*'#("<(8"#$&.(*1-5($-('(
&"C-9;.(EA1;1($-D1*9";*(';1(*+18%&'#('>"C9(8"#$&.(
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•! I*(7O(6O('(&"-*9;'$-9(9"(n-'-&$'#($-91;:15$'%"-(";(
1&"-":$&(@;"E9Ao(
2_(!"#$#%"$&'()*"+$,+)-'./0'1230'
The New Model
•! ,##"E*(<";(#$&1-*$-@("<(*81&$'#$p15($-*%9C%"-*(9"(
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The New Model
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–! Q433(>$##$"-T(Q2[(>$##$"-T(Q4[(6$##$"-(:$-$L:C:(&'8$9'#(
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"<(43f((
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The New Model
–! Q"9(:";1(9A'-(23f("<(FA';1(?"#51;*(UC-5(F$-@#1(">#$@";(
#$:$9((
–! )1@$"-'#(>'-+*(&'-("-#.("81;'91($-('(:$-$L:C:("<([('-5(
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–! 7-#$+1($-91;-'%"-'#('-5(-'%"-'#(>'-+*T(;1@$"-'#(>'-+*(
&'--"9('&9('*(*1P#1:1-9(>'-+*((
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Strategic Implications
•! 0X81&915(9"(:$-$:$p1($-*$51;(#1-5$-@('-5(;1#'915(
8';9.(9;'-*'&%"-*(
•! 0#$:$-'91(8"**$>#1(&"-i$&9*("<($-91;1*9(
•! ,##"E(<";(9;'-*8';1-&.('-5('(A$@A1;(#1D1#("<(
&";8";'91(@"D1;-'-&1(
•! H1'5(9"(:";1(";51;#.(*C&&1**$"-('-5(&"-%-@1-&.(
8#'--$-@(
•! I:8"**$>#1(9"(1-<";&1(:$-$:C:(:155#$-@(&"D1-'-9*((
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Strategic Implications
•! ,55*('-"9A1;(51&$*$"-(:'+$-@(#'.1;(E$9A(-1@'%D1(
&"*9('-5(8;"5C&%D$9.($:8#$&'%"-*(
•! M"C#5(51D1#"8($-9"('(5.*<C-&%"-'#(@"D1;-'-&1('-5(
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•! !"**$>$#$9.("<(81;D1;*1(&":81-*'%"-(*9;C&9C;1(
SS(!"#$#%"$&'()*"+$,+)-'./0'1230'
BUDGET 2010
Financial Derivatives Company Limited
SY(!"#$#%"$&'()*"+$,+)-'./0'1230'
Budget 2010: Spending Starts
•! NA1(QYO\49;(jrS4>-k(*81-5$-@(>$##(E'*(*$@-15($-9"(
#'E(>.(9A1('&%-@(8;1*$51-9(
•! I9(;18;1*1-9*('(@""5('-5(-1&1**';.(5$D1;*$"-(<";('(
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:'-"1CD;$-@('-5(*1&9';$'-(+$##$-@*(
•! 6'*$&('**C:8%"-*('-5(1*%:'91*("<(9A1(>C5@19(';1(
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Summary of the Budget Risks
•! I-i'%"-(;$*+(
•! B":1*%&(>";;"E$-@(:'.($-&;1'*1(>1."-5(>C5@19(
1*%:'91*(
•! F'#1("<(6#"&*(;1:'$-(C-&1;9'$-(E$9A(!I6(
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"<(#1'+'@1*(
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SOVEREIGN WEALTH
FUND
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Financial Derivatives Company Limited
•! G$-$*91;(,@'-@'('--"C-&15(9A1($-91-%"-(9"(
1*9'>#$*A('(FWU(
•! ?1(A"81*(9"(*C>*%9C91(9A1(0M,(E$9A(9A1(FWU(
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•! NA1(:"5'#$%1*(';1(9"(>1(';%&C#'915($-(9A1(-1X9(S(
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Sovereign Wealth Fund: Better Late
Than Never
S_(!"#$#%"$&'()*"+$,+)-'./0'1230'
S`(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! NA1(0M,($*(9A1(-'$;'(9;'-*#'%"-("<(9A1(5$m1;1-&1(
>19E11-(:';+19("$#(8;$&1('-5(9A1(>C5@19(>1-&A:';+(
•! I9($*('-('**19(9A'9($*('-($-91@;'#(8';9("<(9A1(0X91;-'#(
)1*1;D1*(
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>1(1X91;-'##.(<"&C*15(
•! I9(E$##($-D1*9(:'$-#.($-($-91;-'%"-'#(:';+19*(
Sovereign Wealth Fund: Better Late
Than Never
Y3(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! NA1(>1-1n&$';$1*("<(9A1(0M,(5"(-"9(A'D1(9A1($-D1*9:1-9(A";$p"-($51'#(<";('(:'-'@15(8";s"#$"(
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•! N"9'#(@#">'#(FWU($*(rST_\]O]>-((
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Sovereign Wealth Fund: Better Late
Than Never
Y4(!"#$#%"$&'()*"+$,+)-'./0'1230'
Largest Sovereign Wealth Fund by Assets as at March 2010
`"%*,09( 5%*#(J+61( A221,2((
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MA$-'( F,U0(I-D1*9:1-9(M"O( iRkZfG( -d'( Q"-L
M"::"5$9.(
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M"::"5$9.(
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M";O(
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4OY( \(
Source: SWF Institute L-M Index means Linaburg-Maduell Transparency Index ( the higher the index the greater the transparency)
Y2(!"#$#%"$&'()*"+$,+)-'./0'1230'
Sovereign Wealth Fund: Better Late
Than Never
Source: SWF Institute
YS(!"#$#%"$&'()*"+$,+)-'./0'1230'
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
•! !"#$&.(785'91(
•! 0&"-":$&(!1;<";:'-&1(
–! =#">'#(0&"-":$&(?$@A#$@A9*(
–! B":1*%&(0&"-":$&(?$@A#$@A9*(
•! 6C*$-1**(,&%D$9.()1D$1E(
•! F9"&+(G';+19(
•! H1'5$-@(0&"-":$&(I-5$&'9";*(
•! JC9#""+(<";(G'.(
YY(!"#$#%"$&'()*"+$,+)-'./0'1230'
GLOBAL ECONOMIC
HIGHLIGHTS
Y[(!"#$#%"$&'()*"+$,+)-'./0'1230'
Financial Derivatives Company Limited
Global Economic Highlights
•! =#">'#(;1&"D1;.(-"E(<'$;#.(*9'>#1(
•! !'&1('-5(5189A("<(9A1(1X8'-*$"-($*(:$X15('-5($*(
D';$15('&;"**(-'%"-*('-5(;1@$"-*(
•! NA1(:"51("<(n-'-&$-@('-5(9A1(8;$&1(9'@($*('#*"(
*9';+#.(5$m1;1-9(>.(&"C-9;.(
•! NA1(>$@(&A'##1-@1($-(9A1('5D'-&15(1&"-":$1*($*(A"E(
9"(1-*C;1(9A'9(9A1(n-'-&$'#(*.*91:*(';1(*9;1-@9A1-15(
9"(E$9A*9'-5(<C9C;1(*A"&+*(
Y\(!"#$#%"$&'()*"+$,+)-'./0'1230'
Real GDP Growth of Selected Countries (%) EFFN( EFGFl( EFGGl(
hfKf( QEfk( RfG( Efj(
hfef( QkfN( GfR( EfP(
]%223+( QZfN( kfF( RfR(
`-3*+( OfZ( GFfF( NfN(
K3*C+8"01( QEfF( PfZ( PfR(
>31,*+6( PfR( jfF( jfP(
<0+d3$( QFfE( PfP( kfG(
[C98,( kfZ( PfF( PfP(
K"%,-(A;03&+( QGfO( Efj( Rfj(
J3C103+( Pfj( ZfF( ZfR(Source: IMF’s WEO, 2010
Note * are IMF forecast figures
Global Economic Highlights
Y](!"#$#%"$&'()*"+$,+)-'./0'1230'
•! NA1;1(';1(*":1(*$:$#';$%1*('-5(*$@-$n&'-9(
5$m1;1-&1*(>19E11-(9A1('88;"'&A1*(>1$-@('5"8915(
$-(;18"*$%"-$-@(9A1(6'-+$-@(*.*91:*(
•! FF,(A'*(-"9(>11-($::C-1(<;":(9A1(@#">'#(5"E-9C;-(
>C9(E'*(:";1(;1*$#$1-9(9A'-("9A1;(;1@$"-*(
•! NA1(*#"E5"E-(";(;1&1**$"-(E'*(D1;.(*A";9(&":8';15(
9"(8;1D$"C*(&.&#$&'#(5"E-9C;-*(";(518;1**$"-*(
•! FF,($*(-"E(1*%:'915(9"(@;"E(>.(YO][f($-(2343(
&":8';15(9"(2f($-(233`(
Global Economic Highlights
Y_(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! 2344($*(1D1-(#""+$-@(>;$@A91;(E$9A(IGU(1*%:'91*(
-"E(>1$-@(8C9('9([O][f(
•! I-(FF,("$#(1X8";91;*('-5(:$55#1($-&":1(&"C-9;$1*(
<';15(:C&A(E";*1(9A'-("9A1;*(
•! NA1*1(#"E($-&":1(&"C-9;$1*(9A'9(E1;1(#1**($-91@;'915(
'-5(#1'*9(1X8"*15(9"(9A1(D"#'%#1(&"::"5$9.(:';+19*((
E1;1(*8';15(9A1(5$*'*9;"C*(&"-*1ZC1-&1*(
Global Economic Highlights
Y`(!"#$#%"$&'()*"+$,+)-'./0'1230'
DOMESTIC ECONOMIC
HIGHLIGHTS
[3(!"#$#%"$&'()*"+$,+)-'./0'1230'
Financial Derivatives Company Limited
Domestic Economic Highlights
•! Q$@1;$'-( =B!( @;"E9A( $*( *A"E$-@( *$@-*( "<( ;1*$#$1-&1('-5(*C*9'$-15(@;"E9A(
–! )1'#(=B!(@;1E(>.(\O]f($-(c4(2343T(C8(<;":(YO[f($-(c4(
233`(
•! NA1;1( *11:*( 9"( >1( '( 5$*&"--1&9( >19E11-( 5'9'( '-5(
9A1(#1D1#("<(1&"-":$&('&%D$9.(1*81&$'##.(e">*(
•! NA1( C-;'D1#$-@( "<( 9A1( >'-+$-@( *1&9";( 8;">#1:( '-5(
9A1(8;"&.&#$&'#( 9A1;'8.(A1#815( *%i1('-.(A"81("<( '-(
1';#.(;1&"D1;.(
–! '#*"(#15(9"('(AC@1(&;15$9(&;C-&A(
[4(!"#$#%"$&'()*"+$,+)-'./0'1230'
!"#$#%"$&'()*"+$,+)-'./0'1230' [2(
•! G'-C<'&9C;$-@(;1:'$-*(A':81;15(>.(8"E1;T(
$-<;'*9;C&9C;1T(5$*9;$>C%"-('-5(#"@$*%&*(&A'##1-@1*(
•! NA1(-'%"-'#(@;$5($*(-"E(>1#$1D15(9"(>1(@1-1;'%-@(
S233GW(
•! ?";%&C#9C;1('-5(&'*A(&;"8(8;"5C&%"-(E$##(&"-%-C1(
9"(5;$D1(*:'##L*&'#1('-5(&"::1;&$'#(<';:$-@O((
•! ,b1;('(&"-9;'&%"-($-(233`T(6'-+$-@(*1&9";(E$##(
E$9-1**(*9;"-@(@;"E9A($-(2343O(
Domestic Economic Highlights
[S(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! I-&;1'*15(n-'-&$'#($-91;:15$'%"-(5;$D1-(>.(
&":81%%"-($-(cY(E$##(8;"81#(=B!(@;"E9A($-(c4(2344(
•! U$*&'#(B":$-'-&1('-5(E$51;(;$*+*("<(M"-*C:1;('-5(
!;"5C&1;(!;$&1(I-i'%"-(
•! J$#(*1&9";(C-&1;9'$-%1*T('(E1'+1-$-@(n*&'#(8"*$%"-(
'-5(>'-+$-@(*1&9";(&"-&1;-*(8"*1(*C>*9'-%'#(
5":1*%&(;$*+*(
•! !"#$%&'#(51D1#"8:1-9*(E$##(*A'81(9A1(8"#$&.('@1-5'(
%##(,8;$#(2343(
Domestic Economic Highlights
[Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
•! F9;"-@(-"-L"$#(@;"E9A(E$##(5;$D1(9A1(1&"-":.($-(2343(
•! !"#$%&'#(1D1-9*('-5(9A1(*9;C@@#1(<";(8"E1;(E$##(
5":$-'91(9A1(Q$@1;$'-(:';+19($-(2343d2344(
•! NA1(1&"-":$&(;1<";:('@1-5'($*(-"E("-(A"#5('*('##(
*81-5$-@('-5(;1*"C;&1*(';1(9';@1915('9(1X9;'&%-@(
8"#$%&'#(&'8$9'#(<;":(9A1(1#1&9";'#(
•! ,(81'&1(5$D$51-5('-5(&'*A(8'.:1-9*(9"(9A1(:$#$9'-9*(
*A"C#5('**C;1('(91:8";';.(A'#9(9"(D$"#1-&1('-5(
5$*;C8%"-(9"("$#(8;"5C&%"-O(
Domestic Economic Highlights
[[(!"#$#%"$&'()*"+$,+)-'./0'1230'
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
•! !"#$&.(785'91(
•! 0&"-":$&(!1;<";:'-&1(
–! =#">'#(0&"-":$&(?$@A#$@A9*(
–! B":1*%&(0&"-":$&(?$@A#$@A9*(
•! 6C*$-1**(,&%D$9.()1D$1E(
•! F9"&+(G';+19(
•! H1'5$-@(0&"-":$&(I-5$&'9";*(
•! JC9#""+(<";(G'.(
[\(!"#$#%"$&'()*"+$,+)-'./0'1230'
Business Activity Review
•! NA1;1(E'*('(5"E-E';5(9;1-5($-(>C*$-1**('&%D$9.($-(,8;$#(
•! NA1(:"-9A#.(*9'9C9";.('##"&'%"-(5$*>C;*1:1-9*('9(
Q2_YO[`>-($*(S4O\f(#"E1;(9A'-(QY4\OS>-($-(G';&A(
–! NA1(5$m1;1-%'#(E'*(1X&1**(&;C51('C@:1-9'%"-(9"(
G';&A('##"&'%"-((
•! U";1X(51:'-5(51&#$-15(>.(3O\Yf($-(,8;$#(9"(r2O3\_>-T(<;":(r2O3_4>-($-(G';&A(
•! FA$8*('E'$%-@(>1;9A('9(,8'8'('-5(N$-&'-(8";9*(51&#$-15(<;":(`\(9"(_]($-(,8;$#(
[](!"#$#%"$&'()*"+$,+)-'./0'1230'
•! R'#C1("<(&A1ZC1*(';15(5;"8815(>.(4\OY`[f($-(9A1(
G"-9A(C-51;(;1D$1E(<;":(Q4TS\[>-($-(9A1(
8;1&15$-@(:"-9A(
•! 6'+1;(?C@A1*q("$#(;$@(&"C-9(E'*(5"E-(9"(44($-(G';&A(
<;":(42($-(U1>;C';.((
Source: Baker Hughes, 2010
B1&( t'-( U1>( G';(
4 5
4
6
4 4
8
5
Y3$(03C(&"%*,L(EFGF(
Onshore Offshore
Business Activity Review
[_(!"#$#%"$&'()*"+$,+)-'./0'1230'
AVIATION
Financial Derivatives Company Limited
AVIATION
•! I-5C*9;.(*E1#91;$-@(C-51;(&;15$9";('-5(>'-+$-@(
8;1**C;1(
•! NA1(5":1*%&('D$'%"-($-5C*9;.(n-'##.(*C&&C:>15(9"(
>'-+$-@(8;1**C;1*(
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;1";@'-$p'%"-("<("E-1;*A$8(*E189(9A1(#1-5$-@(
&;15$9";(
•! R$;@$-(Q$@1;$'(,$;E'.*('--"C-&15('-('&ZC$*$%"-(>.(
QIMJQ(@;"C8($-('(*E$b(9'+1"D1;(9;'-*'&%"-(
\3(!"#$#%"$&'()*"+$,+)-'./0'1230'
AVIATION
•! I,#:"*9(*$:C#9'-1"C*(E$9A(9A1(QIMJQ(9'+1"D1;(E'*(
9A1('--"C-&1:1-9(9A'9(,1;"(E'*(*11+$-@(&;15$9";(
8;"91&%"-(E$9A(9A1('**$*9'-&1("<(U=Q(
•! NA1(R$;@$-(Q$@1;$'(,$;E'.*('&ZC$*$%"-(E'*(@;11915(>.(
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:'$-91-'-&1T(*'<19.('-5(ZC'#$9.(*9'-5';5*(
•! NA1(&';;$1;(A'*('**C;15(9A1(8C>#$&(9A'9($9(E$##(>1(
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•! I9(8;"8"*1*(9"(1X8'-5($9*(i119(<;":(Y(9"(43('$;&;'b(
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•! NA1;1(';1(<1';*("<(81;*"-'#$9.('-5(&C#9C;'#(:$*:'9&A(
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\[(!"#$#%"$&'()*"+$,+)-'./0'1230'
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•! NA1(&":>$-15(1-%9.(C*$-@(9A1(&#"C9("<(9A1(*9';(
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•! NA1(@""5(-1E*($*(9A'9(9A1(:1;@1;("<(I>1;$'('-5(6d,(
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AVIATION
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REAL ESTATE
]2(!"#$#%"$&'()*"+$,+)-'./0'1230'
Financial Derivatives Company Limited
Real Estate •! !;"81;9.(D'#C1*(A'D1(
%@A91-15($-(9A1(#'*9(ZC';91;(
•! F'#1*(D'#C1(A'D1(5;"8815(>.((–! 43O]f(<";(519'&A15(
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•! M":8';15(9"(23f(>19E11-($9*(81'+(j233_k('-5(U1>;C';.(2343(
Detached House
Neighborhood Peak Feb 2010
April 2010
% ! Peak/Feb 2010(
% ! April/Feb
Ikoyi (N’mn) 1,000 300 300 70% -
V.I (N’mn) 350 280 250 -20% -10.7%
V.I- Luxury Flat ($’000)
80 60 -25%
Lekki (N’mn) 150 120 100 -20% -16.7%
Oniru (N’mn) 80
GRA (N’mn) 260 200 200 -23% -
GRA- Luxury Flat (N’mn)
55 45 45 -18% -
]S(!"#$#%"$&'()*"+$,+)-'./0'1230'
Detached House Neighborhood Peak Feb
2010
April
2010
% ! Peak/
Feb 2010
% ! April/
Feb
Ikoyi (N’mn) 15 10 10 -33% -
V.I (N’mn) 10 8 8 -20% -
Lekki (N’mn) 7 5 3.5-5 -28.5% -
Oniru (N’mn) 3.5
GRA (N’mn) 5 4 4 -20% -
GRA- Luxury Flat (N’mn)
4 3 3 -25% -
Office Space Neighborhood Peak Feb
2010
April
2010
% !
Peak/Feb
2010
% !
April/Feb
Ikoyi ($’000, per sqm)
150 70
V.I ($’000, per sqm)
80 40 40 -50% -
Ligali ($’000, per sqm)
70 30 - -57%
Allen ($’000, per sqm)
20 -
•! This could suggest a preference for rented apartment due to the harsh economic conditions and credit squeeze in the financial sector
Real Estate
]Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
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Stock Market
•! NA1(:"-9A("<(,8;$#(:19(E$9A(:$X15(81;<";:'-&1('*(
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•! NA1(,FI('-5(:';+19(&'8(@'$-15(4O`f($-(,8;$#T(>;$-@$-@(
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–! M":8';15(9"('(S2f(#"**($-(9A1(*':1(81;$"5($-(233`(
17,000.00
19,000.00
21,000.00
23,000.00
25,000.00
27,000.00
29,000.00
4,500.00
5,000.00
5,500.00
6,000.00
6,500.00
7,000.00
1/5/
2014
1/12
/20
14
1/19
/20
14
1/26
/20
14
2/2/
2014
2/9/
2014
2/16
/20
14
2/23
/20
14
3/2/
2014
3/9/
2014
3/16
/20
14
3/23
/20
14
3/30
/20
14
4/6/
2014
4/13
/20
14
4/20
/20
14
4/27
/20
14
ASI-MARKET CAP CHART
Year to date
Market Capitalisation NSE All-Share Index
ASI advanced by 22% in 6 weeks between March
1st and April 19
Stock Market
]](!"#$#%"$&'()*"+$,+)-'./0'1230'
•! NA1(518;1**15($-91;1*9(;'91(1-D$;"-:1-9(*8C;;15(
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Stock Market
]_(!"#$#%"$&'()*"+$,+)-'./0'1230'
]`(!"#$#%"$&'()*"+$,+)-'./0'1230'
Earnings Announcements: Mixed but Broadly Positive
_3(!"#$#%"$&'()*"+$,+)-'./0'1230'
Earnings Announcements
•! c4(2343(;1*C#9*(*1u-@('(8"*$%D1(9"-1(<";(2343 ((
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Key Sectors Driving Performance
<01T10312( <%3$#3*C(
M+,103+$2(
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•! ,D@(!0(;'%"("<(9"8(Y3(:"*9(&'8$9'#$p15(*9"&+*/(23O4S(_2(!"#$#%"$&'()*"+$,+)-'./0'1230'
Performance of Some Stocks
•! F":1(*A';1(8;$&1*(A'D1(>11-(8;"8815(>.(9A1(A1;5(1m1&9((
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–! !"**$>$#$9.("<(*A';1(8;$&1(:'-$8C#'%"-(
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Opportunities for PFAs
A&,%+$( A$$"T+D$1(b363,2( >+03+*&1(
B":1*%&(0ZC$%1*( 43O\Yf( 2[f( 4YOS\f(
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Outlook
•! 0X81&9(9A1(*9"&+(:';+19(9"(:'$-9'$-($9*(8"*$%D1(9;1-5(
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Outline
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Leading Economic Indicators Indicators Feb. March Apr. %! (Mar/Apr)
Oil Markets
"!Prices (Monthly average, $pb)
75.32 81.28 85.46 5.14
"!Production (mbpd) 1.956 1.986 NA NA
Money Markets
"!OBB (%) 2.2 1.31 1.10 (0.21)
"!Overnight (%) 2.17 1.5 1.20 (0.3)
"!MPR (%) 6.0 6.0 6.0 -
"!Average T-Bill (%) 2.99 1.49 1.29 (13.4)
Inflation
"!CPI 12.3 11.8 NA NA
Exchange rate (end period)
"!Official (N/$) 148.6/1 148.51/1 148.61/1 (0.07)
"!Interbank (N/$) 150.52/1 150.4/1 150.18/1 0.14
"!Parallel (N/$) N152/1 152/1 153/1 (0.67)
5)-'6&E(D,)).@&'B(2(F5G2(?+H42(4D32(!)#&%(!7'I&%2(C14(( _](!"#$#%"$&'()*"+$,+)-'./0'1230'
Y3$(803&1(m(80"#%&B"*(>2(n%",+(
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Source: Reuters, Bloomberg Source: OPEC
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Source: NBS Source: FMF
Source: CBN source: CBN
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0X91;-'#()1*1;D1*(jrv>-k(
_`(!"#$#%"$&'()*"+$,+)-'./0'1230'
Inflation…threat is real
•! I-i'%"-($-(G';&A(51&#$-15(:';@$-'##.(9"(44O_f((
•! U""5(8;$&1*(51&#$-15(K"K(9"(4SO[f($-(c4(2343(
•! I-i'%"-(9A;1'9(E$##(>1(#';@1#.('*('(;1*C#9("<(9A1(1X8'-*$"-';.(2343(>C5@19(*$@-15($-9"(#'E('-5(8;1L
1#1&%"-(*81-5$-@O(
`3(!"#$#%"$&'()*"+$,+)-'./0'1230'
`4(!"#$#%"$&'()*"+$,+)-'./0'1230'
Money Market…NIBOR falls due
to credit freeze
•! ?$@A(#1D1#("<(#$ZC$5$9.(5C1(9"(M6Q*('C5$9(1X1;&$*1('-5(ZC'-%9'%D1(1'*$-@(
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•! M;15$9(1X91-*$"-(>.(>'-+*($-(c4(E'*(#$:$915((
`2(!"#$#%"$&'()*"+$,+)-'./0'1230'
Focus on Forex/External Reserves
•! N"9'#(51:'-5(<";(<";1X(($-(,8;$#(E'*(r2O3\_>-T(3O\Yf(
#1**(9A'-(G';&A(#1D1#*("<(r2O3_4>-(
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>.(Y4O`f($-(,8;$#(9"(r2`[OY[:$##$"-(
•! ,D1;'@1(51:'-5('9(9A1(#'*9(E11+("<('C&%"-(E'*(
rS]_O]_:$##$"-(
–! S\f(A$@A1;(9A'-(9A1(A$@A1*9(81'+($-(G';&A(
•! M6Q(E'*("-#.('>#1(9"(:119(_[f("<(51:'-5(<";(,8;$#(
&":8';15(9"(433f($-(G';&A(`S(!"#$#%"$&'()*"+$,+)-'./0'1230'
Focus on Forex/External Reserves
•! NA1(*A";s'##(E'*(:19(>.(5"##';(*'#1*(>.(
GC#%-'%"-'#*('-5(QQ!M((
•! NA1(Q'$;'('*(518;1&$'915(>.(3O3]f('-5(3O\]f('9(>"9A(9A1("a&$'#('-5(8';'##1#(:';+19*(;1*81&%D1#.(
•! 0X91;-'#(;1*1;D1*(A'D1(*A;C-+(3O`\f(>.(,8;$#(2_(9"(&#"*1('9(rY3O2`>-(<;":(rY3O\_>-("-(G';&A(S4(
•! NA1(<'##($-(;1*1;D1*(E'*('*('(;1*C#9("<(9A1($-&;1'*15(8;1**C;1($-(9A1(#'*9(9E"(E11+*("<(9A1(:"-9A(
–! )1*1;D1*($-&;1'*15(>.(4O\f($-(9A1(n;*9(9E"(E11+*(
`Y(!"#$#%"$&'()*"+$,+)-'./0'1230'
Forex Outlook
•! I-&;1'*15(8;1**C;1(*11-($-(9A1(8';'##1#(:';+19*("D1;(
9A1(#'*9(9E"(E11+*("<(,8;$#($*(1X81&915(9"(&"-%-C1(
•! )$*$-@("$#(8;$&1*(E$##(A1#8(@$D1(n##$8(9"(9A1(1X91;-'#(;1*1;D1*(
•! NA$*(E$##(>1(*C88";915(>.($-&;1'*15(*'#1("<(U";1X(>.("$#(:'e";*(
•! Q'$;'($*(1X81&915(9"(;1:'$-(*9'>#1('9(>19E11-(
Q4Y_O[dr4LQ4Y`dr4($-(9A1("a&$'#(:';+19(
`[(!"#$#%"$&'()*"+$,+)-'./0'1230'
Outlook for Indicators
•! J$#(8;$&1(9"(9;'51($-(r_[Lr_`8>(;'-@1($-(G'.(
•! I-&;1'*1($-($-i'%"-';.(8;1**C;1(5C1(9"(1X8'-*$"-';.(
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•! G';@$-'#(C8*E$-@($-(;'91*($*(1X81&915((
`\(!"#$#%"$&'()*"+$,+)-'./0'1230'
Outline
•! !"#$%&'#()$*+(,-'#.*$*/(0#1&%"-(2344('-5(61."-5(
•! !"#$&.(785'91(
•! 0&"-":$&(!1;<";:'-&1(
–! =#">'#(0&"-":$&(?$@A#$@A9*(
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•! F9"&+(G';+19('-5(M":81%9";(,-'#.*$*(
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•! JC9#""+(<";(G'.(
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Outlook for May
#!I-91;1*9(;'91*(9"(>"P":("C9(
#!I-&;1'*1($-($-i'%"-';.(8;1**C;1(5C1(9"(1X8'-*$"-';.(n*&'#(8"#$&.(
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–! F1'*"-'#(8;1**C;1*((
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#!U$-'#$p$-@(9A1(F'#1("<(9A1(;1*&C15(6'-+*((
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M";8";'91(?C:"C;(
•! I9($*(>1P1;(9"(#$D1(;$&A(9A'-(9"(5$1(;$&A(
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!"#$#%"$&'()*"+$,+)-'./0'1230' 433(
M";8";'91(?C:"C;(
•! Q"9A$-@($*(:";1(5'-@1;"C*(9A'-(*$-&1;1($@-";'-&1(V(
&"-*&$1-%"C*(*9C8$5$9.(
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•! ?1(EA"(E$*A1*(9"(>1(;$&A($-('(5'.(E$##(>1(A'-@15($-('(.1';(
( ( ( ( ( ( (g(1)/*#$3/'3$'="#%"'
434(!"#$#%"$&'()*"+$,+)-'./0'1230'
Thank you for Reading
Financial Derivatives Company Limited