TOLUWA'S EXCITING MONTHLY ROUNDUP – DECEMBER EDITION
Dear Reader,
Welcome to the thrilling December edition of my monthly roundup, marking the grand finale of 2024! This special edition is not just another monthly recap—it's a celebration of how far we've come and a peek into the exciting opportunities that lie ahead in 2025. As we close the books on this year, we’re not just reflecting on the highlights of December, but also gearing up to kick off the new year with a bang.
Ready to dive in? Let’s explore the most exciting financial events of December, reflect on the highs and lows of the year, and set the stage for a strong, prosperous 2025!
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What Happened in December?
Nigeria raises $2.2 billion from latest Eurobond auction
Nigeria has successfully raised $2.2 billion from its latest Eurobond issuance, marking a monumental step toward addressing our fiscal challenges. This auction, featuring bonds with varied tenors, marks the country’s first return to international capital markets since March 2022. The proceeds will primarily support Nigeria’s 2024 budget which is currently strained by ongoing revenue shortfalls and rising public expenditure.?
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Senate Passes 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The Nigerian Senate has approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). This strategic move lays the groundwork for revenue projections, expenditure priorities, and fiscal strategies to ensure a more efficient allocation of resources across government ministries and departments.
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Market Regulation: Senate passes Investments and Securities Bill 2024
A game-changer for the Nigerian capital market, the Senate has passed the Investments and Securities Bill 2024, which replaces the old 2007 Act. This bill is designed to strengthen market regulations, boost investor confidence, and attract global capital by safeguarding against fraudulent practices
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“Nigeria has nothing to lose from IOC divestments” – Minister of State for Petroleum Resources (Oil),
Despite ongoing divestments by international oil companies (IOCs), the Minister of State for Petroleum Resources (Oil) has assured Nigerians that the country faces no cause for concern regarding these developments. He clarified that the IOCs are not exiting Nigeria but are shifting their focus from onshore and shallow water operations to offshore activities. These shifts are also serving to strengthen the local oil and gas sector as local operators are stepping up to acquire assets left behind by IOCS and position Nigeria for long-term growth.
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11 Banks Generate N6.5tn from Loans and Advances Amid Interest Rate Hike.
Amid rising Monetary Policy Rates (MPR) by the Central Bank of Nigeria (CBN) and other central banks across Sub-Saharan Africa (SSA) to tackle inflation, stabilize currencies, and drive significant earnings growth from financial institutions, banks are recording substantial gains. Access Holdings Plc and 10 other banks collectively generated an estimated N6.5 trillion from customer loans and advances in just 9 months!
This figure represents a remarkable 118% increase from last year.
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Nigeria records $1.9 billion in non-oil export earnings for Jan-Nov 2024 – Customs?
The Nigeria Customs Service (NCS) has revealed that Nigeria earned $1.9 billion from non-oil exports between January and November 2024. The announcement highlights progress in the country’s economic diversification efforts.?According to the report, a total of 27,595 containers were exported during the 11-month span, consisting of agricultural products, manufactured goods, solid minerals, and other items.?
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World Bank approves $500 million loan for Nigeria’s rural road infrastructure?
The World Bank has approved a $500 million concessional loan for the Rural Access Agricultural Marketing Project-Scale Up (RAAMP-SU) to enhance Nigeria's rural road infrastructure. In a statement, the World Bank noted that this funding, combined with an additional $100 million contribution from the Nigerian government, aims to tackle the critical infrastructure challenges affecting rural communities nationwide.?
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Diaspora remittances rose by 61% – CBN
Nigeria saw an incredible 61% surge in diaspora remittances, with over $4 billion processed between January and October 2024. This boost underscores the growing support from Nigerians abroad, helping stabilize the economy. Nigeria saw an incredible 61% surge in diaspora remittances, with over $4 billion processed between January and October 2024. This boost underscores the growing support from Nigerians abroad, helping stabilize the economy.
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Foreign Capital Inflows Soar 261.33% YoY, Driven by African Investors
Foreign capital inflows have experienced a phenomenal 261.33% rise, with African investors playing a key role in fueling this growth. This shift highlights the potential of pan-African collaboration in driving Nigeria’s economic recovery.
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Debt servicing, salaries take N24.8tn in 2025 budget
The Nigerian government is set to allocate a staggering N24.85 trillion for debt servicing and salaries in its 2025 budget, a significant commitment to managing fiscal responsibilities while navigating ongoing economic challenges. expenses will total N24.85tn, consuming 53.98% of the proposed N46.02tn 2025 budget.?
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FG boosts mortgage financing with N250bn real estate investment
The Federal Government has launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a new ?250 billion initiative aimed at providing affordable, long-term mortgage financing and boosting economic growth through the housing sector. The initiative, part of President Tinubu’s vision, seeks to enhance homeownership, create jobs, and address systemic housing finance challenges through public-private partnerships.
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Access Holdings becomes first bank to complete recapitalization, raises ?351bn
Access Holdings Plc successfully closed its ?351 billion Rights Issue, making Access Bank Plc the first Nigerian bank to surpass the CBN’s ?500 billion minimum capital requirement for international banks, ahead of the March 2026 deadline. The oversubscribed Rights Issue raised ?600 billion in share capital.?
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Nigeria gets W’Bank $1.5bn for subsidy removal, tax bills
The World Bank has fully disbursed a $1.5 billion loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies. The loan, part of the Reforms for Economic Stabilization to Enable Transformation Development Policy Financing initiative, is one of the fastest disbursements Nigeria has received, with both tranches released in under six months.?
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Looking Ahead: December and Beyond
China’s Potential Yuan Weakening Amid Trade Tensions
After Trumps announcement of plans to impose a 10% universal import tariff, and a 60% tariff on Chinese imports into the United States. China's top leaders and policymakers are considering allowing the yuan to weaken in 2025 as they brace for higher U.S. trade tariffs as Donald Trump returns to the White House. This move could have ripple effects on global trade and investments in the coming year.?
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Tax Reforms Set to Lower Taxes for 90% of Workers
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that over 90% of public and private sector workers are set to benefit from tax reforms in 2025, with many individuals expected to pay lower taxes under the new system.
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Nigerian Businesses to Face Higher Interest Rates in 2025
The Lagos Chamber of Commerce and Industry (LCCI) has cautioned Nigerian businesses to brace for higher interest rates in 2025, citing the Central Bank of Nigeria's (CBN) ineffective policies in curbing inflation. In a statement responding to the latest inflation report from the National Bureau of Statistics (NBS), LCCI Director-General, Dr. Chinyere Almona, noted that inflation surged to a 26-year high of 34.60% in November, exacerbating business challenges as rising costs continue to hinder operations.?
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DECEMBER’S TOP AND BOTTOM 5
BOTTOM 5
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Here is a list of stocks that sold the highest volume in December
CURRENT KEY MACROECONOMIC VARIABLES
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FROM THE FEED
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YOUR QUESTIONS ANSWERED
Question Asked: I'm trying to cut back on my spending, but I don't want to feel like I'm giving up everything I enjoy. Do you have any creative tips for saving money without feeling deprived?
Response: I feel you
Okay so try this, list out all the things you usually over spend on and think about which you actually gain real value from or what really makes you happy and it’s okay to spend a little more on any that do. Then, it’s time to look for places to cut back where you won't really miss it.
Are there any things on this list that you don’t gain real value from, that you could do without or that aren’t even that good for you? Think of taking them out.
Consider some free stuff you could replace them with like movie nights, game nights, cooking at home and walks instead of always going out.
I also try these "no-spend" periods sometimes, where I basically place a mental padlock on my bank account and make sure I don’t spend money on any unplanned expenses during this time. Oh, and automating your savings and investments too. Simple as it sounds it’s a game changer for staying committed to your savings and investment goals! Often times the real reason we overspend is because we procrastinate on saving and investing.
Finally and most importantly, keep your long term financial goals in your mind, that is your motivation to keep going! Saving doesn't have to be totally boring. It's about being strategic and making choices that?fit?your?life.
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JUST BEFORE YOU GO!
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JUST BEFORE YOU GO! And just like that, we’ve reached the final chapter of 2024! While there were certainly challenges along the way, December is the perfect reminder that we are heading into a fresh new year full of opportunities. Let's start 2025 strong, with a renewed focus on growth, innovation, and strategic planning. Stay tuned for more updates in the new year!
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Cheers to a prosperous 2025! ??
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