E-Financial
Forex: Overview on the 2017 Key Market Themes

Hussein Sayed, chief market strategist at FXTM provides an overview on the 2017 key market themes. Whether you consider 2016 a good or a bad year, it was by no doubt the year of surprises. Not just because Donald Trump was elected the 45th president of the United Stated or because the UK decided to leave the EU, but the markets’ reactions to these events were even more surprising and most forecasters got it wrong.
A new year has started and many questions remain to be answered; here are some of the most asked questions for 2017: Will the Trump rally carry on? How many rate hikes will the Fed deliver? What is the future of the UK and the EU? Will OPEC finally balance the oil markets?
Will The Trump Rally Carry On?
Following the election of Donald Trump on November 8, all U.S. major indices recorded new highs.
The Dow Jones industrial average rose 8%, S&P 500 and Nasdaq composite gained 5%, and the small-cap stock market index Russell 2000 outperformed its peers rising by more than 13%.
From a market valuation perspective, very few may disagree that stocks are expensive, but the expected combination of fiscal stimulus and deregulation for some sectors under Trump’s presidency were the main catalysts for the rally. Of course, financial markets tend to price in events before they occur, but this time I believe investors have priced in most of the good news, and it requires very strong corporate profit growth to keep this bull market alive.
Predicting the end of the bull market is a tough call, but the downside risk in 2017 is likely to be larger than the upside potential. If U.S. policy makers succeed in delivering the anticipated growth we can see another 5 – 10% gains in U.S. stocks, but failure to do so will cause a steep selloff that could exceed 20%.
Day traders may be luckier than investors in 2017 as a new indicator has been added to their watch list: Trump’s twitter account.
On December 6, Trump tweeted “Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!”, few seconds later Boeing stock wiped almost $1 billion from its market cap. We expect to see more of these tweets in 2017 and algorithms will probably require long time to put them into play, leaving retail traders with opportunities to profit from such market disruptions.
How Many Rate Hikes Will the Fed Deliver?
2016 kicked off with the expectation that four rate hikes would occur, but only one was delivered in December.
Although it was anticipated that the Federal Reserve will be more cautious in their forward guidance for 2017, December’s meeting took many economists by surprise as they hinted for three rate hikes.
Since the financial crisis in 2008 the Fed has got many things wrong, whether it is forecasting rate hikes, economic growth and inflation levels, and now with a new administration to take office on January 20, this could make the Fed’s projections even more complicated.
Inflation has always been the main justification for low interest rates, but now, even before Trump takes office, a couple of inflation gauges are running above 2%. The Fed did not account for any fiscal stimulus measures in their most recent projections, suggesting that huge shifts in expectations may be seen.
The rising U.S. dollar which is currently at a 14-year high is another source of worry for the Fed, and tightening too fast will lead to even stronger dollar hitting U.S. exports and multinational companies’ profits.
If Trump’s measures were passed and economic growth picked up, the Fed will have few options, either tightening monetary policy more aggressively, or to fall behind the curve and let the fixed income market lead the way, but three rate hikes in 2017 is my base case. Either way the dollar is likely to remain strong as divergence in monetary policies will continue to widen.
Future of the UK and the EU?
Hard, Soft or Grey Brexit. This was the most argued topic in the past six months, and until now there’s no clear path on what direction the UK will move.
The pound ended 2016 17.5% lower against the US dollar since June 23 and there’s lot of speculation on how it will end in 2017. Of course, much will depend on the path Britain will choose.
Theresa May promised to trigger Article 50 by the end of March, but we still need to hear from the Supreme Court on whether the UK government needs parliamentary approval before starting the withdrawal from the EU.
The delay in triggering Article 50 will be positive in the short term for sterling, and negotiations may last well beyond 2017 on the terms of Brexit.
Meanwhile investors will be focusing on the economic developments and the direction of the Bank of England’s monetary policy, which will probably be the second major central bank to raise rates after the Fed.
Politics within the EU will rule investment decisions in 2017. Germany and France, the two largest economies will hold elections amid the rise of Eurosceptic candidates.
Italy is likely to see an early vote, after the resignation of Matteo Renzi last month, and the Five Star Movement has vowed that if it wins power it will hold a referendum on whether Italy should leave the Eurozone.
Although many polls indicate that far right candidates are still behind, nothing should be taken for granted after Trump won the U.S. presidency and Britain voted to leave the EU. Expect to see more pressure on the Euro and look out for parity against the dollar in the first six months.
Will OPEC finally balance the oil market?
After hitting a low of $27 a barrel in February 2016, Brent prices more than doubled by the end of year and many investment banks still see further increase in prices for 2017.
OPEC’s decision to cut its output by 1.2 million barrels a day starting January, and non-OPEC producers to cut 558K barrels for the next six months to drain record global oil inventories led Brent prices to post its first yearly increase since 2012.
Whether more appreciation is to be seen in 2017 will depend on multiple factors, and the biggest one currently looming is compliance to production cuts. It’s in no one’s interest not to comply, but historic figures show that delivering on previous production cuts has been poor.
U.S. producers are another element to be focused on, how fast shale may come back is a key component to be considered in the price equation.
Although Trump has made the energy sector part of his economic growth plan, I believe it won’t have a lot of impact if prices don’t hold up. The dollar strength will likely impact the demand side, as continued strength will make oil more expensive in other currencies.
With all these unknows we will likely see prices moving in tight ranges in the first quarter until we get a clearer picture.
E-Financial
GOEs’ Remit Over ₦2tn to FG in 2024

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
E-Financial
Fidelity Bank Intensifies Support for Displaced Persons in Makurdi Camp

In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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