loader image

Nigeria Macroeconomic & Markets Report, October 2019

Nigeria Macroeconomic & Markets Report, October 2019


The Macroeconomy 

  • Nigeria’s crude oil output declined for the second month in a row 
  • Headline inflation ticked higher although core inflation overtook food inflation 
  • Capital importation was more modest in January 
  • Growth rate in the PMI index declines 

The Financial Markets 

  • Fixed income markets maintain their bullish momentum 
  • The Naira gains marginally for the second consecutive month 
  • Equities market began to lose steam by month end 

Our Expectation for the Coming Months 

  • Oil prices to struggle to remain buoyant in the face of the Coronavirus threat and weakening demand 
  • Headline inflation is expected to increase further as the underlying of core and food inflation face significant upward pressure 
  • Foreign flows will remain positive due to attractive OMO yields 
  • PMI could trend marginally lower as economic activity remains weak 
  • The Naira is expected to remain stable, albeit with continued pressure. 


View the Report

No Comments

Post A Comment