The Nigerian authorities rejection of Shell’s sale of its onshore oil business marked the latest attempt by a multinational to divest from Nigeria – and the prospect of lower foreign investment makes us less optimistic on Nigeria’s oil production ambitions. Elsewhere, the sharp drop in South Africa’s inflation in September opens the door to a larger cut by the SARB in November. But we still think it’s most likely that the SARB will stick with a 25bp reduction.
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