Africa Data Response Nigeria Consumer Prices (May) Nigeria’s headline inflation rate rose to a fresh 17-year high of 22.4% y/y and the recent removal of fuel subsidies alongside yesterday’s devaluation of the naira mean that it is likely to surge to... 15th June 2023 · 2 mins read
Africa Rapid Response Nigeria devalues the naira Reports that the Central Bank of Nigeria has devalued the naira would, if confirmed, represent another positive policy step by the new Tinubu administration. But we retain our reservations this is a... 14th June 2023 · 3 mins read
Africa Economics Update What does Emefiele’s suspension mean for Nigeria? The suspension and potential removal of Godwin Emefiele as Nigeria’s central bank governor raises hopes that there will be a shift away from the current unorthodox and interventionist monetary and... 12th June 2023 · 5 mins read
Africa Economics Weekly Tinubu takes first steps, SA power projects progress In a positive early move, Nigeria’s President Bola Tinubu removed fuel subsidies in his first week in power. But it looks like the fiscal savings will be spent, leaving public debt on an upwards... 2nd June 2023 · 7 mins read
Africa Economics Update CBN tightens further as inflation threats mount The Central Bank of Nigeria’s decision to raise its policy rate by 50bp, to 18.50%, reaffirmed that officials continue to focus on tackling high and rising inflation at the expense of supporting the... 24th May 2023 · 2 mins read
Africa Data Response Nigeria GDP (Q1) Nigeria’s economic growth slowed to just 2.3% y/y in Q1 as the damaging effects of a botched demonetisation process more than offset an easing of the drag from the oil sector. With the rise in oil... 24th May 2023 · 3 mins read
Africa Economics Weekly South Africa and AGOA, Nigeria inflation, Ghana-IMF Allegations that South Africa has supplied arms to Russia has led to calls for the country to lose preferential trade access to the US via the African Growth and Opportunities Act which, while not a... 19th May 2023 · 8 mins read
Africa Economics Weekly Debt distress across SSA: more than meets the eye Sovereign dollar bond spreads have widened across Sub-Saharan Africa this week and are signalling further debt distress, particularly in Kenya, Nigeria and Angola. But we think that sovereign debt... 5th May 2023 · 5 mins read
Africa Economics Weekly Inflation shocks, Ghana growth The surprise rises in inflation in March in Sub-Saharan Africa's two biggest economies are likely to put pressure on policymakers in Nigeria and South Africa to raise interest rates further. Elsewhere... 21st April 2023 · 5 mins read
Africa Economics Update Activity in Nigeria slumped in Q1 Data suggest that Nigeria’s key oil sector perked up in early-2023, but this was more than offset by weakness in the non-oil economy on the back of bungled demonetisation efforts. And we expect... 4th April 2023 · 2 mins read
Africa Economics Weekly Monetary policymakers in hawkish mode, debt in focus Central banks in South Africa, Kenya and Ghana all stepped up the pace of monetary tightening this week as concerns about inflation and currency weakness flared up. But we doubt that the rule of... 31st March 2023 · 5 mins read
Africa Economics Weekly Central banks focus on inflation and currency risks Nigeria’s central bank shrugged off the recent banking sector turmoil and kept its eye firmly focussed on tackling inflation as it hiked interest rates this week and, on balance, we think that... 24th March 2023 · 6 mins read
Africa Chart Pack Financial markets bruised, central banks hawkish Financial markets across Sub-Saharan Africa have struggled – and have underperformed their EM peers – since the global banking sector turmoil erupted. Amid broad risk-off sentiment, African sovereign... 23rd March 2023 · 10 mins read
Africa Economics Update CBN teeing up end of tightening cycle The Central Bank of Nigeria (CBN) raised the benchmark rate by 50bp, to 18.00%, and appeared to lay the groundwork to draw the tightening cycle to a close. 21st March 2023 · 2 mins read
Africa Economics Weekly Ripples of global banking turmoil in Sub-Saharan Africa Strains in the global banking system have roiled financial markets, but in Sub-Saharan Africa the main impact of the turmoil is likely to feed through via lower commodity prices and tighter external... 17th March 2023 · 8 mins read
Africa Data Response South Africa Activity Data (Jan.) & Nigeria CPI (Feb.) January’s hard activity figures out of South Africa came in stronger than expected, reducing the chances of a technical recession. But momentum remains extremely weak. Elsewhere, the rise in inflation... 15th March 2023 · 3 mins read
