Global Macroeconomic Review
The U.S. economy entered 2026 with a mixed but resilient outlook, supported by solid growth momentum alongside cooling labour and inflation dynamics. Economic activity remained firm, sustaining stronger Q2’2025, with real GDP expanding by 4.4% in Q3’2025, driven by resilient consumer spending and robust business investment, particularly in technology and AI-related capital outlays…
Domestic Macroeconomic Review
According to rebased data released by the National Bureau of Statistics (NBS), the Nigeria’s headline inflation moderated to 15.15% y/y in December 2025 from 17.33% in November, after adopting a 12-month index period with 2024 as the base year (100 points) instead of a single month index earlier adopted. December moderation shows a significant 19.65% drop from 34.80% in December 2024, highlighting enhanced macroeconomic stability fuelled by the ongoing success of recent monetary and fiscal policy initiatives…
Market Update
In January 2026, Nigerian financial markets showed mixed but generally resilient performance. System liquidity remained in surplus, averaging ₦2.5 trillion, though funding costs edged higher (OPR 22.67%, OVN 24.93%). NTB auctions saw mixed sentiment with demand for longer tenors, as average yields up 39bps to 18.34%, while FGN bonds traded cautiously, leaving benchmark yields slightly lower at 16.42%. Eurobonds experienced mixed sentiment amid global risks uncertainty, with mid-yields rising 12bps to 7.12%. Equities rallied, with the NGX All-Share Index up 6.3% and market capitalization at ₦106.15 trillion, led by Oil & Gas and Consumer Goods, despite subdued trading volumes…
