Global Macroeconomic Review
The U.S. economy in February 2026 showed moderate but resilient expansion, though growth continued to cool from mid-2025 momentum. S&P Global Composite PMI eased to around 52 points, marking the slowest pace of expansion in roughly ten months. Manufacturing remained in expansion for a second straight month…
Domestic Macroeconomic Review
The Nigeria’s economy expanded by 4.07% y/y in Q4 2025, reflects an acceleration from the 3.76%y/y growth recorded in Q4 2024, and a firmer end-of-year performance of 3.87%. Growth was supported across key sectors, with services up 4.15%y/y agriculture up 4.00%y/y, industry up 3.88%y/y. The services sector remained the largest GDP contributor with 55.92% in Q4 2025 against the 55.87% in Q4 2024…
Market Update
Financial markets in February were shaped by improved liquidity, policy easing expectations, and stronger investor sentiment. The naira appreciated by about 1.94% to ₦1,359.82/$ at the NFEM, supported by improved foreign portfolio inflows and rising external reserves to $49.51 billion. Money market conditions remained liquid with average system liquidity around ₦2.94 trillion, while funding costs eased slightly. The Treasury bills market saw strong oversubscription with yields declining 95bps to 17.39%. FGN bonds rallied as yields compressed by about 100bps month-on-month to 15.42%. Eurobonds recorded modest yield compression to around 7.10%, while equities surged 16.6%, lifting the NGX ASI to 192,826 points amid strong investor demand…
