Global Macroeconomic Review
The U.S. economy in November 2025 operated under heightened uncertainty due to missing official data following the 43-day federal government shutdown. The disruption delayed the release of key indicators—including the full October employment report and Consumer Price Index (CPI)—limiting clarity for policymakers and complicating data-driven decision-making…
Domestic Macroeconomic Review
Nigeria Economy Expands by 3.98% as Services & Agriculture Sectors Drives Performance
Nigeria’s economy expanded by 3.98% in Q3 2025 to ₦57.0 trillion, slower than 4.23%y/y in Q2 2025, but faster than 3.86% y/y recorded in Q3 2024, showing mixed recovery across key sectors, with industry and agriculture posting stronger real growth, while services maintained the largest share of overall output. Notably, the services sector contributed 53.02% of real GDP, followed by agriculture at 31.21%, while Industries contributed 15.77% to the economy’s performance. Key drivers included Financial & Insurance crop production, telecommunications, real estate, trade, and financial services…
Market Update
The naira weakened slightly across market segments in November 2025, depreciating 1.76% to ₦1,446.74/USD amid heightened dollar demand and geopolitical tensions, though external reserves strengthened to $44.67 billion. System liquidity remained robust at about ₦3.3 trillion, keeping funding costs lower and supporting active participation in fixed income markets. Treasury bill yields declined to 17.15% as strong demand persisted, while FGN bond yields eased 27bps to 15.55% despite late-month supply pressures. Eurobond yields also contracted 12bps to 7.43% on improved global risk sentiment and expectations of a U.S. Fed rate cut. However, the equities market posted its first monthly decline since March, with the NGX ASI falling 6.9% on CGT concerns and profit-taking…
