Afrinvest COVID 19 Nigeria Report

H2:2020 Economy and Financial Markets Outlook

The economic upheaval caused by the COVID-19 outbreak has revived memories of the 2008/09 global financial crisis, and the health risks have been described as the worst since the Spanish Flu of 1918.

This report themed “Opportunity in a Crisis?” takes a look at the impact of the pandemic on the global and domestic macroeconomic landscape, the Nigerian equities and fixed income market and presents an investment strategy for H2:2020.

Afrinvest 2020 Nigeria Economic Outlook


The Nigerian economy suffered mixed fortunes in the past decade. Between 2010 and 2014, growth averaged 6.1%, unemployment was low at 6.4% and inflation averaged 10.7%. This was driven by peak oil prices and stable oil production, which supported revenues and exchange rate. However, fiscal and structural reforms were relegated. The latter half of the decade began with an oil shock that started mid-2014, with oil prices falling to US$30.8/bbl. by January 2016. Economic growth averaged 1.2%, unemployment rose to 23.1% and inflation averaged 12.9%. Without a change in policy direction in this new decade, the current low-growth cycle is likely to persist…

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