Outlook

Nigerian financial markets were mixed in April. Sentiment in the T-bill and FGN bond markets turned bearish; stability was the theme in the foreign exchange market; the Nigerian equity market resumed its upward trend. However, as we described in the last edition of this Macroeconomic and Market Review, the economic outlook appears to be improving, although the key data on Q1 2022 GDP will not be available till the latter part of May. We forecast 2.8% GDP growth for FY2022, lower than the International Monetary Fund, whose most recent forecast is for 3.4% growth.

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