Nigerian Capital Market Update

Conclusion What's next on the horizon? The global economy is slowly recovering from the effects of the ongoing Russian-Ukraine war which has caused disruptions to supply chains and energy supply as well as high inflation across several countries and continents. However, with Inflation gradually subsiding due to hawkish stances being applied by central banks to combat inflationary pressures, global outlook seems weak amid slow economic growth and concerns of recession. Reports by the world bank project a decelerated growth to 2.1% in 2023. In the domestic market, key policy changes of the new administrations to address macroeconomic imbalances was met with positive sentiment. The removal of subsidy and the unification of foreign exchange rates is expected to improve the efficiency of the FX market, unlock private investment, increase the inflows of foreign direct investments as well as improve the fiscal space and restore macroeconomic stability. However, while the policy changes are being implemented, inflationary pressures would still be high in the short- term. The completion of the Dangote refinery could also alleviate pressure and act as a catalyst for growth and opportunities. Omobolanle Adekoya Partner, PwC [email protected] Contacts Elizabeth Ekpo Senior Manager, PwC [email protected] Click here for the link to our capital markets publications and other insights The Nigerian Capital Market Update PwC August 2023 12

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