Signs of life in Nigerian economy but investors remain cautious
Issue 340 - 16 Feb 2017
There has been progress in the campaign against Boko Haram and President Muhammadu Buhari’s flagship fight against corruption. Higher oil prices will pump more cash into the economy, helping to ease extreme foreign exchange shortages that have hurt business. A $1bn Eurobond was nearly eight times oversubscribed, the Ministry of Finance said on 9 February. But pending a major fillip for the economy (including an eventual official devaluation of the naira), the outlook for Nigeria remains patchy, with investors holding back until they see clearer signs of the direction of business and politics.
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