Key View:

• We at Fitch Solutions expect that the Nigerian naira will be

Key View

• We forecast real household spending in Nigeria to grow by 3.6% in 2022, with spending growth being aided by the easing of Covid-related restrictions.
• That said, we note that Nigeria's elevated inflation is a risk to our outlook for consumer spending in 2022 as it will negatively impact consumer purchasing power, limiting spending to

Key View

• Nigeria’s Food and Drug Administration and Control (NAFDAC) has achieved high maturity level in the World Health Organization’s (WHO) classification of national medicines regulatory systems.
• This means that the medicine regulator is operating at an advanced level of performance, and it is now eligible to be recognised as meeting

Key View

• Nigerian vehicle sales growth in 2022 will rise below potential as a reliance on imported fuel will limit the upside potential of vehicle sales despite rising oil prices.
• Elevated inflationary pressures will create downside risks for consumer purchasing power and thus demand for new vehicles as consumers prioritise essential spending

Key View

• We at Fitch Solutions forecast that economic growth in Nigeria will pick up from an estimated 3.1% in 2021 to 3.5% in 2022.
• The acceleration will be primarily driven by increased oil production, which will boost export growth.
• We expect that growth will slow to 2.9% in 2023. Indeed, over the medium term, we expect that the

Key View

• Nigeria’s 2022 government budget reflects an upward trend in health funding but it still falls below the level stipulated by the Abuja Declaration to which Nigeria is a signatory.
• Per capita spending is extremely low in the region and the country’s weak fiscal position will continue to limit spending.
• Persistent underfunding will

Key View

• Glo's refusal to bid and Airtel's view that bidding went too high reinforce our view that the Nigerian 5G market will be operationally and financially challenging for successful licensees.
• Although newcomer Mafab is backed by a large and well-diversified business conglomerate, the risk is that the newcomer's inexperience could see MT

Key View

• With construction underway on the Kano - Maradi and Kano - Kaduna standard-gauge railway projects, and stalling progress on the Lagos - Calabar Coastal Railway and planned standard-gauge railway connection south of Abuja, we expect that near- and medium-term mainline construction activity will be concentrated in northern Nigeria.
• As

Key View

• Authorisation to offer mobile money services direct to customers opens up a wealth of expansion opportunities for Nigeria's mobile network operators.
• Nigeria is the biggest single market in both of MTN's and Airtel's African footprints, so entering the fast-growing MFS space will add considerable value to any MFS unit spin-offs.
• Dig

Key view

• Nigeria’s pharmaceutical industry will benefit from the newly launched national drug policy.
• Local production of drugs is set to increase, while pharmaceutical exports will also receive a boost.
• The policy will also increase transparency in the pharmaceutical market, while also increasing the quality of drugs in Nigeria.

The