Nigerian equities began the day flat, with sectors like electronic technology and health technology showing better performance. President Bola Tinubu's directive aims to review deductions and revenue retention to unlock public funds for investment, targeting a 7% annual growth rate through investment-led expansion. Trade diversification towards markets like Brazil, China, Japan, and the UAE could reduce reliance on the US amid tariff challenges. Oil production surpassed OPEC targets, but low global prices limit its positive effects. Inflation data awaits release, with June's annual inflation at 22.22% but core inflation increasing, highlighting ongoing economic pressures.
Nigerian equities opened flat on Thursday, with electronic technology and health technology outperforming.
The market could benefit from President Bola Tinubu's directive to review deductions and revenue retention, which aims to release public funds for investment.
Nigeria's trade diversification could support the market, expanding exports to Brazil, China, Japan, and the UAE to offset the impact of the recent US import tariff.
Annual inflation eased to 22.22% in June, the softest since April 2023, but core inflation edged up to 22.76%, indicating persistent underlying price pressures.
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