Nigeria budget, more weakness in SA, Uganda rate cut

Nigeria’s president announced his draft budget this week, the first time in several years that the document has been published in Q3. This raises the possibility that lawmakers will be able to pass it before 2020 actually starts. Elsewhere, activity data added to the evidence of a very weak Q3 in South Africa. And while Ugandan policymakers cut their key rate this week, we think that they will be forced to tighten again within 18 months.