Nigeria’s oil reform, Angola’s debt, SA restrictions

Nigeria’s long-awaited Petroleum Industry Bill is on the verge of making into law, but it probably comes too late to propel a marked turnaround in the oil sector and will not resolve many other issues afflicting the economy. Elsewhere, the IMF’s view that Angola’s debt position is sustainable is based on some pretty optimistic assumptions regarding growth and fiscal consolidation. Finally, comments from one of South Africa’s MPC members echo our view that the tightening of virus restrictions won’t inflict severe damage on the economy and that interest rates will be raised later and more slowly than investors currently expect.