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Uninspiring politics in Nigeria, SA’s external position

Nigeria’s two main political parties have selected presidential contenders, setting the scene for a long campaign season ahead of elections in early 2023. Lots can happen until then, but with more market-friendly candidates out of the race, upside risks for the economic outlook are now slimmer. Elsewhere, we think that South Africa’s current account surplus in Q1 marked a turning point with the external position likely to deteriorate over the remainder of the year and the rand set to come under pressure.

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