Zambia’s debt roller coaster, budget rumours in Nigeria

Zambia’s first steps towards debt restructuring have not got off to a good start, reinforcing our fears that the process will be long and arduous. Meanwhile, Nigeria’s rumoured budget proposals envisage a large rise in spending matched by increased revenue collection, but the latter seems like a long shot. And in South Africa, there are growing signs of a big hit to the labour market, which risks causing long-term scarring on the economy.