Flooding in Nigeria in recent weeks has claimed scores of lives and, while the economic hit should be limited, it could result in interest rates being kept higher for longer. More fundamentally, the floods serve as a reminder of the country's vulnerability to further climate challenges. Elsewhere, South Africa’s 2025 Budget took another step towards approval this week, which is lifting sentiment towards the country. Investors would probably welcome a decision by the Treasury to proceed with lowering the central bank's inflation target - the OECD was the latest institution to add support to such a move this week.
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