Bola Tinubu marked his two year anniversary as Nigeria’s president this week by talking of new spending plans funded by foreign loans – which seems to be aimed in part at least at shoring up his support ahead of the 2027 elections. But we suspect high borrowing costs will curtail these plans. Elsewhere, the SARB restarted its interest rate easing cycle this week, and we think more cuts are coming given the backdrop of subdued inflation and growth.
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