Nigeria & Angola pick up, S. Africa Q2 data to disappoint

The strength of the Q2 GDP figures out of Nigeria and Angola this week has prompted us to revise up our 2026 growth forecasts for both economies. But while Nigeria’s economy is likely to strengthen further in 2027, we expect Angola’s to slow. South Africa’s Q2 GDP figures due next week are likely to be more downbeat, but we still expect growth to beat the consensus over this year as a whole and then accelerate towards 2% over 2027-28.