David Omojomolo

David Omojomolo joined Capital Economics in July 2023 as an Emerging Market Economist focussed on Africa. Prior to joining Capital Economics, he spent 5 years in the public sector as an economist working in local government, HM Treasury, and the Bank of England. David holds a MSc in Health Economics from the University of York and a BSc in Biochemistry from the University of Nottingham.

Africa Economics Weekly

No SARB rate cuts in 2024, SSA subsidy removal

The SARB’s biannual Monetary Policy Review published this week, which showed less confidence in South Africa’s disinflation trend and reiterated the desire to move to a lower inflation target...

26th April 2024 5 mins read

Africa Chart Pack

Africa Chart Pack (Apr. 2024)

Regional growth appears to have picked up in Q1 and we think that will continue, helped by an improved external environment. But inflation is set to fall back more slowly than previously expected...

25th April 2024 0 mins read

Africa Economics Update

Nigeria: A slower economy risks turning MPC doveish

The Central Bank of Nigeria’s (CBN) monetary policy reforms have injected a welcome dose of momentum back into the country’s policy shift. But the minutes to the latest MPC meetings also suggest that...

24th April 2024 4 mins read

Africa Economics Weekly

Nigeria naira rebound, SA election and late rate cuts

The naira’s surprising recent recovery appears to have been driven by FX reserve sales and the currency risks becoming overvalued again. We think renewed naira weakness is on the cards over the rest...

19th April 2024 6 mins read

Africa Economics Update

South Africa’s economy may be turning a corner

South Africa’s latest hard activity data provided some encouraging signs that the economy may be turning the corner even if it comes too late to help the ANC’s hopes of keeping its majority in...

17th April 2024 3 mins read

Africa Data Response

South Africa Consumer Prices (Mar.)

The larger-than-expected fall in South Africa’s headline inflation rate, to 5.3% y/y, in March will not be enough to sway the SARB from starting its easing cycle.

17th April 2024 2 mins read

Africa Data Response

Nigeria Consumer Prices (Mar.)

Nigeria recorded another acceleration in headline inflation to 33.2% y/y in March as the previous falls in the naira have continued to push up prices. And while the naira has staged a recovery...

15th April 2024 2 mins read

Africa Economics Weekly

Zuma to stand, SA activity, Nigeria fuel prices

A court decision this week in South Africa has laid the ground for former president Zuma to stand in next month’s elections and opinion polls suggest that his MK Party will become the third largest in...

12th April 2024 7 mins read

Africa Economics Update

Nigeria stops ways and means use, but FX debt to rise

Nigeria’s authorities have ceased central bank deficit monetisation via the ways and means facility. But the government will struggle to finance its ambitious spending plans – particularly given the...

11th April 2024 4 mins read

Africa Economics Weekly

SA weak demand, Nigeria electricity, Kenya rates

South Africa’s disappointing PMI for March supports our view that the economic recovery this year will be subdued. Elsewhere, Nigeria’s reduction in household electricity subsidies will help its...

5th April 2024 5 mins read

Africa Chart Pack

Africa Chart Pack (Mar. 2024)

Sub-Saharan Africa will record a pick-up in growth over the coming years, helped by an improving external environment. But tight fiscal and monetary policy will constrain the recovery and our GDP...

28th March 2024 0 mins read

Africa Economic Outlook

Recovery stuck in low gear

Sub-Saharan Africa will record a pick-up in growth over the coming years, helped by an improving external environment reducing the threat of further large currency falls as well as sovereign defaults...

27th March 2024 20 mins read

Africa Data Response

Nigeria Interest Rate Announcement (Mar.)

The Central Bank of Nigeria continued its hiking cycle today, raising rates by 200bp to 24.75%, providing further evidence that officials are fighting aggressively to tackle the inflation problem and...

26th March 2024 2 mins read

Africa Economics Weekly

Rates preview: Nigeria to hike, South Africa to hold

The South African Reserve Bank looks set to leave interest rates on hold at 8.25% next week and it now seems an easing cycle won’t begin until after May’s election, the outcome of which could even...

22nd March 2024 6 mins read

Africa Data Response

South Africa Consumer Prices (Feb.)

The larger-than-expected rise in South Africa’s headline inflation rate, to 5.6% y/y, in February means that the SARB is likely to delay the start of its easing cycle until after May’s election.

20th March 2024 2 mins read

Africa Data Response

Nigeria Consumer Prices (Feb.)

Nigeria’s headline inflation accelerated to a higher-than-expected 31.7% y/y in February and the naira’s latest sharp falls mean it will continue to march towards 35% y/y over the coming months. For...

15th March 2024 2 mins read