Higher interest rates will persist in 2023 with focus on yield, according to a report released by Access Pensions Limited.
“As in 2022, we think the USD repatriation trade will continue to support valuations for dual-listed stock while consumer names may continue to struggle under the weight of an inflationary environment.”It said, “Whoever emerges as president in the February 2023 polls faces a loaded in-tray, as decisive actions are required on several burning issues: insecurity, petrol subsidies and on the exchange rate system to name a few.
From an economic and financial market perspective, the report expected 2023 to likely be a tale of two halves with the first half focused on figuring out the identity of Nigeria’s next political leadership team and the latter part about figuring out their policy direction over the next four years. Overall, it added, the investment landscape in 2023 would be shaped by global central banks pulling the plug on the interest rate tightening cycle over 2023; Oil prices would likely recede from the conflict-supported levels towards an average around $70-80/bbl; Nigeria’s oil production is on track towards 1.5-1.7mbpd, a recovery from the depressed levels of 2022 as pipeline security improves.”
According to the report, the change in political leadership post the 2023 elections would provide the leeway for inflationary adjustments to petrol prices and the exchange rate; a large fiscal deficit would continue to require higher domestic borrowings but without the option of ways and means financing from the CBN.All rights reserved.
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