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Market Digest Nigeria

Economy

Oil price forecast, equity will aid Nigeria’s recovery in 2021 –Experts

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Capital market analysts have said that Nigeria’s recovery in 2021 is hinged on stable oil prices, fiscal and monetary policies and investors’ sentiment on equities.

According to the experts, Nigeria needs to make much more significant structural progress in reducing its vulnerabilities to oil cycles, future declines in the oil price and place its focus on Nigeria’s capital market as it will play a key role in the much -talked about recovery.

Delivering a presentation entitled Emerging Market- Outlook and Opportunities in the Nigerian capital markets during the annual Nigerian Stock Exchange’s (NSE) 2020 Market Recap/2021 Outlook yesterday, Chief Economist, Africa and the Middle East, Standard Chartered Global Research, Razia Khan, said that there was an expectation that 2021 would bring, at least, technical recovery in growth which won’t be enough for the Nigerian economy.

Khan noted that the nation’s capital market would play a huge role in its economic recovery due to the fact that that portfolio investors seeking higher yields will still be looking to African especially Nigerian markets to drive the desired investment returns while adding that there is need for the Federal government to contain its debt service bill.

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