By CardinalStone Research,
We expect improvement in the domestic economy on the back of the structural changes that began in 2019. Notwithstanding, per capita income is likely to remain frail with scope for further changes in consumption patterns and, possibly, excess capacity for a few companies. Monetary bias could remain largely dovish, with administrative measures set to leave system liquidity at elevated levels and yields mostly lower in H1’20. Bold reforms would be needed to lubricate proposed implementation of Nigeria’s N10.6 trillion budget to properly stimulate growth.