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The Nigerian pharmaceutical sector is undergoing a gradual structural shift toward local manufacturing, driven by regulatory reforms, import substitution policies, and increasing investment in healthcare infrastructure. While foreign exchange conditions have shown relative stability in recent periods, the industry remains structurally exposed to imported inputs, elevated financing costs, and working capital intensity. As a result, performance continues to depend on procurement efficiency, cost control, and capital structure discipline.
Nigeria’s palm oil industry is gaining renewed attention as demand continues to outpace local supply, creating strong fundamentals for the country’s two largest listed producers, Okomu Oil and Presco Plc.
No general overview provided for this report.
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Newly released data by the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation declined marginally by 4 basis points to 15.39% year-on-year in August 2026 from 15.43% recorded in July, marking the third consecutive monthly decline in the annual inflation rate. Sequential price pressures moderated more significantly, with month-on-month headline inflation slowing to 0.71% from 1.57% in July. Despite the moderation in inflation, the Consumer Price Index (CPI) increased to 146.3 from 145.3, indicating that consumer prices continued to rise during the month, but at a considerably slower pace.
The moderation in headline inflation was supported by easing price pressures across both food and non-food components. Food inflation moderated to 19.57% year-on-year, while month-on-month food inflation declined sharply to 1.02% from 5.56% in July. Core inflation also eased further to 13.29% year-on-year, with month-on-month core inflation turning negative at -0.06% from 0.15% in July. Similarly, services and goods inflation moderated to 0.12% and 0.45% month-on-month, respectively, pointing to a broader easing in underlying price pressures during the month.
No government policies or overview provided for this report.
Against a backdrop of evolving global risks and shifting domestic fundamentals, the report examines the key macroeconomic and financial market developments that shaped H1 2026 and explores the themes expected to influence the investment landscape in the second half of the year. It also provides our outlook for inflation, interest rates, foreign exchange, equities, fixed income, and sector positioning, together with the principal risks and opportunities investors should monitor.
The recently published Consumer Price Index (CPI) report by the Nigeria Bureau of Statistics (NBS) yesterday shows that the Nigerian headline inflation moderated slightly by 5 basis points to 15.10% year-on-year in January 2026, down from 15.15% in December 2025. It's worth noting that in December, the NBS updated its inflation framework. The new methodology uses the average CPI for the entire 2024 year as the reference base, rather than a single prior month.
This smooths out base distortions and prevents artificial YoY spikes. Consequently, the small change in headline YoY between December and January partly reflects methodological stabilisation rather than a genuine slowdown or rigidity in actual price movements.
The recently published Consumer Price Index (CPI) report by the Nigeria Bureau of Statistics (NBS) yesterday shows that the Nigerian headline inflation moderated slightly by 5 basis points to 15.10% year-on-year in January 2026, down from 15.15% in December 2025. It's worth noting that in December, the NBS updated its inflation framework. The new methodology uses the average CPI for the entire 2024 year as the reference base, rather than a single prior month. This smooths out base distortions and prevents artificial YoY spikes. Consequently, the small change in headline YoY between December and January partly reflects methodological stabilisation rather than a genuine slowdown or rigidity in actual price movements.
The macroeconomic landscape in Q2 2026 reflects a transition from aggressive stabilization to economic consolidation. The Central Bank of Nigeria (CBN) recently executed a 50 basis-point rate cut, lowering the MPR from 27.00% to 26.50%. This signals growing confidence from the MPC regarding foreign exchange stability and foreign portfolio inflows. However, despite the MPR cut, lending rates to the real sector remain heavily elevated due to structural rigidities, notably the Cash Reserve Ratio (CRR) which remains pegged at a restrictive 45% for commercial banks. Concurrently, headline inflation saw a slight uptick to 15.69% in April 2026 (up from 15.38% in March), primarily driven by food inflation (16.06%) stemming from logistics costs and insecurity in food-producing regions. While the Ministry of Finance anticipates the rate cut will lower government borrowing costs and increase infrastructure spending, we advise clients that consumer purchasing power will remain constrained in the near term until energy and food bottlenecks are structurally resolved.
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