RFA Breakfast Paper - 16 October, 2026.
Nigeria Targets 7% Growth, Above IMF View
Finance Minister Taiwo Oyedele said on Saturday that Nigeria is targeting 7% economic growth, well above the IMF’s 4.3% forecast for 2027, speaking on the sidelines of the IMF/World Bank Annual Meetings in Bangkok. The IMF this month raised its 2026 projection to 4.2% from 4.1%, citing improved macroeconomic stability and favorable terms of trade. Oyedele said fiscal measures will complement CBN policy by targeting food, energy and logistics costs, and argued that single-digit inflation could bring single-digit interest rates for firms now borrowing near 30%. He warned that reversing fuel-subsidy removal could trigger capital flight and weaken the naira. Terms of trade remain supportive, with Brent settling at $109.86 on Friday, its highest since May. For investors, the target implies a sharp acceleration from Q2’s 4.43%, but the commitment to reform continuity supports the naira and Nigerian Eurobonds.
AI Sell-Off Sinks Nasdaq 2.15%
U.S. stocks fell on Friday as AI-related technology shares sold off. The S&P 500 lost 1.09%, ending a 55-session run without a 1% decline, and the Nasdaq dropped 2.15%, its steepest fall since 23 July; the Dow slipped 0.34%. Chip stocks fell for an eighth day, while energy outperformed as oil rallied. September import prices (+1.1%) and industrial production (+0.7%) beat forecasts. For the week, the S&P fell 1.95% and the Nasdaq 4.48%, while the 10-year yield fell 14.6bps, Treasuries’ best week since February.
Bank Losses Pull NGX Lower to End Week
The NGX All-Share Index fell 0.07% to 247,539.73 on Friday, trimming market capitalisation by ₦108.70bn to ₦160.73trn and leaving the index 0.33% lower for the week. Banks drove the decline: the NGX Banking Index fell 0.94% to 2,532.47 as GTCO (-2.27%), Stanbic IBTC (-2.14%) and Zenith Bank (-1.33%) eased on profit-taking, partly offset by Fidelity Bank (+4.73%). The NGX 30 slipped 0.09% to 9,101.27, while the Oil/Gas Index was flat despite Brent’s rally. Breadth was positive at 26 gainers to 23 decliners, led by Thomas Wyatt (+10.00%) and eTranzact (+9.84%). Volume fell 10.12% to 257.67m shares across 31,972 deals. Tier-1 bank selling remains the main drag.
