Global Economy

US: The U.S. unemployment rate rose to 4.6% in November 2025 from 4.4% in September, surpassing market expectations and reaching its highest level since September 2021, according to the U.S. Bureau of Labor Statistics. The number of unemployed persons stood at 7.8 million, broadly unchanged from September, while overall employment levels remained largely stable. The labor force participation rate was steady at 62.5%, indicating little change in labor force dynamics. Meanwhile, the broader U-6 unemployment rate increased, driven by a notable rise in involuntary part-time employment, pointing to some softening beneath the surface of the labor market.

Sub-Saharan African Economies

US: The annual inflation rate in the U.S. eased to 2.7% in December 2025, the lowest level since July and below both the 3.1% market forecast and the 3.0% recorded in September. Energy prices rose 4.2%, driven by increases in gasoline at 0.9%, fuel oil at 11.3%, and natural gas at 9.1%, while food prices climbed 2.6% and shelter costs increased 3.0%. Other notable price gains were seen in medical care at 2.9%, household furnishings and operations at 4.6%, recreation at 1.8%, and used cars and trucks at 3.6%, while apparel and new vehicle prices rose more modestly at 0.2% and 0.6% respectively. Core inflation slowed to 2.6%, the lowest since March 2021 and below expectations of 3.0%. The Bureau of Labor Statistics noted that October 2025 CPI data were not collected due to the 43-day government shutdown, resulting in missing October figures and no standalone November monthly data, although CPI was reported to have increased by 0.2% over the two-month period from September to November.

Morocco: Morocco slipped into mild deflation in November 2025, as headline CPI fell 0.3% y/y driven by a sharp decline in food and transport prices, while core inflation dropped 0.9%, the steepest fall on record, reinforcing the disinflationary trend seen since October.

At the same time, National Bank of Morocco held its policy rate at 2.25% for a third meeting, judging the stance proper amid low inflation, global uncertainty, and weather risks, even as growth stays robust with GDP projected at 5% in 2025 and inflation expected to gradually rise toward target over the medium term.

Namibia: Namibia’s economy expanded by 1.9% y/y in Q3 2025, accelerating from 1.3% in Q2, driven primarily by robust growth in tertiary activities, particularly financial services, trade, education, and health, while modest industrial sector gains were supported by utilities despite weakness in construction and manufacturing.

Conversely, primary activities contracted sharply due to steep declines in agriculture, forestry, and mining, reflecting lower marketed livestock from farmer restocking and reduced output of diamonds and metal ores excluding uranium.

Domestic Economy

Major updates during the week:

  • Nigeria’s headline inflation continues its deceleration for the eighth consecutive month, declining by 160bps to 14.45% in November 2025.
  • CBN revoked licenses for ASO Savings and Loans and Union Homes Savings & Loans due to undercapitalization and violation of banking laws.
  • President Bola Tinubu has presented Nigeria’s 2026 ApConsolidation, Renewed Resilience and Shared Prosperity, proposing ₦58.18 trillion in propriation Bill, themed the Budget of spending against ₦34.33 trillion in revenue

Nigerian equity market: Broad-based rally pushes equities to new weekly highs

The Nigerian equities market maintained its positive momentum into the third week, breaking above the 152,000 mark amid broad-based sectoral gains. The NGX All-Share Index rose 1.76% week-on-week to 152,057.38 points, while market capitalisation increased by the same margin to ₦96.94 trillion. Market breadth was firmly positive, with 55 equities recording gains, led by strong rallies in ALEX, MECURE, FIRSTHOLDCO and GUINNESS. In contrast, 36 stocks closed lower, with declines led by STANBIC, ETERNA and WAPCO, reflecting pockets of profit-taking. Sectoral performance was largely upbeat, as four of the five major indices ended in positive territory. The Consumer Goods sector led the advance with a 4.51% WoW gain, underscoring sustained investor appetite across key segments of the market.

Nigerian fixed-income market: DMO reopens FGN 2030 and 2032 at 17.20% and 17.30% respectively

At the November 2025 bond auction this week, the DMO reopened the 2030 and 2032 maturities, raising a total of ₦596 billion across both tenors, above the ₦460 billion on offer. Stop rates closed higher, with the 2030 and 2032 bonds clearing at 17.20% and 17.30%, respectively, compared with 15.90% and 16.00% at the prior auction. Similar sentiment was observed at the Treasury Bills auction, where the DMO conducted its third auction for December 2026, selling ₦704 billion (versus ₦700 billion offered) across the three maturities. Stop rates rose at the short end, with the 91-day and 182-day bills increasing by 20bps and 45bps to 15.50% and 15.95%, respectively, while the 364-day stop rate declined by 44bps to 17.51%.In the secondary market, activity was driven by selective cherry-picking and auction reactions. Treasury bill yields declined by an average of 23bps, while bond yields edged up by 8bps to 16.71%. The Eurobond market also closed firmer on renewed buying interest.