Global Economy

US: U.S. job openings fell to 7.18 million in July, the lowest in 10 months, leaving fewer positions than unemployed people for the first time since 2021. The openings-to-unemployed ratio dropped to 0.99, signaling softer labor demand. Hiring stayed weak at 5.3 million, while quits held at 2%, showing reduced worker confidence. Despite low layoffs, payroll growth is slowing, with August jobs expected at 75,000 and unemployment at 4.3%. The data adds pressure on the Fed to cut rates at its September meeting, though inflation risks remain.

Sub-Saharan African Economies

Eurozone: The eurozone economy grew only marginally in the second quarter, with Eurostat confirming a 0.1% quarterly GDP increase, down from 0.6 percent in the first quarter. On an annual basis, growth slowed to 1.5% from 1.6%, though slightly above the initial 1.4% estimate. Household consumption rose just 0.1%, while government spending rebounded 0.5%. Investment was the main drag, with gross fixed capital formation falling 1.8% after a strong 2.7% rise previously. Exports also slipped 0.5%, while imports were flat. Employment growth eased to 0.1%, bringing annual job gains to 0.6%, while hours worked inched up 0.1% but declined 0.2% year on year.

Angola: The annual economic growth in Angola decelerated to 1.1% in Q2 2025 from an upwardly revised 3.7% in the previous three-month period. This was the slowest economic expansion in the ongoing period of growth that began in Q1 2024, driven by the non-oil sector (+3.4%). The information and communication sector was a standout performer, growing 38.1% and contributing 0.59 percentage points to GDP growth due to changes in estimation methods and increased revenue. Other sectors with significant growth included accommodation and food services (8%), commerce (6.5%), manufacturing (5.2%), and diamond and metallic mineral extraction (6.8%). Meanwhile, the oil sector experienced an 8.65% contraction, marking its poorest performance since 2021, as average daily production slumped to its lowest since March 2023. On a quarterly basis, the GDP was almost flat in Q2, after an upwardly revised 2.4% rise in the previous period.

Ghana: Ghana’s annual consumer inflation fell to 11.5% in August 2025, a new low since October 2021, extending its downward trend for the eighth month. The cedi saw strength from rising commodity prices, supporting Ghana’s declining inflation, but some signs of weakness have recently emerged. Food inflation cooled down to 14.8% in August from 15.1% a month earlier, while non-food price growth eased to 8.7% from 9.5%. On a monthly basis, the CPI decreased by 1.3% in August, after a 0.7% rise in the previous month.

Domestic Economy

Major updates during the week:

  • Nigeria’s Composite PMI rose to 52.7 in July from 52.3 in June, with all major sectors staying above the 50-point mark, reflecting stronger demand, stable FX, and moderating inflation.
  • President Tinubu announced that Nigeria has already met its 2025 non-oil revenue target, generating ₦20.59trn between January and August on the back of fiscal reforms and improved compliance.
  • The CBN has created a new Compliance Department, operational since Q2 2025, to oversee financial crime, market conduct, governance, ESG, and security, marking a key step in its structural reform drive aimed at boosting transparency

Nigerian equity market: NGX extend losing streak into fourth week

The Nigerian stock market closed the week in negative territory, extending its losing streak to a fourth consecutive week as bearish sentiment weighed across sectors. The NGX All-Share Index (ASI) fell 0.94% to 138,980.01 points from 140,295.49 points the previous week. Similarly, market capitalization declined by 0.94% week-on-week to ₦87.94 trillion, reflecting broad-based investor caution. A total of 64 equities declined, led by major losses in PZ (-13.28%), WAPCO (-13.08%), ETERNA (-10.00%), and OANDO (-7.91%), while only 19 equities posted gains, including TRANSCORP (+5.74%) and NGXGROUP (+3.81%). Sectoral performance was equally weak, with all major indices closing in the red. The Industrial Goods sector led the laggards, shedding 2.08% week-on-week to deepen the market’s downturn.

Nigerian fixed-income market: Buoyant market liquidity drives increased demand.

This week, the DMO raised ₦585 billion, surpassing the ₦480 billion initially offered. Consequently, the stop rate on the 1-year instrument inched up to 17.69% from 17.44% at the last treasury bills auction, while the 90-day instrument eased slightly to 15.32% from 15.35%. The 180-day instrument remained unchanged at 15.50%. In the secondary market, ample system liquidity (above ₦1 trillion throughout the week) fueled renewed buying interest, leading treasury bills to close stronger, with average yields down 31bps WoW. A similar trend was observed in the bonds market, where yields declined by 10bps on average to settle at 17.00%. Conversely, Nigeria’s Eurobonds edged lower, with yields ticking up 5bps to 8.01% WoW. Looking ahead, we anticipate further buying interest in the coming week as investors seek to lock in rates at current levels.