The global economy continues to recover, along with trade, employment and incomes. But the revival is unbalanced, with countries, businesses and people facing very different economic realities. Recent improvements also conceal structural changes, which mean that some sectors, jobs, technologies and behaviours will not return to their pre-pandemic trends.
Nigerian public debt continues to grow at a rapid rate, prompting talk of an overhang. If we look solely at the debt/GDP ratio, Nigeria is in a much better position than its EM peers. The external balance sheet is in a decent shape, which explains why the FGN carried off a successful sale of Eurobonds, raising USD4bn rather than the USD3bn on offer.
Recent reports of a new coronavirus strain named "Omicron" have coursed through global markets, amid a continuous increase in Covid-19 cases in Europe. First discovered in South Africa, cases have since been recorded in Belgium, Botswana, Israel, and Hong Kong, Nigeria, among others.