2018: Defining Legal Moments

As a precursor to the beginning of an election cycle, there was pressure on the part of the Nigerian Government to ensure that the macroeconomic fundamentals in 2018 would be better than 2017 given that the election would be a direct referendum on its performance.

Expectedly, as is typical of any preelection year, market outlook usually extends beyond the calendar year into elections season proper and is characterised by a bearish investor perception with market activities slowing down from the 2nd half of the preceding year. Nonetheless, the economy did show signs of sluggish recovery on the back of stable oil prices which trended above $50 for the most of 2018 and well into 2019 hence provided the much-needed ammunition to maintain currency stability and aggressively obtain debt leverage.