RFA Breakfast Paper - October 12, 2026

Nigeria’s H1 Debt Service Drops 21.5%

Nigeria’s external debt service fell 21.5% year-on-year to $1.82 billion in the first half of 2026, from $2.32 billion in H1 2025, according to Debt Management Office data analysed by Nairametrics. The decline came almost entirely from principal: repayments halved to $648.09 million as multilateral amortisationdropped 62.9%. Interest moved the other way, rising 12.2% to $1.11 billion, or 61.1% of total service, while payments to Eurobond holders eased 6.2% to $645.16 million. The external debt stock rose to $106.43 billion from $92.96 billion a year earlier. Lighter amortisation trims near-term FX outflows and supports the CBN’s reserve position, but the rising interest share points to a costlier debt mix as commercial borrowing grows. The sovereign curve took the data in stride, with the 2034 Eurobond gaining 0.56% on Monday.

Tech Slide Weighs on Nasdaq as Dow Rises

U.S. equities ended mixed on Monday as a technology sell-off offset rotation into value. The S&P 500 slipped 0.06% and the Nasdaq fell 0.44%, while the Dow rose 0.38% to 51,850.55. Tech was the weakest sector, down about 1%, as Sandisk fell over 6% and Lumentum almost 10%; Salesforce gained about 2% on a BofA double upgrade. Brent rose 1.8% after Houthi strikes on Riyadh’s airport. Treasuries were shut for Columbus Day. September CPI is due Wednesday, and JPMorgan, Goldman, Wells Fargo and Citi report today.

Bank Sell-off Drags NGX Down 0.25%

The NGX All-Share Index fell 0.25% to 247,736.24 on Monday, erasing ₦407.30 billion and leaving market capitalisation at ₦160.85 trillion. Banks drove the decline: the Banking Index dropped 1.81% as Access Holdings (-4.24%), Zenith Bank (-4.23%), Fidelity Bank (-2.62%) and First Holdco (-2.54%) sold off, and the NGX 30 lost 0.26%. Oando fell 7.55% to ₦33.65, pulling the Oil & Gas index down 0.21%. Breadth was negative at 26 gainers to 31 decliners. Neimethand UPDC REIT (+10.00%) led gainers; Sunu Assurances (-9.85%) led losers. Volume rose 25.9% to 405.36 million shares across 52,891 deals.