macawa

[macawa @tobiadigun]

Hardware over software.

The SpaceX IPO, Nigeria's changing export mix and a stronger external position all point to the same story: capital is increasingly flowing toward infrastructure, energy and real assets.

[macawa @tobiadigun]

The real question isn’t whether Nigeria can store the data.

It’s whether Nigeria can generate enough power to support the infrastructure behind it.

Who benefits most?

Data centre operators or power infrastructure providers?

[macawa @tobiadigun]

Nigeria processes over 30 million electronic payment transactions every day.

A new CBN rule now requires payment transaction data generated in Nigeria to be stored locally by January 2027.

[macawa @tobiadigun]

Most people see a compliance story.

We see an infrastructure story.

Data localisation could increase demand for:

• Data centres
• Power infrastructure
• Gas supply
• Embedded generation
• Cooling systems

[macawa @tobiadigun]

Our view remains unchanged:

This looks more like a correction within an uptrend than the start of a bear market.

👇 Full analysis in Macro Tape Episode 26 : https://t.co/aKxBMsN8Or

[macawa @tobiadigun]

Macro Tape 26 | Consolidation Amid Cooling Inflation

The Dollar strengthened this week, putting modest pressure on the Naira. Yet both the official and parallel markets continue to suggest confidence in FX stability.

[macawa @tobiadigun]

From January 2027, financial institutions must warehouse transaction data locally. With Nigeria processing billions of digital transactions annually, this could create a structural tailwind for data centres, telecom infrastructure and cloud services.

[ProfitableMan @ProfitableMan1]

The NGX just recorded its biggest single-day loss of 2026. N3.64 trillion wiped out in one session.

The All-Share Index crashed 2.35% on Wednesday, June 24, closing at 235,074 points. Investors lost N3.64 trillion in a single day, the largest daily market cap decline recorded so far in 2026. Year-to-date return fell back to 51.06%.

The two-day recovery that brought back N3.16 trillion has been almost completely erased in one session.

[macawa @tobiadigun]

The NGX is down ~8% from its highs.

Banks are leading the selloff.
Treasury Bill yields are rising.
Investors are taking profits after a historic rally.

But this doesn’t look like a slowdown more like a digestion of what had happened .

[macawa @tobiadigun]

Pullbacks continue

[macawa @tobiadigun]

The NGX is down ~8% from its highs.

Banks are leading the selloff.
Treasury Bill yields are rising.
Investors are taking profits after a historic rally.

But this doesn’t look like a slowdown more like a digestion of what had happened .

[macawa @tobiadigun]

Supersport pidgjn I wasn’t familiar with you game”Ronaldo the isiewu of Portugal” 😄

[macawa @tobiadigun]

The question is not whether earnings are collapsing.

The question is whether expectations were simply too high.

Macro Tape Episode 25: Pullbacks

🔗: https://t.co/cUfGQOrUY6

[macawa @tobiadigun]

The NGX is down ~8% from its highs.

Banks are leading the selloff.
Treasury Bill yields are rising.
Investors are taking profits after a historic rally.

But this doesn’t look like a slowdown more like a digestion of what had happened .

[macawa @tobiadigun]

It looks like a market demanding a higher risk premium.

Our base case remains:
📉 Consolidation into Q3
🏦 Banks remain profitable
📈 Macro backdrop remains intact

[macawa @tobiadigun]

The question is not whether earnings are collapsing.

The question is whether expectations were simply too high.

Macro Tape Episode 25: Pullbacks

[macawa @tobiadigun]

The NGX may be consolidating, but the broader macro backdrop remains supportive.

Macro Tape Episode 24 is live.

🔗: https://t.co/1PSPCsflsO

[macawa @tobiadigun]

Hardware over software.

The SpaceX IPO, Nigeria's changing export mix and a stronger external position all point to the same story: capital is increasingly flowing toward infrastructure, energy and real assets.

[macawa @tobiadigun]

The Macro Tape Episode 23

Growth continues to surprise to the upside. PMI rose to 54.1 points in May, its strongest reading since August 2025, signalling stronger demand, output and employment.

https://t.co/3t6h9teKi4