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  "documentTitle": "Nigeria Economic Outlook",
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      "text": "New bills signed into law include; Electricity Act, Student Loan Act, and the Data Protection Act.\nThe Electricity Act vests States, companies and individuals with the legal authority to generate, transmit and distribute electricity. If implemented by the States, the Act is expected to minimise the annual economic losses estimated at $26 billion (₦10 trillion); and enhance electricity access to the 85 million Nigerians that lack access to the electricity grid in the various unserved and underserved areas.\nNigeria's Student Loan Act aims to provide interest-free loans to students, thereby enhancing the access and affordability of higher education to prospective and existing students. However, there is a need to address the eligibility requirements and repayment challenges for the successful execution of the program.\nThe Data Protection Act aims to safeguard the privacy rights of individuals by governing how personal information is collected, utilised, and shared. If implemented well, the Act will enhance investors confidence in the country's data regulations may generate over ₦16 billion in data businesses.",
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      "text": "Inflation rose marginally to 23% in June from 22.4% in the previous month fueled by both food (25%) and core inflation rates (20%). The rise was primarily due to the increases in food and transport costs by 2.4% respectively. Though the removal of PMS subsidies in May drove petroleum prices upward by 120% (from ₦238/litre to ₦617 in June), the pass-through effect on inflation was partial. We expect that the full effect of the deregulation will impact inflation in subsequent months, as the price of PMS will likely continue its upward spiral in the short to medium term. But more importantly as more upward wage adjustments sustains spending\nPositive investors' sentiments riding on pro-market policies (i.e. the exchange rate liberalisation and PMS subsidy removal by the new administration) drove market capitalisation of the Stock Exchange significantly by ₦2.8tn or 9.3% to ₦33.2tn in June 2023.",
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      "text": "Setting the Context (1/2)",
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