External borrowing plans put forward by Nigeria’s president this week would leave the debt position even more vulnerable to falls in the naira. In South Africa, signs that the government is opening the door to a public sector wage rise were met with a calm response in local financial markets, but any further slippage would risk a more serious backlash. Meanwhile, African leaders gathered in Paris to revitalise recoveries and, while proposed initiatives are laudable, implementing them will be much harder.
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