The Weekly Street Note — W32 · 7 Aug 2026

🟢 10 Conviction Buy · 🟡 21 Accumulate · Median score 67.2

Nigeria's oil companies captured N7.05 trillion in H1 revenue courtesy of geopolitical premium, yet this energy wealth is failing to translate into household consumption. CBN survey data reveals the structural bind: a middle class earning N150,000 to N250,000 monthly remains squeezed by energy costs, even as inflation fears ease. President Tinubu's pivot toward NNPC capital markets listing signals the government has accepted this asymmetry—capital formation through equity issuance, not consumption growth, anchors near-term policy. This week's sector rotation tells the story: ICT and Agricultur

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