You can download Afrinvest’s 2009 economic outlook below. Some of the main points are:
- Major reduction in the pace of growth
- Banking sector appears heading towards a major decline in 2009
- Money market instruments, government securities, and sovereign bonds will receive heavier weightings in investor portfolios
- Greater degrees of diversification into non-Naira based assets as a result of devaluation of the Naira
- Their investment strategy will be to focus on strong companies with fundamentatlly sound competitive positions and revenue profiles, with a high degree of cash revenues, low debt dependence and strong management teams.
- Focus on the consumer market segment, particularly the food and drink businesses
- Accelerated sovereign bond issuance by the FG
- Federal deficit will be greater than current government estimates

Companies they like:
- Custodian and Allied Insurance
- Dangote Sugar
- Glaxo Smithkline
- Guarantee Trust Bank
- Guiness Nigeria
- Nigerian Breweries
- Nigerian Bottling Company
- UAC
- UBA
- Lafarge Cement Wapco PLC