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Nigeria Debt Soars as Open Market Prompts JPMorgan Addition

Nigeria’s bond market is taking off as the world’s biggest underwriter of emerging-market debt adds securities from Africa’s largest oil producer to its benchmark index.

Yields on 10-year naira-denominated notes have dropped 372 basis points since Aug. 15, when JPMorgan Chase & Co. said it plans to add the bonds to its GBI-EM Index from Oct. 1, compared with a three basis-points average increase for securities in the measure. Nigeria’s economic outlook is improving as policy makers remove restrictions on foreign investment, control inflation and steady the currency, Giulia Pellegrini, JPMorgan’s sub-Saharan Africa economist, said in an interview two days ago.