Investors' Love Affair With Nigeria Wanes as JPMorgan Cuts Bonds

Updated on
  • Oil-price collapse, lack of economic team curbs sentiment
  • Analysts anticipate `significant' outflow of capital

Nigeria has gone almost full circle from a favored investor destination in Africa three years ago -- because of its status as the continent’s largest crude producer and most populous nation -- to being rebuffed.

Photographer: Anadolu Agency/Getty Images

JPMorgan Chase & Co.’s decision to exclude Nigeria from its local-currency emerging-market bond indexes tops a year of pain for a nation reeling from a collapse in oil prices, slowing growth and a lack of economic leadership.

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