Investors Bullish on Nigerian Assets as Reforms Boost Confidence
The Central Business District in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria is finally getting a favorable nod from investors, pushing stocks higher and bond yields lower as painful reforms restore confidence.
Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy. Its NGX All Share index is up 11% since Dec. 2, triple the rise of the MSCI gauge for developing-world equities.