Oil’s Price Surge Spurs Nigeria’s Flip From Discount to Darling

Nigerian assets are rallying across stocks, bonds and the currency as investor confidence builds in President Bola Tinubu’s economic agenda.

The nation’s stock benchmark has climbed 66% this year in dollar terms, the best performance after South Korea’s Kospi out of 92 global indexes tracked by Bloomberg. That took its advance over the past 12 months close to 200%. Local-currency government bonds have outpaced most emerging-market peers, while the naira is the second-best-performing African currency, lagging only to Zambia’s kwacha.