Nigerian assets rally on oil surge and confidence in Tinubu agenda

4 articles · Updated · Bloomberg · May 8

Nigeria’s stock benchmark is up 63% in dollar terms this year, the second-best performance among 92 global indexes tracked by Bloomberg after South Korea’s Kospi.
The advance has topped 200% over 12 months, while local-currency government bonds have beaten most emerging-market peers and the Naira ranks among Africa’s strongest currencies.
The broad rally reflects stronger market sentiment as higher oil prices support Africa’s biggest crude producer and investors back President Bola Tinubu’s economic reforms.

Is Nigeria's market rally a sustainable recovery or just another oil-fueled bubble?

Will Nigeria's economic windfall benefit its citizens or mainly enrich foreign investors?