JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations over its fiscal woes.

The global financial institution said Nigeria has failed to take advantage of high oil prices.

It replaced Nigeria in the list with Serbia due to the country’s high reserves and a fiscally cautious government and also Uzbekistan due to its relatively low debt despite Russian exposure.

On Nigeria, the analysts said, “NNPC did not transfer any revenue to the government from January to March this year, due to petrol subsidies and low oil production, as it moved Nigeria’s debt out of the bank’s ‘overweight’ category.

“Nigeria’s fiscal woes amid a worsening global risk backdrop have raised market concerns despite a positive oil environment,” they said.

The comments on Nigeria are coming at a time the Federal government was planning another Eurobond sale of $950 million.

Nigeria successfully issued the continent’s first Eurobond in 2022, raising $1.25bn in March at the cost of 8.375 percent which many financial analysts considered as a premium price.

It is expected that the latest plan to tap the international debt market could even be more expensive.

Last week, the Federal government raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, as it seeks to tame high inflation while its rate increases also buffet higher-yielding emerging markets.

JP Morgan analyst continues, “The external and fundamental backdrop has become increasingly difficult for EM sovereigns.”

“The COVID lockdown in China poses further downside risks.”

They noted that riskier sovereign yields were now 10.6%, the highest level since the first wave of the coronavirus pandemic in April 2020, reducing market access and increasing the risk of debt defaults.

Lalasticlala seun mynd44 dominique

Source: Ripples Nigeria

The future is indeed green. May God help us

Thanks to my Afonja brothers who helped to foist the disaster called Buhari on Nigerians.

This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

Zombies

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

My brothers and sisters OP forgot to add where they enlisted Nigeria as the emerging Hell Fire
[/quote]

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

I tell you! If it's about tribal bashing, the usual fools would be running amock.

See something that directly affects the people! Something caused by Emefiele and his policies. God help us

Naija...

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

The thing tire me oooo

All these big grammar from JP Morgan, who would explain it or break it down for the vegetable? It is finished

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

You are correct, this is true in most cases. . But let me say some people already commented when the news broke yesterday afternoon in social media. It is redundant to comment here again, not because of low mental capacity.

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

The remaining 3% will end up blaming Buhari, when Nigeria's problem is systemic and requires not just the president but the entire country to change.

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

You wouldn't find them here.....oh no! They're all falling over themselves to gatecrash any thread that has to do with Igbo, Mazi kanu or IPOB....that's their primary concern! Never mind that it's almost certain at least 90% of them supported and voted in this disaster of a gov't for religious, tribalistic, greedy, hateful and lust-for-power reasons!

JohnBullMySon:
The remaining 3% will end up blaming Buhari, when Nigeria's problem is systemic and requires not just the president but the entire country to change.

The buck stops on Buharis' table!

AntiBMC:
All these big grammar from JP Morgan, who would explain it or break it down for the vegetable? It is finished

Alas!

While Nigeria is going down on the global financial market, the useless CBN governor is using the apex bank reputation to contest for presidency

mrvitalis:
This topic won't get much views or comments even when it's an important topic like this

Why ?

because the topic is above the mental capacity of 97% of Nigerians

like you abi? As you have dropped a very solutionalized points!!

Nigeria- from top to bottom