₦airaland Forum

JP Morgan has removed Nigeria from its list of emerging market recommendations that investors should be 'overweight' in



Nigeria was removed from the list after failing to take advantage of high oil prices.
The bank replaced Nigeria in the list with Serbia and Uzbekistan.
JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations that investors should be 'overweight' in, saying the country had not taken advantage of high oil prices.


Analysts use overweight and underweight to broadcast recommendations on buying or avoiding stocks of certain sectors. Analysts attach an overweight recommendation to a stock that they believe will outperform its sector in the near future.

According to Reuters, the bank analysts said Nigeria's national oil company (NNPC) did not transfer any revenue to the government from January to March this year due to petrol subsidies and low oil production.

The bank further added that it moved Nigeria out of the 'overweight' category due to its fiscal woes amid a worsening global risk backdrop that has raised market concerns despite a positive oil environment.

On the other hand, JPMorgan replaced Nigeria in the list with Serbia and Uzbekistan in the 'overweight' category. According to Reuters, JPMorgan included Serbia in the category due to the country's high reserves and a fiscally cautious government. At the same time, Uzbekistan was added to the category due to the country's relatively low debt despite Russian exposure.

The bank analysts also revealed that the Emerging Markets Bond Index Global Diversified (EMBIGD) index had dropped 16% this year, "with most of the losses having come from rates" and $4 billion in net outflows from emerging markets since mid-April.

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.

https://africa.businessinsider.com/local/markets/jp-morgan-has-removed-nigeria-from-its-list-of-emerging-market-recommendations-that/3pf29jf

Osinbajo true true is handling economy

Jihadist is handling security

Dem kill our christian sister, justice for Deborah

APC scores again

lol I’m even thinking it because of useless fraudster but nah because of yahoo yahoo government.

Let us all go and eat and die that's the only hope this government has for us.

How are the mighty fallen!

What do we care about whites rating us while there countries are in shambles

“Buhari will handle security, Osinbajo will handle economy”.

This sentence should win a Guinness World Record for being the most scam sentence of the 21st century.

As if that’s not enough, Osinbajo has the guts to tell Nigerians that he would continue where Buhari stops.

If he really means to continue then by the time he’s done, IMF, World Bank and even OPEC will expel Nigeria from the organizations as we will be too worthless to be considered members.

My happiness in all these is that those who sold this disaster to us thinking they will benefit from it are going all over the country urinating on themselves but still nothing is coming out and their urchins are on hyper reactionary overdrive.

Ndi ala!

Nigerian armchair analysts fantasized with Petroleum Industry legislation for years.

Impulsive analysts on TV and newspapers chorused unproven rhetorics about how the law would change everything and turn the country into eldorado.

The PIA has been passed for close to a year now and the woes seems to have just began in the petroleum industry. Analysts have disappeared. The media seem to have moved on. No one has been called back to explain why things have not gone the way they dressed them.

No TV station has made any attempt to call our experts back to ask "Oga, did you not say that the PIA will do this and that, how come nothing resembling what you said is even happening after the law has been signed for months now?" "Why are there no new investments in the oil and gas sectors now as you predicted?" "Why are the oil companies disposing their assets instead?" "How long before all that you predicted will start to materialize?"

There must be a new set of economic thinkers and public opinion moulders in Nigeria dor country to make any meaningful prpgress. There should be a complete overhaul of the socalled analysts, not only the politicians.

Buhari is Ali Baba and the 40 thieves

On the other hand, JPMorgan replaced Nigeria in the list with Serbia and Uzbekistan in the 'overweight' category. According to Reuters, JPMorgan included Serbia in the category due to the country's high reserves and a fiscally cautious government. At the same time, Uzbekistan was added to the category due to the country's relatively low debt despite Russian exposure.

Why shouldn't Nigeria be replaced when they see people with no clear means of livelihood buying N100m forms just to vie for presidency?

To make matters worse, they see these same people being worshiped to high heavens by hopelessly poor Nigerians here in Nairaland.

In essence, they look at current events in Nigeria, and then look at young Nigerians supporting old rogues, and they see no hope.

Peter Obi remains Nigeria's last hope. At least he has a clear means of livelihood and a proven leadership record, particularly in being "fiscally cautious".

porka:
Nigerian armchair analysts fantasized with Petroleum Industry legislation for years.

Impulsive analysts on TV and newspapers chorused unproven rhetorics about how the law would change everything and turn the country into eldorado.

The PIA has been passed for close to a year now and the woes seems to have just began in the petroleum industry. Analysts have disappeared. The media seem to have moved on. No one has been called back to explain why things have not gone the way they dressed them.

No TV station has made any attempt to call our experts back to ask "Oga, did you not say that the PIA will do this and that, how come nothing resembling what you said is even happening after the law has been signed for months now?" "Why are there no new investments in the oil and gas sectors now as you predicted?" "Why are the oil companies disposing their assets instead?" "How long before all that you predicted will start to materialize?"

There must be a new set of economic thinkers and public opinion moulders in Nigeria dor country to make any meaningful prpgress. There should be a complete overhaul of the socalled analysts, not only the politicians.

Don't pretend not to know that the PIA has hardly being implemented.
Subsidy is still big business.