JP Morgan adds FGN bonds to emerging markets index
JPMorgan has announced the inclusion of selected Federal Government of Nigeria, FGN, bonds in its newly introduced Government Bond Index–Emerging Markets Edge (GBI-EM Edge). The Minister of Finance, Taiwo Oyedele, disclosed this in a statement on Monday. Oyedele said the move reflects improvements in Nigeria’s economic environment following reforms that have helped stabilise the naira, clear […]…
Nigeria has returned to the JP Morgan emerging-market bond index for the first time in over a decade, following its recent inclusion in the Government Bond Index–Emerging Markets Edge. The Federal Ministry of Finance announced the development, describing it as a significant milestone after Nigeria's exit from the benchmark in 2015.
The inclusion is attributed to Nigeria's successful implementation of economic reforms, which have stabilized the naira, cleared foreign exchange backlogs, and improved overall economic conditions. Nigeria was granted a 7.40% weighting in the new index, the highest among the 26 markets covered. The ministry expects this development to attract additional foreign portfolio inflows into the Nigerian debt market, potentially reducing the cost of servicing naira-denominated debt for the federal government.
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