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Nigeria Wastes Oil Rally as Policy Muddle Deters Investors


Nigeria Wastes Oil Rally as Policy Muddle Deters Investors
Bloomberg
3/10/2021
Tope Alake
(Bloomberg) Nigeria isn’t making it easier for foreign investors to buy into its high-yielding assets.
A series of policy missteps in recent weeks highlighted some of the uncertainties investors face, and raised concerns that Africa’s biggest economy is missing an opportunity created by rising oil prices to attract much-needed foreign currency.
First, the country allowed fuel subsidies that have been a drain on state coffers in the past to creep back by allowing pump prices to stay low as the price of crude rose. Then the central bank devalued the naira, without providing any guidance on its currency-policy goals. And last week, the monetary authority u-turned on a decision to bar foreigners from investing in its short-term bills, leaving them wondering whether it’s worth the risk of putting money into an economy from which it’s notoriously ....

Al Qahirah , City Of , United Kingdom , Simon Quijano Evans , Erik Renander , Duet Group , Hermes Research , International Monetary Fund , Investment Management Ltd , World Bank , Gemcorp Capital , Bloomberg Nigerian , Societe Generale , Phoenix Kalen , Bloomberg Inflows , Emerging Markets Investment Management Ltd , Simon Kitchen , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , சிமோன் க்விஜநொ எவன்ஸ் , டூயட் குழு , ஹெர்ம்ஸ் ஆராய்ச்சி , சர்வதேச பண நிதி , முதலீடு மேலாண்மை லிமிடெட் , உலகம் வங்கி , ப்ளூம்பெர்க் நைஜீரியன் ,

Nigeria Wastes Oil Reprieve as Policy Muddle Deters Investors


Nigeria Wastes Oil Rally as Policy Muddle Deters Investors
Bloomberg
3/10/2021
Tope Alake
(Bloomberg) Nigeria isn’t making it easier for foreign investors to buy into its high-yielding assets.
A series of policy missteps in recent weeks highlighted some of the uncertainties investors face, and raised concerns that Africa’s biggest economy is missing an opportunity created by rising oil prices to attract much-needed foreign currency.
First, the country allowed fuel subsidies that have been a drain on state coffers in the past to creep back by allowing pump prices to stay low as the price of crude rose. Then the central bank devalued the naira, without providing any guidance on its currency-policy goals. And last week, the monetary authority u-turned on a decision to bar foreigners from investing in its short-term bills, leaving them wondering whether it’s worth the risk of putting money into an economy from which it’s notoriously ....

Al Qahirah , City Of , United Kingdom , Simon Quijano Evans , Erik Renander , Duet Group , Hermes Research , International Monetary Fund , Investment Management Ltd , World Bank , Gemcorp Capital , Bloomberg Nigerian , Societe Generale , Phoenix Kalen , Bloomberg Inflows , Emerging Markets Investment Management Ltd , Simon Kitchen , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , சிமோன் க்விஜநொ எவன்ஸ் , டூயட் குழு , ஹெர்ம்ஸ் ஆராய்ச்சி , சர்வதேச பண நிதி , முதலீடு மேலாண்மை லிமிடெட் , உலகம் வங்கி , ப்ளூம்பெர்க் நைஜீரியன் ,