Nigeria NGE ETF

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https://nairametrics.com/2023/10/02/...th-29-52-gain/

Yea, local and International investors like Tinubu's decisive reforms. $-denominated Eurobonds were up 3%, but local banking index was up 23% to a 20-year high when he suspended CBN Governor Emefiele.

Investment banking giant Morgan Stanley is bullish on Tinubu, as he is is often credited with increasing Lagos’s internally generated revenue from $3.77 million pm at his inauguration in 1999 to an average of $32 milllion per month in 2006 on the eve of his exit. So, almost 9x in about 7 years.

Tinubu may expand the GDP 6% pa given his track record in Lagos. By unifying multiple FX rates, he is already trying to lift investment barriers and courting foreign investment again, eg., EU to invest in building a pipeline to connect EU to Nigeria’s gas.

[GTM 3442]

Certainly room for some infrastructure spending. . .

https://guardian.ng/news/pressure-mo...eral-highways/

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Fitch and Moody’s also confirmed that Tinubu’s fuel subsidy cut, and unification of multiple FX rates were positive for the economy. Interestingly, to ease the cost of living burden on the common folk due to fuel spiking post subsidy cuts, Tinubu's temporarily frozen fuel prices, frozen new taxes and signed a new act to boost electricity generation - all within his first 100 days as president.

He's also had some success in temporarily stopping/delaying union strikes.

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Dollar Supply Jumps After Nigeria Lifts Ban on Some Forex Deals

Dollar supply in Nigeria soared after the central bank scrapped restrictions on buying foreign currency required to import 43 items, in a bid to stem the naira’s 40% rout this year. Liquidity at the investors and exporters window — the official foreign-exchange market — increased more than five-fold to $407.7 million on Thursday after the central bank’s announcement, according to Chapel Hill Denham, a Lagos-based investment bank. The naira gained for the first time in three weeks in the parallel market Friday, said Umar Salisu, a trader who compiles the data....

https://www.bnnbloomberg.ca/dollar-s...eals-1.1984370

[Valuegrowth]

They have some dividend champions too. https://nairametrics.com/2023/10/14/...vidend-stocks/

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Nigeria imported $23.3bn petroleum products last year.

NNPC has an agreement to supply Dangote Refinery with 300,000 bpd of crude and production-sharing agreements with oil majors like ExxonMobil, Shell and Eni and is entitled to a portion of the crude, which it also swaps with traders for petrol and diesel.

According to a report by Nairametrics, the Dangote Refinery is set to start diesel and jet fuel refining operations in October 2023 and petrol refining by November 30, 2023 The refinery will receive its first cargo of crude in the next two weeks and will begin producing up to 370,000 barrels per day of diesel and jet fuel from October 2023. It will then start the phased ramp-up to 650,000 barrels per day of petrol by November 30, 2023

Dangote Refinery could end Nigeria’s petrol deficit, saving the country $20-23m pa in future, and export diesel to EU specs.

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The London High Court ruling by Justice Robin Knowles reverses an arbitration award over the failed 2010 gas deal between Nigeria and a British Virgin Islands-based firm Process & Industrial Developments Ltd., founded by two Irish businessmen.

The judge overturned the arbitration award that would have required Nigeria to pay $11 billion over a failed gas project, finding the contract was obtained through fraud. The payment would have dealt a massive blow to Nigeria’s economy.

https://www.msn.com/en-us/news/world...ct/ar-AA1iHYRb

https://www.msn.com/en-us/news/world/a-british-court-ruling-frees-nigeria-from-paying-11-billion-in-damages-over-a-failed-gas-project/ar-AA1iHYRb

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Tinubu allays fears of the business community, assuring that crucial plans are underway to improve foreign exchange liquidity

Tinubu said his administration would honour every legitimate contract with respect to the nation’s foreign exchange obligations.

"My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence," he said.

Plans underway to improve foreign exchange liquidity – Tinubu | The Guardian Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News

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Speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday, Tinubu said the squeeze that has resulted in the naira weakening to record lows against the dollar will ease.

'We’ll improve forex liquidity, restore market confidence'-- Tinubu assures (thecable.ng)

28% discount to $10.23 NAV of 20/10/23 vs market low of $7.41 today, should VANISH now as we near liquidation distribution in March. With P&ID ruling, Tinubu's decisive reforms which US rating agencies and Investment banks like, and USD liquidity issues being ironed out as we speak, buying NGE has now become the best arbitrage opportunity I've come across in my life. Anyone see a catch?

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28% discount to $10.23 NAV of 20/10/23 vs market low of $7.41 today, should VANISH now as we near liquidation distribution in March. With P&ID ruling, Tinubu's decisive reforms which US rating agencies and Investment banks like, and USD liquidity issues being ironed out as we speak, buying NGE has now become the best arbitrage opportunity I've come across in my life. Anyone see a catch?

On Monday, central bank governor Yemi Cardoso said the naira will adjust once rules for market participants are made clear.

Finance Minister Wale Edun also said on Monday that Nigeria was expecting $10 billion in foreign currency inflows in the next few weeks to improve foreign exchange market liquidity. He said, without elaborating, that the inflows would come from the issuance of instruments in dollars, oil sales and foreign investments.

On the official market, the naira recovered to 775 to the dollar from a record low of 999 it touched last week. https://www.reuters.com/markets/curr...fx-2023-10-26/