Nigeria NGE ETF

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https://www.arise.tv/double-honours-...ns-two-awards/

I came to know about this Nigerian bank, the Africa’s largest bank when I was in a UK based forum. Its one-year return is over 40%. If I had bought this and kept at least for 3 years; capital gain could have generated nearly 300% (three bagger). Thing is still it’s trading much below the book value while having low PE ratio.

Yea, Nigeria has had serious challenges, but some have made serious money there - despite Buhari's mule headedness.
Interestingly, there is more money to be made in Africa (especially Nigeria - because of its economics, location and demographics) this decade, than there was in the last one.

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The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

Speculators lose big as Naira rallies across markets, trades below N900/$1 at P2P
https://nairametrics.com/2023/11/03/...p2p-exchanges/

Some are losing their shirts as we speak, and more are going to - if they keep shorting Naira now...

This surge represents a significant setback for currency speculators who bet against the Nigerian currency...
The urgency displayed by speculators, eager to divest their short positions, underscores their anticipation of the Naira’s potential further gains...
In conversations with Nairametrics, dollar holders expressed alarm over the recent developments, fearing considerable financial losses...

Wale Edun, the Minister of Finance stated that FX liquidity will improve in the coming weeks. He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases...

Onwards and upwards for Naira and NGE now. Last boats leaving for those who want to still catch the 25% discount to NAV in NGE, I reckon

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Wale Edun, the Minister of Finance stated that FX liquidity will improve in the coming weeks. He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases...

On November 10, the Saudi government had said it would provide a “substantial” deposit of FX to boost Nigeria’s forex liquidity, as a show of support for the ongoing forex reforms by the CBN. FMDQ said transactions opened at N813 to the dollar and closed at N780, up 22%, total value of trades recorded at the official window stood at $84.02 million.

https://www.thecable.ng/naira-apprec...fficial-market

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TotalEnergies to invest $6bn in Nigeria’s Deepwater - in coming years
https://www.premiumtimesng.com/busin...ing-years.html

Nigeria contributes 8 to 10 per cent of TotalEnergies’ global output and is home to more than 18 per cent of its overall investments.

CEO Patrick Pouyanne told President Bola Tinubu during a meeting in Abuja on Monday that the French company is in support of the current administration’s policies and push to resolve insecurity issues in the industry.

Nigeria is on a drive to ramp up oil output, which hit a multi-decade low of below 1 million barrels last year, hobbled by oil theft, vandalism and decrepit infrastructures. Mele Kyari, the group managing director of NNPC Limited, told senators in November that over 5000 kilometres of pipeline in the country are not working, with the pipeline from Warri to Benin inactive for the past 22 years.

Output for November fell slightly to 1.37 million barrels per day, compared to 1.38 million bpd one month prior, both far behind the Organisation of Petroleum Exporting Countries’ production quota of 1.74 million bpd. NNPC has said it is looking to produce at the rate of 2 million bpd in 2024.

Meanwhile, Naira has remained volatile and its continued depreciation has further eroded NAV, since I last posted. However, the discount (market price to NAV) has also been reducing.
Dangote refinery got its first (maiden) delivery of crude. So, good things are starting to take root, however frustratingly slowly...

[Valuegrowth]

https://investorsking.com/2023/12/14...-n215-billion/

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https://investorsking.com/2023/12/14...-n215-billion/

Indeed, it is on fire. If you are interested:

Steady Seas: Seplat’s quarterly dividends in foreign currency and the investor advantage
https://nairametrics.com/2023/12/21/...tor-advantage/

In 2022, Seplat Energy’s stock outperformed the market, achieving a Year-to-Date return of 69.23%, compared to the NGX All-Share Index return of 19.98%.


In the current year, the stock has recorded a Year-to-Date gain of 110% and, with a current dividend yield of 4%, offers investors a potential total return of 114%

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Meanwhile, Naira has remained volatile and its continued depreciation has further eroded NAV, since I last posted. However, the discount (market price to NAV) has also been reducing.

Despite Naira slumping, investors are becoming increasingly optimistic about Nigeria’s economy.

Moody’s raised the country’s credit outlook to positive this month, citing Naira devaluation as one of the reasons for its positive outlook.

World Bank upped Nigeria's economy annual growth estimates to 3.5% pa between 2023-2026 from 3%, 0.5% more than if the reforms were not implemented.

Tinubu is gunning for 6% pa https://www.semafor.com/article/12/2...-to-record-low

[Valuegrowth]

Few developing markets have outperformed all other markets.

https://nairametrics.com/2023/12/29/...ith-45-9-gain/

"On the final trading day of 2023, the NGX has rallied to a new high, as the All-Share Index appreciated by 0.36% to close at 74,773.77 points.

Achieving a year-to-date growth of 45.90% in 2023, the NGX closed the year on an impressive note, its best return since 2020, when the ASI grew by 50.03%"

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Nigerian Senate has approved ~90% of President Bola Tinubu’s ~$8 billion external borrowing plan covering 2022-2024.
The funds are earmarked for the development of critical areas such as infrastructure, agriculture, health, education, water supply, security, and employment, as well as financial management reforms.

https://nairametrics.com/2023/12/31/...-loan-request/

Nigeria, Africa’s most populous nation and biggest economy, aims to join BRICS within the next two years, as stated by Minister of Foreign Affairs Yusuf Tuggar in November.
https://nairametrics.com/2023/12/29/...anuary-1-2024/

Cryptocurrency, old Naira notes, other protectionist Buhari’s policies reversed by Tinubu.
LIFTED BAN on cryptocurrency. Validity of the old currency extended indefinitely to prveent Naira scarcity, Lifted 8-year ban on 43 items (incl rice, cement and poultry, etc.) restricted from accessing fx from the official market. Buhari had also shut down land borders for years in order to protect the investment in the agricultural sector, particularly rice.
https://dailypost.ng/2023/12/31/cryp...sed-by-tinubu/

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N44bn fraud: EFCC freezes N30bn moved from NSIPA accounts

Economic and Financial Crimes Commission, EFCC, has tracked and frozen N30 billion of the N44 billion moved from the accounts of the National Social Investment Programme Agency, NSIPA. The development comes barely 24 hours after Halima Shehu, the embattled National Coordinator of NSIPA, was detained and arrested by EFCC after her suspension by President Bola Ahmed Tinubu.
https://dailypost.ng/2024/01/04/n44b...sipa-accounts/

Meanwhile, Portharcourt refinery projected to come up in the first quarter of 2024 = 2 refineries in Nigeria, stopping FX drain on fuel imports