What key economic reforms implemented by President Bola Tinubu have contributed to Nigeria's improved investor confidence and market performance?

President Bola Tinubu’s economic reset included scrapping costly fuel subsidies and eliminating multiple exchange rates that had left the naira overvalued and deterred investors—measures that enhanced policy credibility, attracted foreign capital, and underpinned a 63% year-to-date rally in Nigeria’s stock benchmark in dollar terms, a 200% gain over 12 months, and a credit-rating upgrade from Moody’s and Fitch in 2025.

How has the recent surge in oil prices—linked to the Iran war—impacted Nigeria’s fiscal position and investment appeal?

The rise in oil prices since the start of the Iran war has delivered a budget windfall for Nigeria, which relies on crude exports for about one third of government revenue; this, combined with more credible economic policies, has spurred foreign equity inflows—$133 million in March alone—and reinforced Nigeria’s shift from a 'credibility discount' to an 'Africa darling,' as noted by emerging-markets portfolio manager Romain Bordenave.

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