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FGN Bonds return to J.P. Morgan’s new emerging markets listing after a decade 

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By Sam Otuonye 

J.P. Morgan, managers of the world’s most widely tracked emerging market bond indices, 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), a benchmark tracking local-currency government debt across frontier emerging markets.

The inclusion reflects the impact of the government’s economic reforms, including the stabilisation of the naira, the clearance of the foreign exchange backlog, and broader improvements in GDP growth and inflation, which have strengthened investor confidence in Nigeria’s domestic debt market.

In meeting the criteria, Nigeria qualified on two key measures: liquidity, with FGN Bonds actively traded under a Two-Way Quote System, and issuance size, with outstanding volumes per tenor well above the USD 250 million minimum required for the GBI-EM Edge. Nigeria’s weighting in the index is 7.40%, among the highest of the 26 markets covered and close to J.P. Morgan’s 8% maximum country weighting.

This inclusion represents Nigeria’s return to a J.P. Morgan benchmark for the first time in over a decade, following its exit from the GBI-EM Global Diversified index in 2015 amid foreign exchange liquidity constraints which the current reform agenda has directly addressed.

FGN Bonds were first included in the GBI-EM in 2012, a milestone that drew significant foreign investment into Nigeria’s domestic securities market and reduced the cost of issuance by approximately 200 basis points. It also opened the equities market and banking sector to foreign capital and boosted external reserves.

This feat is expected to impact Nigeria’s bond market positively.

The GBI-EM Edge tracks approximately $328 billion in local-currency government debt globally. Nigeria’s 7.40% allocation represents roughly $17.47 billion of eligible FGN debt across 16 instruments. Index-tracking funds are expected to adjust their portfolios to reflect Nigeria’s weighting, which should channel additional foreign portfolio inflows into the domestic bond market over time.

•Yield compression: Increased foreign institutional demand is expected to support bond prices and gradually ease domestic yields, helping to moderate the government’s cost of servicing naira-denominated debt.

• Broader market liquidity: While the index covers mid-to-long-tenor government bonds specifically, improved liquidity in the FGN bond market is expected to have positive knock-on effects across the wider debt market, including Nigerian Treasury Bills, over time.

Reacting to the development, the Honourable Minister of Finance and Coordinating Minister of the Economy Prof. Taiwo Oyedele, said:

“This inclusion is a clear, independent endorsement of the discipline behind President Bola Ahmed Tinubu’s reform agenda. It reflects the confidence international capital markets now place in Nigeria’s economic management, and it lowers the cost of financing our development priorities. We remain focused on the work still required to earn full reinstatement in J.P. Morgan’s flagship index.”

Oyedele reaffirmed the Federal Government’s commitment to sustaining the reform agenda and deepening investor confidence in the domestic market.

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NNPC activating multiple pathways to transform Nigeria into global gas hub -Ogunleye

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By Sam Otuonye 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reiterated its commitment to activate multiple pathways aimed at transforming Nigeria into a global gas hub.

NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye disclosed this on Monday, while speaking at the 2026 Gas Technology & Exhibition Conference (GASTECH), taking place in Bangkok, Thailand.

Ogunleye, who spoke on a panel themed: “The New LNG Order: Leadership Strategies for Energy Security and Growth” said as geopolitics, conflict and other factors continue to affect global energy supply and demand, Nigeria is leveraging its over 215 trillion cubic feet (tcf) of proven reserves to power domestic industrialization and expand export reach.

“Gas development and monetisation from Nigeria’s standpoint is a purely commercial play. NNPC Ltd. is implementing a Gas Master Plan (GMP) engineered as a gap-to-potential tool to move Nigeria from a 215tcf reserves position to above 600tcf,” Ogunleye stated.

He explained that the Company’s focus is hinged on reinforcing coordination, anchored on the Petroleum Industry Act (PIA), Decade of Gas Framework and the GMP, with the near-term target to ramp up national production of gas to 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030.

Ogunleye observed that Nigeria is already a reliable global supplier of gas on a major expansion drive, citing key LNG projects such as Trains 1-6 which produce 22 million tonnes per annum (MTPA) and has exported over 6,000 LNG cargoes since 1999, as well as Train 7 which is due for completion in 2027.

He said Nigeria’s geographical advantage (well-positioned for the Atlantic Basin and Asian markets) has placed the country as a strategic supplier to global markets, an advantage that is complemented by Nigeria’s substantial gas resource base and a national focus on gas development.

He said Nigeria’s domestic gas utilisation and gas for export are not mutually exclusive, as the country has adopted a dual pathway which leverages exports for foreign exchange earnings while advancing domestic gas utilization to create job opportunities, deepen energy security, and economic wellbeing.

Ogunleye said Nigeria has de-risked new LNG projects through a robust legal and regulatory framework supported by attractive fiscal incentives.

“With continued efforts towards stable security, competitive gas pricing and assured gas supply, there is no better time for investors and financiers to confidently participate in the development of Nigeria’s LNG projects,” Ogunleye concluded.

GASTECH is the world’s largest exhibition and conference focused on natural gas, LNG, hydrogen and low-carbon solutions. Now in its 54th edition, the conference brings together about 50,000 participants from over 150 countries ranging from energy experts, CEOs, policymakers, investors and technology leaders to discuss the future of energy security, LNG supply, infrastructure investment and decarbonisation.

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2027: Yari assures Zamfara of FG’s determination to end insecurity 

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From Salisu Zakari Maradun, Gusau

Former governor of Zamfara, Senator Abdul Aziz Yari has assured the people of the State of the readiness of the Federal government to end tne lingering insecurity in not only Zamfara, but the entire nation.

He also called on them to continue to rally round the Tinubu’s administration in its quest toward developing the nation politically and economically so that it can compete with its counterparts globally.

Yari made the call and assertion when he addressed thousands of Imams who converted at his residence to register their support, and congratulate him over his appointment as campaign DG of President Tinubu 2027 election.

Senator Yari explained that President Tinubu is much worried of what is happening in particularly Zamfara as far as insecurity is concerned, and thus vowed to make sure that it has become a history.

According to the campaign DG, Tinubu deserved to be re-elected for the second term going by what did to the nation with regard to development in the northern part of the country in mostly the areas of security itself.”Me President is currently doing everything possible toward addressing the issue of insecurity, but I also want to tell you that the issue of insecurity is something that one person only cannot do it, it is something that needs many hands, so in this regard, there is need for coming together, irrespective political inclination to collectively join hands and fight it, and by the grace of God we will succeed”, Yari added.

He therefore urged Imams to continue to pray for the return of peace in the State, and by extention, to the whole nation. “I therefore urge you to assist us with massive prayers, and when you go back to your respective areas, tell others to embark on same with a view to addressing the calamity, as I said earlier, everybody’s hand is needed in this journey”.

Speaking further, the former governor stated that no nation can develop when it is confronted with insecurity no matter how powerful it is, because peace is the most needed ingredient for every development globally, adding that “from our own side, we will not leave any stone unturned toward providing all that is needed for the success of achieving the desired goals.

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School ​‌‍​‌‍‌‍⁠⁠‌‍⁠‍​‌‌⁠​‌​resumption: Police assure adequate security in Ondo

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 The Police Command in Ondo State has assured parents, students and school proprietors of adequate security as schools reopen  for the new academic session in the state.

Schools will resume on today for the 2026/2027 academic session across the state.

 DSP Abayomi Jimoh, command’s Spokesperson, who made this known in a statement made available to newsmen in Akure on Sunday, said the command had deployed its school protection squad.

 Jimoh said the squad would to provide adequate security coverage around schools premises to ensure a safe and conducive environment for teaching and learning.

 According to him, the command has also intensified patrols, visibility policing and intelligence-led operations around schools and other critical locations to prevent criminal activities and promptly respond to security threats.

 “Parents and guardians are advised to remain security-conscious and educate their children and wards on basic safety measures.

 “School owners and administrators should promptly report suspicious persons ,activities or security concerns around their schools to the police.

 “Students are urged to avoid isolated routes, refrain from following strangers and promptly report suspicious activities to their teachers, school authorities, parents or the police.

 “The command assures members of the public that its personnel will remain vigilant and responsive throughout the academic session,” he said.

 The spokesman further called for the cooperation and support of all stakeholders, particularly through the timely provision of credible information that could assist the police in preventing and tackling crime. (NAN).

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