Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
Nigeria’s pension industry has accumulated a substantial pool of long-term capital. The opportunity is to direct more of it towards infrastructure, housing and private enterprise—but only through investments that protect contributors, generate competitive returns and remain free from political interference.
ET&A Research · 5 August 2026 · 10 min read
Nigeria’s stock market has delivered stronger trading activity and substantial gains, but foreign participation remains limited. Restoring international interest will require more than attractive valuations: investors need confidence in currency convertibility, liquidity, governance and the availability of companies large enough to invest in.
ET&A Research · 5 August 2026 · 11 min read
Nigeria’s banking recapitalisation has produced larger capital bases and stronger buffers against financial shocks. The more important question is whether that additional capital will translate into productive lending, better technology and more resilient institutions—or merely make banks larger in nominal terms.
ET&A Research · 5 August 2026 · 10 min read
Nigeria possesses the population, resources and entrepreneurial capacity to become a major manufacturing economy. However, global competitiveness will depend on whether the country can convert these advantages into reliable energy, productive labour, efficient logistics and a credible long-term industrial policy.
ET&A Research · 2 August 2026 · 11 min read
The non-oil sector contributed 96.08% of Nigeria’s real GDP in the first quarter of 2026. Yet the structure of that activity suggests the country has diversified its output more successfully than it has diversified its exports, public finances or sources of productivity.
ET&A Research · 28 July 2026 · 10 min read
Distributed solar, battery storage, mini-grids and mobile payments could allow Africa to build a more flexible energy system without waiting for the continent-wide expansion of conventional electricity networks.
ET&A Research · 28 July 2026 · 12 min read
Payments built Africa’s fintech industry by solving one of the continent’s most visible financial problems. The next generation of winners, however, will need to use that foundation to provide credit, savings, insurance and the broader financial infrastructure that households and businesses still lack.
ET&A Research · 28 July 2026 · 9 min read
The same increase in the oil price can strengthen one African government’s finances while simultaneously weakening another’s currency, raising its inflation and increasing the cost of living.
ET&A Research · 24 July 2026 · 9 min read
Higher oil prices should ordinarily be good news for Nigeria. However, limited production headroom, unreliable state-owned refineries and rising domestic fuel costs mean the country may capture only part of the opportunity.
ET&A Research · 24 July 2026 · 8 min read