Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
Africa’s largest consumer markets are often presented as enormous technology opportunities. Uber’s departure from Nigeria is a reminder that population, smartphones and demand are only the beginning. What ultimately matters is whether the economics work.
ET&A Research · 7 September 2026 · 10 min read
America is unlikely to “go bankrupt” in the conventional sense. The greater danger is more gradual: rising debt could push borrowing costs higher, absorb an increasing share of government revenue and eventually leave Washington with less room to respond when the next economic crisis arrives.
Aako Ugbabe · 4 September 2026 · 8 min read
Shein was once valued at almost $100 billion, putting the fast-fashion retailer in the same conversation as some of the world's largest consumer companies. Its Hong Kong IPO valued it at just $26.5 billion. The business did not collapse. The assumptions behind its valuation did.
ET&A Research · 4 September 2026 · 11 min read
For decades, consumer-goods giants were built on the assumption that bigger portfolios created stronger businesses. Unilever is increasingly betting on the opposite: fewer categories, fewer brands and considerably more focus.
ET&A Research · 4 September 2026 · 10 min read
Power grids, pipelines, ports and telecom networks were once treated primarily as engineering assets. Increasingly, they are also becoming national-security assets. For investors, that changes the infrastructure thesis: resilience, redundancy and protection may become just as important as capacity and growth.
ET&A Research · 3 September 2026 · 11 min read
Nigeria’s headline economic indicators are improving. Growth is accelerating, inflation is moderating and the external position is stronger. But for millions of households, the recovery still feels distant. The next stage of Nigeria’s reform story will be judged not by GDP alone, but by whether economic stability eventually produces higher real incomes.
ET&A Research · 3 September 2026 · 10 min read
Private credit grew into a multi-trillion-dollar asset class during an unusually favourable period for alternative lending. Rising non-accruals, loan markdowns, refinancing pressure and investor withdrawals are now testing whether the industry's apparent resilience reflected superior underwriting—or simply the absence of a prolonged credit cycle.
ET&A Research · 2 September 2026 · 11 min read
Dangote Refinery could seek roughly $5 billion in an October IPO that may become Africa’s largest-ever listing. The opportunity is obvious: one of the world’s largest and newest refineries, positioned inside an African fuel market that has historically depended heavily on imports. The harder question is what investors should actually be willing to pay for it.
ET&A Research · 2 September 2026 · 12 min read
An IPO can look like an opportunity to invest in a company before everyone else. In reality, the first question should not be whether the business is exciting, but whether the price, financials, ownership structure and incentives make the shares attractive.
ET&A Research · 2 September 2026 · 12 min read