Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
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
Tesla delivered a sharp recovery in vehicle volumes and revenue during the second quarter of 2026. However, declining margins, rising expenditure and negative free cash flow suggest that the company’s growth is becoming increasingly expensive.
ET&A Research · 2 August 2026 · 10 min read
Boeing is delivering more aircraft, generating cash again and gradually rebuilding regulatory confidence. However, persistent losses, programme delays, quality failures and a weakened balance sheet mean its recovery remains far from complete.
ET&A Research · 30 July 2026 · 10 min read
Toyota has frequently been criticised for moving too slowly towards fully electric vehicles. Yet its dominance in hybrids, enormous manufacturing scale and ability to invest across several technologies may prove well suited to an electrification transition that is becoming more fragmented, regional and uncertain.
ET&A Research · 30 July 2026 · 10 min read
The race to dominate artificial intelligence has triggered an extraordinary expansion of data centres, semiconductors and cloud infrastructure. Demand remains strong today, but the scale and speed of investment raise an important question: is the industry building more capacity than it will ultimately need?
ET&A Research · 30 July 2026 · 11 min read
How supply-chain localisation is reshaping manufacturing and capital expenditure
ET&A Research · 28 July 2026 · 12 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
Successful companies demonstrate what can work. Failed companies reveal what can go wrong and often provide the more valuable investment lesson. From excessive expansion and unsustainable borrowing to flawed assumptions about customers, corporate failures expose the risks that growth stories can conceal.
ET&A Research · 28 July 2026 · 9 min read
For years, investors favoured companies that could grow without owning factories, infrastructure or large physical assets. But energy constraints, supply-chain insecurity and the AI investment boom are shifting value back towards businesses that build, manufacture and operate the systems on which the modern economy depends.
ET&A Research · 28 July 2026 · 11 min read