Nigeria debt

Nigeria has overtaken South Africa to become Africa’s largest economy after the government released updated figures that raised the country’s gross domestic product by 89 per cent to $509bn.

The re-calculation rightly put most Nigerian officials in celebratory mood. But Ngozi Okonjo-Iweala, the country’s finance minister (pictured), offered also a cautious note: the new figures do highlight some acute problems. Read more

The EM debt rally is pushing some countries into new territory. Nigeria’s public finances have received a boost on Wednesday with its borrowing costs at auction hitting record lows.

N30bn ($190m) of 10 year government bonds were sold with an 11.9 per cent yield, with investor inflows pushing the naira higher to build upon the strong gains made by the west African oil exporter’s currency this year. Read more