Nigeria Seeks Re-entry Into J.P. Morgan Emerging Markets Bond Index

Nigeria is in discussions with J.P. Morgan for re-admittance into its Government Bond Index for Emerging Markets, nearly a decade after it was delisted. The update was given by the Director-General of the Debt Management Office, Patience Oniha, at the Nigerian Investor Forum held in Washington DC, on the sidelines of the IMF and World Bank Spring Meetings.

J.P. Morgan dropped Nigeria from the index in 2015, citing low liquidity and lack of transparency in the country’s foreign exchange system. The index is a key benchmark used by global investors to track debt in emerging markets, and re-entry could bolster Nigeria’s access to international capital.

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Central Bank Governor Olayemi Cardoso also addressed the forum, saying reforms in the foreign exchange market have made the naira more competitive, calling it a “game changer” for foreign direct investment. He said minimal intervention by the CBN in recent months has restored market confidence.

Cardoso added that new ethical guidelines have reinforced transparency and helped build a more credible financial system. He emphasised that investors now view Nigeria’s market as one that must be protected from bad actors, as the country seeks to maintain reform momentum.