The Federal Ministry of Finance announced on Monday that Nigeria is returning to a major JPMorgan emerging markets bond benchmark after an 11-year absence. Selected Federal Government of Nigeria bonds will be included in the newly introduced Government Bond Index Emerging Markets Edge. JPMorgan said Nigeria will have a 7.40 per cent weighting in the index, placing it among the highest-weighted of the 26 markets covered. The new benchmark tracks about $328 billion in local-currency government debt across frontier emerging markets. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the inclusion as an endorsement of the Federal Government's economic reform programme.
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