View on Nigeria: Ayo Salami, CIO, Duet Africa Funds, Duet Asset Management

Ayo Salami, CIO, Duet Africa Funds, Duet Asset Management

On Nigeria’s recent election and its implications for the markets, Ayo Salami, CIO of the Duet Africa Fund (assets under management USD5.5bn), said: “The one key risk priced into the market was post-electoral violence or a stand-off between political rivals. So Jonathan’s conceding the election- which is unprecedented in Nigeria’s history- removed this risk overnight.”

“Markets usually like continuity rather than change but on this occasion the markets will react positively.”

“The problems with the Naira will remain because they are inextricably linked with the weaker oil price and falling revenues. However, we believe with this ‘risk compression’ (Jonathan’s conceding), the currency is close to fair value now and should not depreciate further.”

Read more: IFA Magazine – Independent Financial Advisor View on Nigeria from CIO of the Duet Africa Fund.

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