Nigeria High-Yield Regime Locked in as Government Supply Dominates Fixed Income

While secondary market trading may experience short-lived bullish runs when maturity roll-overs and coupon injections hit the banking system, any sustained drop in yields will be constrained by the government’s heavy issuance pipeline.

Institutional investors, pension fund administrators (PFAs), and asset managers are expected to maintain a defensive strategy, favoring high-yielding short-tenor paper to lock in 18%+ yields while remaining flexible ahead of future DMO auction cycles.

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