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  "documentTitle": "Nigeria Economic Outlook",
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  "notes": "The chart highlights the period from 2022 onwards where interest rates spiked and market indices shifted.",
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      "text": "The ECB, BOE, and Federal reserve raised rates to curtail the rise in inflation. This led to capital reallocation from frontier and emerging markets to advanced markets",
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      "text": "The ECB, BOE, and Federal reserve raised rates to curtail the rise in inflation. This led to capital reallocation from frontier and emerging markets to advanced markets.",
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      "text": "Federal Funds Rate vs MSCI Index",
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      "text": "Following the increase in the fed funds rate to a target range of 5.25%-5.5%, there has been a rise the MSCI index of the developed markets as investors move capital from the frontier markets to take advantage of higher attractive yields. The Nigeria MSCI index outperformed both the MSCI frontier index (23.52% vs. 1.43%) and the ACWI index (23.52% vs. 16.25%). However, between 2020 and 2022, the Nigeria MSCI index experienced a significant decline of 113% to -3.02% in 2022. This suggests a notable capital flight from Nigeria during that period. Frontier Markets countries include: Bahrain, Bangladesh, Burkina Faso, Benin, Croatia, Estonia, Guinea-Bissau, Iceland, Ivory Coast, Jordan, Kenya, Lithuania, Kazakhstan, Mauritius, Mali, Morocco, Niger, Nigeria, Oman, Pakistan, Romania, Serbia, Senegal, Slovenia, Sri Lanka, Togo, Tunisia and Vietnam. MSCI is an acronym for Morgan Stanley Capital International*",
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