We took profits in Nigeria last year because of unremittingly low oil prices ... but now, of course, oil markets are in a different place. As we stressed before, Nigeria gets top grades for macro adjustment, having unified and stabilized the NGN rate, hiked rates to positive real levels, tightened fiscal policy, reduced money and credit growth, squeezed import demand, put the external balance in surplus and brought inflation down at home. This in turn leaves room for upside in every asset class if oil prices stay in triple digits; our own preference is for NGN carry followed by dollar debt, but have no problem with investors who want to buy equities as well.