Citigroup raised its recommendation on Nigerian bonds to marketweight from underweight ahead of the inauguration of Bola Tinubu’s presidency next month. Citigroup strategists predict gradual fiscal reforms under Tinubu’s administration, including fuel subsidy removal and FX adjustments. In contrast, Citigroup remains negative on Kenya due to declining FX reserves and concerns about implementing reforms in the IMF program and the USD 2 bln 2024 Eurobond maturity.