As African countries like Nigeria and Egypt adopt structural reforms and more market-friendly monetary policies, money managers are showing increased interest in local debt opportunities. Nigeria’s recent bond auction, which garnered 1.5 tln naira at a yield of up to 19%, and Egypt’s sale of 87.8 bln pounds in treasury bills at a 32.3% yield, reflect the growing investor appetite, driven by moves towards currency liberalization and economic adjustments.