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Recent Stumbles Set Up Long-Term Trade On Nigeria

The Global X Nigeria Index ETF (NYSEARCA:NGE) Has Declined ~50% Over The Past 12 Months

Nigeria is dependent on oil exports and is struggling with the dropping price of oil: the U.S. price stands at ~$53, while the international Brent at ~$57. Nigeria is also dealing with numerous country-specific political issues that are weighing on commerce in the region. The country is only days away from a national election in which incumbent Jonathan Goodluck is being challenged by the former military head of state Muhammadu Buhari. Additionally, the Islamic militant group Boko Haram recently seized a military camp in northeastern…