While foreign investors have stampeded out of Russia and Brazil as the credit crisis deepens, Nigeria has re-mained largely immune to the kind of short-term volatility roiling more established emerging market peers.

But analysts warn that the turmoil on Wall Street could pose longer-term risks to prospects for a recovery in sub-Saharan Africa’s second biggest stock ex-change if it fuels a global slowdown that saps prices for Nigeria’s oil exports, which provide the bulk of export earnings and government revenue.