If there is one ignored theme in our time zone, we think it is reform. In Egypt, Pakistan, Ukraine, Romania and Nigeria, new leaders in 2013-2015 are focused on change. Subsidies are being cut in Egypt and Pakistan. In Romania and Nigeria, new presidents have been elected on the back of anti-corruption promises. We expect a very capable team to be unveiled in Nigeria in the coming weeks, which we think could at best improve the country’s corruption rating by around 10 points by the end of 2016.