US investment Bank, JP Morgan has removed Nigeria from its list of emerging markets, citing what it  calls government's failure to take advantage of high oil prices. 

The report released by the multinational financial institution says that the Nigerian National Petroleum Company did not transfer any revenue to the government from January to March of this year due to petrol subsidies and low oil production. 

The report also shows that Nigeria was replaced on the list with Serbia due to the country's high reserves and a fiscally cautious government and Uzbekistan due to its relatively low debts despite Russian exposure.