Mobius Placing Biggest Wagers on Nigeria for Frontier Rally
By Chris Kay and Gavin Serkin Jan 16, 2014 11:15 AM ET
Mark Mobius, chairman of Templeton Emerging Markets Group, is predicting Nigerian stocks will outperform the least-developed markets as Africa’s most populous nation expands faster than peers.
“Nigeria is very, very important,” Mobius, 77, who oversees about $53 billion, said in an interview in Lagos, Nigeria’s commercial capital on Jan. 15, without saying whether he has added to Nigerian holdings. “You’ve got a vibrant and growing middle class, a big consumer population, a young population that will be consuming more and more.”
Africa’s largest oil producer has the highest weighting among Templeton’s frontier funds, he said. Nigeria’s economy may expand 6.7 percent this year, the World Bank said, matching 2013 and beating 2014 growth in developing markets of 5.3 percent. The population of 160 million is attracting retailers such as Cape Town-based Shoprite Holdings Ltd. (SHP), Africa’s largest grocer, and is the largest market for MTN Group Ltd. (MTN), the continent’s biggest mobile-phone company.
More: bloomberg.com |
