Tim Grey writing in the NYTimes:
Almost everyone, including MSCI, puts Nigeria in the frontier category. “I get people asking, ‘Who’s the next Brazil?’ ” said Adam J. Kutas, manager of the Fidelity Emerging Europe, Middle East and Africa fund. “I answer without hesitation that it’s Nigeria,” because it also has a large population and a huge base of natural resources.
Nigeria holds hefty oil reserves — the world’s 10th largest, according to the Central Intelligence Agency. For years, its riches produced unrest, as residents of the oil-producing Niger Delta rebelled against what they saw as too small a share of the profits. Lately, the delta has stabilized, and the country, formerly a military dictatorship, has had several democratic transitions.
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