One frontier market frequently on my list of attractive investments is Nigeria, a vital emerging economy.
China is buying African oil and Libyan wells are pumping, getting traders excited about the continent’s theoretical energy wealth again. But instead of waiting for the drills to start turning, why not lock down exposure to the countries and companies we know have the crude?
Reports this week that graft related to controversial oil subsidies have incensed the Nigerian public. The presentation made to the Nigerian Parliament indicated that the country lost $6.8 billion because of blatant corruption within the subsidy program.