Global X Funds, a New York-based provider of exchange traded funds (ETF), has launched the Global X Nigeria Index ETF (NGE), the first ETF on the New York Stock Exchange tracking Nigerian stocks. The company explained that the Global X Nigeria Index ETF, which tracks the Solactive Nigeria Index, provides exposure to the largest and most liquid companies in Nigeria as well as companies that derive a significant amount of revenues from the country, giving investors a cost efficient way to access the West African country, which is widely believed to have a significant long-term growth potential.
Nigeria is the most populous country in Africa with over 160 million people and the second-biggest economy on the continent after South Africa. It is also the biggest oil producer in Africa. According to the World Bank, approximately 63% of Nigeria’s population is under the age of 25. Goldman Sachs has included Nigeria in its “Next 11” economies, which are defined as a group of large, fast-growing markets that are expected to be an important source of growth and opportunity in the future.
Nigeria’s stock market grew 35% in 2012, ranking as the second best performer in Africa and one of the best in the world. The index is up 22% so far this year and analysts expect gains to continue, buoyed by strong corporate earnings.
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