August 31, 2015

Opportunities in the Midst of Volatility

Last week saw some volatility in the US markets, with the S&P 500 functioning like a seesaw. The week of 8/24 started off down 5% between the previous Friday’s close and Tuesday’s close, but then rallied between Tuesday’s close and Friday’s close. All-in, the week closed up almost 1% from the previous week’s close.

So what drove the volatility, particularly the rally as the week progressed? The Bureau of Economic Analysis released a revised second quarter GDP of 3.7% for the United States, beating the forecasted uptick of 3.2%. Personal consumption was up a healthy 3.1%.  

We believe that fundamentals in the US are generally sound. The most recent housing starts data released by the US Census Bureau revealed that month-to-month July housing starts were up 0.2% and year-over-year starts were up 10.1%. Consumer spending, which drives about 70% of the US economy, rose 0.3% for July, while disposable personal income rose 0.5%. Core PCE prices (excluding food and energy) increased 0.1%.

Speculation continues as to whether the US Fed will increase rates in September. We believe that this is highly unlikely. Consumer spending has not gotten out of hand, with the US personal savings rate ticking up to 4.9% in July, up from 4.7% in June. And, as we noted, core PCE prices (a measure of inflation) is minimal. Moreover, the dollar continues to remain strong: a rate hike will only further strengthen an already strong dollar, leading to further weakening and devaluation of other currencies. We are very much a one-world economy now.

To offset the devaluation of the yuan, China sold from its stockpile of US Treasuries last week. Estimates suggest that China controls about $1.48 trillion of US government debt. Our understanding is that China sells its US Treasuries to the market in USD, and then uses those dollars to buy back the yuan, driving up demand for the yuan and strengthening the yuan relative to the USD. We find it unlikely that these actions by the Chinese government to stabilize their currency will be the driver for the Fed to increase rates in September. The effect, if any, will be through the currency channel where the dollar will be weaker.

So again we ask what are the implications of all this for Africa and the global frontier markets? Local currencies and valuations have come down nicely, suggesting nice long-term opportunities for US investors, which active managers like Nile Capital Management are well-positioned to take advantage of. We believe this is an ideal time to allocate to frontier and emerging markets.


The views expressed are opinions subject to change and are not investment advice



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

  

August 21, 2015

Navigating the Market: Think Long Term

Investor panic over global growth has clearly spread to the US markets, with the S&P 500 Index down 4% for the week and falling below 2000 today. We continue to hear reports of challenged economies across emerging markets: China’s slowdown, the yuan’s devaluation, disappointment with India’s Modi, and the fallout to other Asian economies including Singapore, Hong Kong, and South Korea top the news. And, while investors in US equities had been able to stomach much of the angst related to Greece and China, this week even those investors finally gave in.

So what about Africa? The news has been mixed there too. On the more positive side, South Africa’s reported inflation rate of 5% was in-line with expectations, and some investors think that the Rand is poised for a rebound. On the other hand, the currency devaluations in China and Kazakhstan has prompted investors to expect a devaluation of the Nigerian Naira, despite government reassurances.

We appreciate what we are seeing in Kenya: think long-term despite short-term challenges. Clearly, like most countries in this economic environment, Kenya has had its share of challenges. This week the country’s Fluorspar Co. cut its annual production of its steelmaking ingredient forecast by 19% due to weak demand stemming from a tough global economy along with increased competition from new entrants. Most of Kenya’s output of fluorspar is to India and Europe. Despite these near-term challenges, however, Kenya continues to invest behind its long-term infrastructure, with the country’s Ports Authority planning to borrow $328 million to finance the expansion of the biggest harbor on the southeast coast.

In fact, this is the thinking we encourage investors to sustain during these challenging times in the markets: think long-term. Valuations have clearly come down in still to be developed regions like Africa. As examples, year-to-date, Nigeria’s NGSEINDX, Kenya’s KNSMIDX, and South Africa’s JALSH are down 11%, down 11%, and up 0.44% respectively. Yet, the IMF still expects growth in emerging and developing economies to grow 4.7% in 2016, with improved conditions in Russia, some countries in the Middle East, and North Africa. This projected growth rate for emerging and developing economies is in comparison to the 2.4% growth rate projected for advanced economies in 2016.

Moreover, we remind investors that our approach involves an active management investment strategy, where we seek to invest in the most attractive regions and sector themes available. As such, we underweight regions that face significant challenges, such as Nigeria. And we seek to invest in sector themes that fit in with a long-term growth outlook, such as infrastructure investments and a rising middle class consumer.

The views expressed are opinions subject to change and are not investment advice


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

August 6, 2015

China, History, Politics, and Business points to Africa

When looking at history, politics, and business, we think the stage is set for investors to consider increasing their investment and allocating a portion of their portfolios to the Africa region.

China. The chart below clearly indicates that investors have been rotating money into the US markets as China goes into decline. While these two countries represent the largest economies, are they really the only options for investors to allocate money into? Moreover, if history were to repeat itself, then, if the Chinese markets were to fall into the abyss that some investors are predicting, we think the US markets will dip significantly too, as China did during the Great Recession. Finally, with the S&P and Nasdaq charts reaching a high and social media recently showing some signs of adjustments from sky-high valuations during earnings season, we wonder if there could be a broader market correction on its way.


In our view, China is now moving into the position of becoming a more mature emerging market. Stocks in such markets will tend to be more liquid and subject to broader risks and volatility, as compared to still budding markets like Africa where liquidity and equity coverage is less, allowing for attractive long-term growth opportunities while minimizing extreme risks. We also add that further uncertainty arises from the fact that this is the first major market decline driven by China since the country became a significant driver in the global economy: we just do not know how the government of China will react.

Signs of China falling into decline offered recently include a PMI of 50 showing no signs of growth; slowing flow of imports with a rise of only 0.7% in 2014; and a slowdown in construction businesses related to China at Caterpillar and United Technologies. In such an environment, investors will have to be extra careful on where they invest in China, both in terms of sectors and individual stocks. We argue that, if investors are going to have to take that stance on China, then why not allocate a portion of the risk to beaten down regions like Africa, where active managers are proactive in choosing the best regions and best stocks within them?

Politics loves business, and business loves politics. Now about 6 years after the end of the Great Recession and with Americans adjusted to the “new normal,” President Obama visited Africa last month in July 2015. To us, this action harkens back to 2001 and 2002 when President Bush visited China just as the Recession of 2001 ended, with the US then poised for recovery. Back in 2001 and 2002, investors were not fully aware of the big player that China was about to become. Similarly we note that in March 2006 President Bush visited India, and, since then, India has grown to become a major power in the global economy.  

Again, if the past is a prologue to the future, we suspect that President Obama’s open support in developing Africa’s infrastructure suggests that major global businesses will be investing in Africa for the long-term. We also note that, as US corporations have become more comfortable in investing
and developing their businesses in Asian and BRIC regions with less infrastructure and more uncertainty, their commitment to Africa will be firm. With valuations down as the USD strengthens, we think Africa provides attractive valuations and a good entry point for investors. 

The views expressed are opinions subject to change and are not investment advice



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820


July 30, 2015

Financial Times - Smartphones and Chinese banks hold key to EM exposure

The Financial Times briefly reviewed the MSCI EM index this week. While the index claims to be a global index of 24 countries, the reality is that China accounts for 25% of the index. Some investors pursue a passive strategy of investing in emerging markets, whereas they can be better served by researching high quality active managers focused on specific regions, such as Nile Capital Management. We have found that even a 10% allocation to an active manager’s fund can lead to substantial improvement across an otherwise passively managed portfolio. To us, this again highlights need for investors to move beyond passive investment management when considering emerging markets and to research high quality, regionally-focused active investment managers. For more on the article from The Financial Times, please click on this link, Smartphones and Chinese banks hold key to EM exposure , and for more on our funds, please visit our website Nile Funds and send us an email.


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

ThinkAdvisor - Global Entrepreneurship Summit Highlights Growing African Business

ThinkAdvisor - The U.S. hosted the first Global Entrepreneurship Summit in Washington, D.C. in 2010. This past weekend, President Barack Obama attended the sixth annual gathering of entrepreneurs large and small, business leaders, mentors, and high-level government officials in Nairobi, Kenya, an event that not only underscores the importance of entrepreneurship globally, but the increased importance of Africa as a hub for new and exciting business ventures. 

Larry Seruma, our Portfolio Manager, shared a few key points for investors looking at Africa. Click through the following link to read the full article: ThinkAdvisor - Global Entrepreneurship Summit Highlights Growing African Business


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

July 27, 2015

Gold prices remain the focus on the market this week - Spot Prices hitting new 5-year lows

Source: Bloomberg
The most recent declines over the past 10 days may be attributed to a few factors, in our view:

  1. China gold reserves was up 57%, only half of what was expected by the market, with its share of total reserves in decline.
  2. The markets continue to anticipate a hike in US interest rates this year by the Federal Reserve, moderating the appetite investors have for non-yielding assets like gold and also fueling concerns that borrowing costs for holding such assets may rise.
  3. Geopolitical crises, such as Greece and the US reaching a deal with Iran, seem to be moderating, thus, calming investor fears which would send them into defensive assets like gold.

Africa accounts for a fifth of global gold exports, according to the African Development Bank, and, of the key markets in Africa, South Africa accounts for 10% of global gold exports. (The others are Ghana at 17%, Mali and Tanzania at 9% each, and the rest of Africa at 15%.) We note, however, that, whereas in 1983 South Africa produced 64% of the world’s supply (21 million tonnes), in 2014 the country produced only 6% of supply (5 million tonnes). Also, despite the fall in gold prices, the benchmark equity index for South Africa has almost tripled since 2011 relative to the price of bullion. The potential damage to South Africa from falling gold prices seems to be well under control, in our opinion, again pointing to the need for investors to follow an active management strategy when investing in Africa. 



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

Bloomberg - Emerging Market Currencies Tumble to Record Low in 'Violent' Selloff





Bloomberg Emerging-market currencies are in free fall.

An index of the major developing-nation currencies fell to an all-time low this week, extending its drop over the past year to 19 percent, according to data compiled by Bloomberg going back to 1999. The Russian ruble, Colombia's peso and the Brazilian real have fallen more than 30 percent over the past year for some of the worst global selloffs. Click through the following link to read the full article: Emerging Market Currencies Tumble to Record Low in 'Violent' Selloff


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

July 17, 2015

Active Management Strategy will be key to overcome currency challenges

We briefly review indices performance of key regions in Africa. We note that trends in Nigeria appear to show signs of stabilizing. (All data herein from BBG, as of 7/14/15.)

Country
One-Year Return (USD)
YTD Return 2015 (USD)
Egypt
-25.87%
-26.78%
Kenya
-17.42%
-18.25%
Nigeria
-40.13%
-16.55%
South Africa
-12.45%
-1.97%

This compares to general indices performance.

Index
One-Year Return (USD)
YTD Return 2015 (USD)
MSCI EM
-9.46%
-0.23%
MSCI FM
-16.32%
-3.66%
S&P 500
8.87%
3.55%
MSCI World
3.18%
4.66%

Note that the strong dollar continues to weigh on indices performance and is a key factor for the disparity between the S&P 500 returns versus the other MSCI benchmarks.

Country
One-Year Return (USD)
YTD Return 2015 (USD)
Egypt EGP
-8.66%
-8.64%
Kenya KES
-13.66%
-10.83%
Nigeria NGN
-18.07%
-7.34%
South Africa ZAR
-13.37%
-6.11%

Nigeria and South Africa currencies have had some signs of strengthening.

Kenya and Uganda have been actively tightening their monetary policies to shore up their currencies and fight inflation. Kenya has raised its benchmark interest rate by 300 basis points over the past two months to 11.5%: Kenyan Treasury Secretary Henry Rotich now believes that the central bank has room to pause its rate-tightening cycle. The Bank of Uganda likewise raised its benchmark interest rate by 150 basis points at an unscheduled meeting this week, the third increase this year.

We argue that the more developed the emerging economy, the more export-dependent the economy, and thus the more that country benefits from a strong dollar. Note the disparity even among BRIC countries. All-in, this argues for the long-term potential of Africa and the importance of an active management strategy to navigate through the near-term challenges.

Country
One-Year Return (USD)
YTD Return 2015 (USD)
Brazil
-32.31%
-9.71%
Russia
-32.46%
16.32%
India
7.63%
1.94%
China
89.28%
16.43%
The views expressed are opinions subject to change and are not investment advice.


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

July 16, 2015

Value Walk - Mark Mobius Stepping Down As Lead Manager At Templeton Emerging Markets investment trust


Value Walk - In a sign of the changing times, Mark Mobius announced he is resigning as lead manager of the Templeton Emerging Markets investment trust after almost 27 years. He will, however, remain employed by Templeton as a portfolio manager for the more than $2 billion fund. The legendary Mobius is to be replaced by Carlos Hardenberg, who has been part of Templeton's emerging markets team for more than 13 years. Click through the following link to read the full article: Mark Mobius Stepping Down As Lead Manager At Templeton Emerging Markets investment trust .



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

July 15, 2015

Mpesa, Greece and Safaricom Kenya!

FT Alphaville Ft.com examines digital payments as implemented via M-pesa in Kenya, parallels (or lack thereof) with Greece, and considerations of effects on the banking system.  Click through the following link to read the full article: Mpesa: the costs of evolving an independent central bank.


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

July 14, 2015

Voice of America News: Interview with Larry Seruma and the Prospects on the Greece Financial Crisis & The Global Markets

video
Video shown for informational purposes only and is not investment advice

Alexis Christoforous, correspondent of Voice of America News, interviewed Larry Seruma, from Nile Capital Management, LLC about investment opportunities in Africa and the implication in Greece and the stock market swings. The interview covered Larry's perspective on the Greek Financial Crisis, what that means for African investors, how Investment decisions are been affected and current economic issues and its impact on African and global markets. 


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

June 29, 2015

FT: PwC forecasts Africa’s mutual fund industry surpassing $1 trillion by 2020

The Financial TimesAfrica’s mutual fund industry should see assets surpass the $1tn milestone by the end of 2020 as rising prosperity boosts demand for pensions and life insurance products, according to PwC, the auditor. But the development of an asset management sector fit for Africa’s needs in the twenty-first century remains a daunting challenge. It warns that poor infrastructure and liquidity in many stock markets could hamper the development of mutual funds across the continent. Click through the following link to read the full article: PwC forecasts Africa’s mutual fund industry surpassing $1 trillion by 2020



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

May 28, 2015

Nile Funds: Nile Pan Africa Fund Five Year Anniversary

Nile Capital Management is pleased to announce the five year anniversary of its Nile Pan Africa Fund (NAFAX), an actively managed mutual fund that focuses exclusively on the continent of Africa.

Since Nile Pan Africa Fund’s inception on April 28, 2010, the Fund has returned 8.31% annualized. For the same period, the Dow Jones Africa Titans 50 index returned 0.76%, the MSCI Emerging Markets index returned 3.32% and the MSCI Frontier Markets index returned 5.87%. For the past 12 month period, the Nile Pan Africa Fund returned -5.40%, compared to -11.61% for the Dow Jones Africa Titans 50 index, 7.80% for the MSCI Emerging Markets index and -5.40% for the MSCI Frontier Markets index.

Nile Pan Africa Fund has had lower risk, as measured by standard deviation of returns, while delivering higher returns than the MSCI Emerging Markets index since inception. The Fund has managed its return since inception while keeping annualized standard deviation of returns to 15.72%, achieving a Sharpe Ratio of 0.53. In comparison, the MSCI Emerging Markets index had annualized standard deviation of returns of 18.38% and a Sharpe Ratio of 0.16.


Image
Source: Morningstar

The performance of Nile Pan Africa Fund was given Lipper’s highest ranking, 5 (top quintile), for Total Return for the 3 year period out of 532 funds, 5 year out of 335 funds, and overall out of 532 funds in the Emerging Markets Funds category for the period ending April 30, 2015.

The International Monetary Fund (IMF) has just published its Regional Economic Outlook for Sub-Saharan Africa in April 2015 and has forecasted 4.5% Real GDP growth for Sub-Saharan Africa for 2015, and 5.1% for 2016, compared to 4.3% for 2015 and 4.7% for 2016 for Emerging Markets, and just 2.4% for 2015 and 2.4% for 2016 for advanced economies. Our view continues to be that growth in Africa is robust relative to developed and other emerging and frontier markets, thus, we still see potential for higher equity prices in Africa for the intermediate to longer term.

From an allocation perspective, we believe Nile Pan Africa Fund offers access to a region with robust long term growth potential, and the strategy has a five year track record of delivering superior risk-managed returns. For those that have yet to make an allocation to this region, we believe the timing is now right for this opportunity.

Larry Seruma
Portfolio Manager
Nile Pan Africa Fund

For updated Nile Pan Africa Fund performance, visit http://nilefunds.com/our-funds/


Nile Pan Africa Fund Performance

Inception Date is April 28, 2010 for Nile Pan Africa Fund
As of April 30, 2015As of March 31, 2015
Fund Name1 Month1 Year5 YearSince Inception1 YearSince Inception
Nile Pan Africa Fund (NAFAX) Without Load4.38%-5.40%-8.32%8.31%-6.76%7.52%
Nile Pan Africa Fund (NAFAX) With Load-1.64%-10.82%7.05%7.04%-12.13%6.23%
Dow Jones Africa Titans 50 Index9.90%-11.61%0.41%0.76%-15.57%-1.14%
MSCI Emerging Markets Index7.69%7.80%3.02%3.32%0.44%1.84%
MSCI Frontier Markets Index3.75%-5.40%5.85%5.87%-3.62%5.18%
Returns for Nile Pan Africa Fund are for the A Share Class (NAFAX) only, other share classes will vary.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. As stated in the current prospectus, Nile Pan Africa Fund's total annual operating expense ratio (gross) is 2.50% for Class A shares. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the funds, at least until July 31, 2015, to ensure that the Total Annual Fund Operating Expenses After Fee Waiver (exclusive of any acquired fund fees and expenses, borrowing costs, taxes and extraordinary expenses) will not exceed 2.50% for Nile Pan Africa Fund Class A, subject to possible recoupment from the Funds in future years. Please review the Funds’ prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 1-877-682-3742.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 1-877-682-3742. The prospectus should be read carefully before investing. The Nile Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Nile Capital Management, LLC is not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risk, including possible loss of principal. Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund's investments. ETF's are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. The Fund's exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.

There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In general, the price of a fixed income security falls when interest rates rise. The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative investments that carry greater risks than higher quality debt securities.

Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers as of 4/30/15. Overall Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable).The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for Total Return, Consistent Return and Preservation metrics over 3-, 5-, and 10-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at lipperweb.com. Lipper Leader © 2015, Reuters, All Rights Reserved.

Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for each Consistent Return value within each eligible classification determines the fund classification winner over three, five or 10 years.

Lipper Award winners are recognized for being the top-risk adjusted performing funds in their respective Lipper peer groups for the listed periods ending December 31, 2013. Past performance or ranking is not indicative of future results. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2014.

Standard Deviation measures the degree of variation of returns around the mean (average) return. The higher the volatility of the investment returns, the higher the standard deviation will be. Sharpe Ratio measures the risk-adjusted return by dividing average return by the standard deviation of return.
Dow Jones Africa Titans 50 Index: Measures the stock performance of 50 leading companies that are headquartered or generate the majority of their revenues in Africa. Stocks are selected to the index by float-adjusted market capitalization, subject to screens for size and liquidity.
MSCI Emerging Markets Index: A market-capitalization weighted index of emerging market country indices.
MSCI Frontier Markets Index: A market-capitalization weighted index of frontier market country indices.
Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
2260-NLD-5/19/2015


Nile Capital Management LLC
116 Village Blvd, Ste 306 | Princeton, NJ 8540 |
info@nilecapital.com | office (646) 367-2820



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

May 27, 2015

Bloomberg: Tanzania Shilling Drops to Record; Kenya Currency Falls 6th Week

Bloomberg Tanzania’s shilling dropped to a record low to lead declines among currencies in East Africa’s biggest economies this week as investors sought dollars amid a rally in the foreign currency.  Click through the following link to read the full article: Tanzania Shilling Drops to Record; Kenya Currency Falls 6th Week.


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

April 22, 2015

Larry Seruma joining the 2015 INTERNATIONAL FINANCIAL FORUM NEW YORK


Larry Seruma was invited to participate among the delegates and faculty in the 2015 INTERNATIONAL FINANCIAL FORUM NEW YORK featuring THE 7TH ANNUAL INTERNATIONAL M&A AWARDS.

The International Financial Forum is a private invitation-only summit that will take place on April 27-28 in New York, NY, and will be comprised of two feature events: the Cross Border M&A Symposium and the 7th Annual International M&A Awards.

Two significant trends are currently affecting international investment strategies and the advancement of cross border M&A. Click through the following link to view the Event Profile for the 2015 International Financial Forum Featuring the 7th Annual InternationalM&A Awards.



Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820 

April 17, 2015

Mark Mobius - A New Way Forward for Nigeria?


Mark Mobius - A couple of years ago, many investors were optimistic about Nigeria and the stock market was booming, buoyed by strong economic growth and government reforms to improve the country. However, by 2014, the mood soured amid a series of unfortunate events, including the terrorist acts of Boko Haram, an Ebola outbreak and the weakening price of oil, which is the major source of income for the government and has a big impact on the economy. Despite these challenges, we continue to pursue long-term investments in Nigeria for a number of reasons. Not only is Nigeria Africa’s largest economy and a major consumer market, but the outcome of Nigeria’s presidential election in March proved its people are ready for change—hopefully for the better. Click through the following link to read the full article: Mark Mobius - A New Way Forward for Nigeria?


Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820