The Backdoor to Lagos
Forget navigating the Nigerian Stock Exchange directly. The real gateway, for many of us, is far closer to home. Walk down a street in Lagos, and you’ll see brands you recognise from your own weekly shop. Unilever’s products fill the shelves, and Diageo’s drinks are behind the bar. These aren't just exports, they are vast, localised operations built to serve a population of over 200 million people.
To me, this is the most sensible way to approach an emerging market. You aren't betting on a plucky local startup. You are investing in FTSE 100 giants that have the scale, experience, and frankly, the legal firepower to navigate a complex environment. They’ve been doing it for years. The energy sector is perhaps the most obvious example, with giants like Equinor and Eni having significant oil and gas operations there. But the real story, I think, is what’s happening beyond the oil fields.