According to Bloomberg, investors following the index have $500 million staked in Nigeria, half what they would have if they were properly tracking the benchmark, and those holdings are “under threat” should MSCI exclude Nigeria, according to Charles Robertson, chief economist at Renaissance, a Moscow-based investment bank focused on developing markets.
“The risk has become acute,” Robertson said in an e-mailed note. “Being excluded from such indexes creates a higher hurdle to attract future investments. Nigeria would have to become so attractive to foreign investors that they would make it an off-index investment.”
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