Additionally, Mobius is highlighting Nigeria as a frontier opportunity dominated by Middle East countries.

“People are beginning to understand the frontier markets are much more varied, it’s not only Kuwait, it’s not only Bahrain,” Mobius said. “It’s many, many more countries and a country like Nigeria should really have a heavier weighting than some of these Middle Eastern countries.”

Mobius is referring to the weighting methodology in the MSCI frontier markets index. The iShares MSCI Frontier 100 ETF (NYSEArca: FM) has a 20.2% weight toward Kuwait, 18% in Qatar, 15.7% in the United Arab Emirates and 13.8% in Nigeria. FM gained 21.7% over the past year.

Global X Nigeria Index ETF

For more information on Nigeria, visit our Nigeria category.

Max Chen contributed to this article. Tom Lydon’s clients own shares of EEM.