Making NGE’s declines look even worse is the fact that frontier markets, Nigeria’s market designation, have collectively performed well in 2014. The iShares MSCI Frontier 100 ETF (NYSEArca: FM) is up nearly 3% this year. Nigeria is FM’s fifth-largest country weight with an allocation of almost 12%.
Nigeria’s weight in MSCI frontier indices could approach 21% later this year when the index provider moves Qatar and the United Arab Emirates to emerging markets status. [Frontier Markets ETF Still Beating Emerging Rivals]
Global X Nigeria Index ETF
