However, Paul Schatz, president of investment management firm Heritage Capital, remains wary of the short-term outlook in Africa due to political instability, terrorism, lack of government transparency and lack of liquid capital. Schatz, though, takes a more long-term view.

“While long term, I believe investing in Africa will provide China-like returns, I think that region is at least a decade or more away,” Schatz told CNBC.

While there is “typical business risk,” Ndubuisi Ekekwe, founder of the African Institution of Technology, is optimistic, pointing out that Africa is democratizing and could provide growth opportunity for businesses.

Market Vectors Africa Index ETF

For more information on Africa, visit our Africa category.

Max Chen contributed to this article.