Consumer Stocks Outperform, Led By Beer

Nigerian consumer stocks did very well in 2010 with the food and beverage (F&D) and NGSE 30 (includes beer) indices easily beating the benchmark NGSE All-Share index. The F&D and NGSE 30 indices were up by 44% and 27% respectively while the benchmark gained 19%. Both our food and drink and Africa desks see Nigeria as a fantastic long-term opportunity for consumer companies. When you combine a huge population (about 155mn, a fast-growing economy where spending is coming from a very low base and a financial services industry that is developing, you get a strong idea about the opportunities on offer. We really like the long-term prospects of the African consumer and Nigeria bedrocks this view.

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