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Stocks Look Cheap to Nigeria’s Onyema as Foreigners Exit

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Foreign investors fleeing Nigeria as oil prices plunge are leaving stocks undervalued in Africa’s biggest economy, the bourse’s chief executive officer said.

The benchmark index’s 17 percent decline this year isn’t justified by economic changes and as a result Nigerian equities are “effectively on sale,” Oscar Onyema said in an interview yesterday at a conference in Diani, Kenya. “The fundamentals demand higher valuations.”