Investors looking to place their money outside of the U.S. should look no further than sub-Saharan Africa, Atlas Merchant Capital CEO Bob Diamond said Thursday.
"There are a lot of reasons to be positive in the medium-to-long term for sub-Saharan Africa," the former Barclays CEO said in a CNBC "Power Lunch" interview.
Some of the reasons Diamond cited include growth in consumer discretionary income, a growing number in democratic regimes and the fact that Nigeria had a peaceful transition of power during its March elections. "There is strong underlying economic growth that is much more than just the natural resources sector."
However, "there are a number of economies in Africa that are going to be affected by the commodities cycle," he said.