More global companies are interested in targeting investments in sub-Saharan Africa, but it isn't clear that high hopes for the region will pan out.
"The sub-Saharan Africa story is very much alive and real and it's very much about the last frontier and many, many companies are focused on early mover advantage in this very, very large market," Richard Leggett, CEO of Frontier Strategy Group, told CNBC.
The Frontier Markets Sentiment Index, which the group created for the Wall Street Journal, found that Nigeria tops the list of frontier markets that major European and U.S. multinational companies are interested in pursuing for investments.
"It's the largest economy in sub-Saharan Africa and its growing very rapidly," Leggett said, adding that nine of the top 20 markets being tracked by multinational companies are in sub-Saharan Africa.
"The idea is that you'll have a rising consumption story in those markets," he said. "A lot of it is going in early, setting up distributorships, and your go-to-market strategies and building local teams -- because talent is scarce in these markets -- and starting to get early market share and wallet share."