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Strategist: Don't touch emerging markets just yet

It's too soon to be investing in emerging markets amidst a commodity collapse, said David Spika, Guidestone Capital Management global investment strategist.

"There's still just way too much uncertainty," he told CNBC's "Power Lunch" Monday.

Spika named three elements driving emerging markets now: capital outflows, commodity price declines and currency devaluations.

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"It's a vicious cycle," he said. "The more currencies fall, the more capital flows out. Commodity price declines are hurting the economic growth of most of these countries. It's creating inflation in a slow growth environment. It's a very difficult situation and there's just not enough certainty right now to get in front of this train."

Spika said that lower oil prices will probably mean that more smaller companies will have to go out of business to help lower supply. "The other side of that is we have to hope that China and the emerging markets can level out in terms of economic growth so we don't see a significant decline in demand."

The impact in Nigeria

Nigeria oil, Nigeria emerging market
Pius Utomi | EKPEI | AFP | Getty Images

Folorunsho Alakija, a Nigerian billionaire and Africa's third-richest woman, said that although Nigeria is hurting from lower oil prices, it's not a kiss of death.

"There is the wrong perception that Nigeria relies solely on oil production — that's not the case," she said in an interview on CNBC's "Power Lunch" on Monday.

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She said that the oil sector brings in about 10 percent of Nigeria's GDP. But other sectors such as telecom, banking and consumer retail are booming, she added.

Alakija said that investors have not yet pulled out of the country but that could change, "depending on what happens with the oil prices, but I believe that the other sectors that are cushioning the negative effects of the oil price drop and will make people still invest in Nigeria."