African countries are improving politically and economically and their businesses are doing "great," said Lawrence Speidell, portfolio manager at Frontier Market Asset Management.
“The story of Africa isn’t really a headline story, but a more day-to-day hard work and a virtuous circle,” Speidell told CNBC.
“Our theme in Africa is to focus on the rising middle class.”
He said companies such as Nestle, Cote d’ivoire, Unilever and Swissport International are some global multi-national companies that have established presence around Africa.
“The financials in Africa basically make money the old fashioned way. They take deposits and make careful loans. Huge net interest margins, low loan deposit ratios, good quality banks,” he said.
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No immediate information was available for Speidell or his firm.
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