On Tuesday, the Ranger attended an emerging markets seminar with S&P Global Ratings, where SMBC’s loan heads Alison Ress and Paul Gibbon were spotted in the crowd.
There was plenty of enthusiasm for the asset class, evident in the packed conference room, though as the S&P analysts pointed out, funds have continued to flow into emerging markets even though credit ratings have fallen steadily in recent years. So get ready for the bucking bronco once the Fed raises rates again.
At an African trade conference later in the week, the Ranger met Ecobank economist Gaimin Nonyane and ate boiled sweets with her at a trade stand.
Nonyane gave the Ranger tips on her top areas of growth in Africa and also, like everyone else at the conference, bemoaned Nigeria’s strict foreign currency control rules.
A group of Nigerian bankers were also overheard later that that morning bemoaning Nigeria’s fiscal policy.
“When will they set the naira free?!” aked one frustrated banker.
The Ranger nodded knowingly, ‘yes that naira really needs to stretch its legs’, she thought.
