Experts: Biden’s victory will attract $700b to Nigeria, other emerging markets
- Experts are already making projections concerning the economic gain for Africa if Joe Biden emerges the US president
- Analysts say a Biden presidency will attract billions of investments in emerging markets
- Nigeria is expected to gain from such investments in the long term
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Renaissance Capital (RenCap) analysts have predicted that a win for Democratic Party presidential candidate Joe Biden will attract $700 billion investments to Nigeria and other emerging markets.
Charles Robertson, a RenCap chief economist, said a Biden victory will, in the long run, shift trillions of dollars to Nigeria and other emerging markets.
The expert at the global investment and research firm said he expects Biden to clinch victory with Nevada due to give him six Electoral College votes.
Source: Twitter
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On the outlook for Nigeria and other emerging markets, he argued that US President Donald Trump’s possible defeat is good for emerging markets, adding that global investors will start re-allocating cash to emerging markets in a big way.
He disclosed that already, Blackrock’s head of fixed income, who is responsible for $2.6 trillion of that firm’s $7.8 trillion in assets, said they will invest more in the merging market.
Robertson said this becomes a self-reinforcing cycle of emerging market forex appreciation giving good returns to dollar investors, which in turn attracts more money to emerging market and in turn pushes emerging market forex stronger.
Meanwhile, Biden has said he has no doubt that he and Senator Kamala Harris will be declared winners when all ballots are counted in the ongoing polls.
The presidential candidate speaking in a briefing on Thursday, November 5, said votes are sacred in America and called for every ballot to be counted in accordance with the will of voters.
He stated that democracy can be messy, but also noted that democracy requires patience, adding that he and Harris feel very good about where things stand at the moment.
He urged Americans to stay calm, emphasising that the process is working and the vote count would soon be completed.
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