From 1907-10, Southern Nigeria issued a definitive set with a portrait of Edward VII (Scott #32-43). 20,520 sets were issued, and Scott '11 values the set unused at $403.75.Stamps of Southern Nigeria have the potential for dual market appeal among collectors of British Commonwealth and Nigeria. In an earlier blog article, I discussed a Price, Waterhouse report projecting which countries' economies would grow the fastest over the next 40 years. Nigeria's came in third.
A nation of over 154 million people, Nigeria is an an emerging market country, and is rapidly approaching middle income status, with an abundant supply of resources, well-developed financial, legal, communications, transport sectors, and a stock exchange which is the second largest in Africa. It is the eighth largest exporter of petroleum in the world. GDP growth has averaged over 6% over the last 5 years. However, the country also has major problems, including corruption, human rights abuses, grossly unequal distribution of income, and internal religious and tribal conflicts.
Based purely on the growth of demand from British Commonwealth collectors, the set represents a conservative investment with little downside risk. Should even a relatively modest base of collectors develop in Nigeria, the set will soar.
Based purely on the growth of demand from British Commonwealth collectors, the set represents a conservative investment with little downside risk. Should even a relatively modest base of collectors develop in Nigeria, the set will soar.
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