Nigeria is a unique sweet spot for investors right now, Will Tindall, co-founder of Emerging Crowd, has said.

According to a new study by the investment platform Emerging Crowd, which identified the five frontier markets with the greatest potential for the UK investors, Nigeria is the world’s most attractive frontier market.

“With the Nigerian currency now 14% cheaper against the Pound [British pound] than it was a year ago, the country’s stocks represent exceptional value to investors who are keen to broaden their horizons into frontier markets. Thousands of entrepreneurial young companies are springing up – and with such a huge and untapped market on their doorstep, the best have extraordinary growth potential,” said Tindall.

“This month’s smooth transition of power from one democratically elected president to another is a potent endorsement of its political stability, and the falling oil price has spurred its vast economy to diversify rapidly,” he said.

African countries dominated the rankings, with Kenya and Ghana taking the second and third spots.

The Philippines and Vietnam completed the top five.

Kenya has seen a string of successful technology companies emerge from Africa’s first tech incubator, in an area of Nairobi that has inevitably been dubbed “silicon savannah”.

Kenya’s GDP is forecast to grow by 6.4% in 2015 – more than double the rate of the UK economy.

A recent survey by Deloitte found Kenya to be the most popular market for private equity investment in Africa, underlining the nation’s maturity as an investment destination.

The survey cited Kenya’s growth prospects, its open market policies, and its well-developed financial sector as key factors in its appeal.

Tindall said: “All of the countries to make the top five have a thriving SME sector like the UK’s, together with strong GDP growth and favorable demographics. Crucially, they all have a strong legal framework for investor protection.”

Emerging Crowd is the UK's first global crowdfunding and investment platform focused on unlisted growth-stage companies in emerging and frontier markets.

“Frontier markets can offer investors significant growth and income as part of a diversified investment portfolio. For decades the only practical way for investors who reside outside these markets to access them was via a fund. Emerging Crowd was set up to allow investors to invest directly in a carefully curated selection of companies in the world’s most exciting emerging and frontier markets,” said Tindall.