Nigeria has been placed ninth on a list of the most attractive investment destinations in Africa, according to a new report by Rand Merchant Bank (RMB). While the country boasts a large population and significant GDP, it trails island nations such as Seychelles and Mauritius in overall investment appeal.
Despite its economic size, Nigeria’s lower GDP per capita and challenges in market accessibility contributed to its lower ranking. Other top-ten countries include Egypt, South Africa, Morocco, Ghana, Tunisia, and Senegal.
While the ranking might be a setback, Nigeria was listed among the “Highflyer” countries, which offer stability and a range of investment opportunities. The report notes that Nigeria is becoming an easier place for investors to succeed, with its Ease of Doing Business index ranking improving from 169 in 2016 to 131 in 2020.
The RMB report evaluated African nations based on economic performance, market access, investment climate, and social development. According to Isaah Mhlanga, Chief Economist at RMB, “The report aims to develop a balanced, robust and actionable view of the drivers, challenges and opportunities that characterise each of the 31 African markets included in the analysis.”
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
