Nigeria, Africa’s most populous black country, is ranked as the 9th top investment destination with an overall score of 0.163, following countries such as Seychelles (1), Mauritius (2), Egypt (3), South Africa (4), Morocco (5), Ghana (6), Tunisia (7), and Senegal (8).
The “Where to Invest in Africa” report for 2024, which evaluates the investment attractiveness of 31 African nations, was conducted and released by Rand Merchant Bank (RMB) and the Gordon Institute of Business Science (GIBS)
The scorecard for the 2024 issue highlights 31 countries that collectively represent 92% of the continent’s economic activity (by GDP) and more than one billion people (75% of the continent’s population).
The model is constructed from 20 metrics across four (4) main pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development.
Despite ongoing challenges like foreign exchange shortages and infrastructure deficits, Nigeria is recognised for its significant economic potential.
Interestingly, the country’s large and youthful population and ongoing economic diversification efforts of the current administration present a hopeful picture of a notable emerging market.
However, the country ranks lower in economic stability and market accessibility, which is critical for attracting more foreign investments. Nigeria’s rankings were highlighted below based on the four metrics assessed.
Nigeria ranked second in terms of economic performance & potential, considering factors like GDP growth, market size, and overall economic potential.
However, in market accessibility & innovation, Nigeria ranked 29, indicating significant challenges related to infrastructure, ease of doing business, and access to markets.
This underscores the urgent need for creating a more business-friendly environment. Under economic stability & investment climate, which assesses factors such as political stability, regulatory environment, and economic policies, Nigeria ranked 21.
This ranking highlights issues with economic stability, such as inflation and currency volatility. On social & human development, which includes metrics related to education, health, and overall quality of life, Nigeria ranked 15.
