Nigeria has been ranked as the ninth-top investment destination in Africa for 2024.
This ranking is based on the Rand Merchant Bank, (RMB), and Gordon Institute of Business Science, (GIBS) 2024 edition of the “Where to Invest in Africa” report, which tracks the investment attractiveness ranking of 31 African nations.
Nigeria ranks 9 with an overall score of 0.163 behind peers like Seychelles (1), Mauritius (2), Egypt (3), South Africa (4), Morocco (5), Ghana (6), Tunisia (7) and Senegal (8).
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 main pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, as well as social and human development.
Despite ongoing challenges like foreign exchange shortages and infrastructure deficits, Nigeria is recognised for its significant economic potential.
The country’s large and youthful population, and the ongoing economic diversification efforts, 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 and potential, considering factors like GDP growth, market size, and overall economic potential. However, in market accessibility and 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 and 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 and human development, which includes metrics related to education, health and overall quality of life, Nigeria ranked 15.
