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      One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

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      Tinubu Urges Governors To Invest More In Poverty Eradication, Others

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    Home - Nigeria Ranks 9th In African Investment Destinations – Bloomberg

    Nigeria Ranks 9th In African Investment Destinations – Bloomberg

    By Lekan AdeyeyeAugust 7, 2024
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    THE “Giant of Africa” Nigeria, ranked 9th among top African investment destinations, with Seychelles and Mauritius topping the list.

    According to bloomberg, the report assessed 31 nations on the continent, evaluated economic performance, market accessibility, investment climate, and social and human development.

    Nigeria, along with Ghana and Kenya, is considered an emerging market with significant growth potential.

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    ‘’In addition, there are a number of emerging markets with significant growth potential, including Nigeria, Ghana, and Kenya. Despite facing challenges such as political instability and infrastructural deficits, these countries offer substantial opportunities due to their large and youthful populations, improving business climates, and diversification efforts.”

    Seychelles and Mauritius outperformed other African nations due to their strong economic stability, investment climates, and social and human development indicators. Their small economies and populations, however, may pose a barrier to investors.

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    Egypt ranked third, excelling in economic performance and potential, with a large market and strong economic indicators make it an attractive option for investors. With over 110 million people, it offers a significant consumer base, strategically positioned relative to European markets.

    The report categorized countries into distinct groups based on shared characteristics related to their economic and investment profiles to help investors understand the unique traits and potential opportunities within different markets. Here’s a clearer breakdown

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    Highflyers: These are large, well-established economies that offer stability and a range of investment opportunities. Examples include Nigeria, South Africa, Egypt, and Ethiopia.

    Cleared for Take-off: Countries in this category have high economic growth and innovation potential due to factors like a young population and abundant resources. Examples include Senegal and Côte d’Ivoire.

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    People Potential: Markets in this group have a young and growing demographic, creating a sizeable consumer base and a future workforce. Examples include Kenya, DRC (Democratic Republic of the Congo), and Uganda

    Global Connectors: These are more advanced economies with a strong international presence. Examples include Morocco, Mauritius, Tunisia, and Seychelles.

    Low-Base Boomers: Smaller markets with high potential for explosive growth but also a higher degree of risk fall into this category. Examples include Rwanda, Mozambique, and Benin.

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    The RMB report notes that African investment destinations face significant turbulence, with geopolitical tensions and global inflation impacting trade flows and investment decisions.

    These factors have impacted trade flows and forced central banks to maintain high interest rates, keeping the cost of funding for African borrowers elevated.

    Nigeria’s ranking highlights the need to address its economic challenges like foreign exchange shortages and rising inflation to improve its investment climate.

    What you should know
    According to report from Nairametrics, Nigeria’s foreign investment landscape has experienced a mixed bag, with a 27% decline in total foreign capital from $5.33 billion in 2022 to $3.91 billion in 2023, according to the National Bureau of Statistics (NBS).

    However, 2023 saw notable foreign capital inflows from various countries, showcasing a diverse range of international investors contributing to Nigeria’s economic growth.

    In a promising turn, Nigeria’s total capital importation surged by 210.16% in Q1 2024, reaching $3.37 billion from $1.08 billion in Q4 2023.

    Compared to the corresponding quarter in 2023, the increase was 198.06% from $1.13 billion, indicating growing confidence among foreign investors in Nigeria’s economy.

    Nigeria’s various sectors have shown varied performance in attracting foreign investment, with significant growth in key areas such as banking, trading, and telecommunications.

    This development highlights the need for Nigeria to address its economic challenges and improve its investment climate to attract more foreign investment and drive economic growth.

    Africa Investment Nigeria
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    One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

    August 1, 2025

    ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

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    Tinubu Urges Governors To Invest More In Poverty Eradication, Others

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