The RMB Where to Invest in Africa report for 2024 has ranked Nigeria as the ninth most investable African country. The comprehensive analysis assesses 31 countries based on four pillars: economic performance & potential, market accessibility & innovation, economic stability & investment climate, and social & human development. Despite being Africa’s largest economy by GDP, Nigeria’s ranking is affected by its low GDP per capita, over-reliance on oil exports, and a challenging business environment.
Nigeria, along with South Africa, Egypt, and Ethiopia, is categorized as a “Highflyer” country in the report. These well-established economies offer stability and diverse investment opportunities. Other categories include “Cleared for Take-off” countries with high economic growth potential, “People Potential” markets with a young demographic, and “Global Connectors” with strong international presence.
According to RMB’s Chief Economist Isaah Mhlanga, the report aims to provide a balanced view of the drivers, challenges, and opportunities that characterize each African market. The report highlights the continent’s diversity and the importance of understanding the nuances of its various economies for potential investors.
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