Tinubu’s reforms push Nigeria to top of Africa’s investability rankings

Nigeria has recorded the biggest improvement among African economies in Bloomberg Economics’ latest Investment Risk-O-Meter, rising four places to eighth position amid reforms under President Bola Tinubu.

According to Bloomberg, Nigeria overtook Rwanda, Tanzania, Kenya and Namibia after improving across three of the five indicators measured by the gauge: economic strength, fiscal strength and external vulnerability.

Mauritius retained the top position among the 19 African economies assessed, while South Africa, which led the ranking last year, dropped one place.

Bloomberg attributed Nigeria’s improved position partly to reforms introduced since Tinubu assumed office in 2023, including the removal of the petrol subsidy, foreign-exchange market liberalisation and electricity tariff reforms.

The report noted that Nigeria’s economy has continued to expand despite persistent structural challenges. The improved ranking signals stronger investor confidence, although rising public debt and economic pressures remain concerns.

The development comes as the Federal Government continues efforts to attract investment and strengthen Nigeria’s economic fundamentals.