Breaking News: A Bloomberg report has ranked Nigeria 9th position among the most investment-friendly countries in the African continent.
This ranking was made from a pool of 31 African countries with the most vibrant markets with clear growth potentials.
Ghana, Kenya and Nigeria are acknowledged as three giant markets with immense potential for growth, however to anyone’s surprise the countries topping the Bloomberg list were Mauritius and Seychelles, two relatively small countries.
Mauritius and Seychelles were ranked above all the other countries due to their great economic policy consistency, political stability, lower corruption levels and a generally more friendly investment climate.
An excerpt from the report read “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.”
Ranked third position is Egypt for its new found political stability, large population comprised mostly of youths and its proximity to Europe, making it easy to carryout cross continental trade.
The Bloomberg report obtained by 9AM News Nigeria also categorized the African countries into five different groups. They are:
- Highflyers: They are the superlarge economies with a teeming young population. This offers a large workforce and consumer base. They include South Africa, Ethiopia, Egypt and Nigeria.
- People Potential: These are countries with very young and fast growing population. They offer potential for a large consumer base in the future. They include Uganda, Democratic Republic of Congo and Kenya.
- Cleared to take of: These countries are seeing a rapid economic growth due to an innovative young population and an abundance of diverse mineral resources. They include Côte d’Ivoire and Senegal.
- Global Connectors: These countries are more technologically advanced and have a presence of many international companies and they are the fancy of many foreign investors. They include Morocco, Tunisia, Seychelles and Mauritius.
- Low base boomers: Countries in this category have a high potential for rapid growth but with a significant amount of risk that may arise from geopolitic tensions. These countries include Mozambique, Benin Republic and Rwanda.
Ogasabi’s remarks
In summary, the very unimpressive ranking of Nigeria in the 9th should be a wake up call for its economic handlers to address the issues of foreign exchange scarcity, currency depreciation, spiralling inflation and security challenges.
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