Nigeria Gets New Position as New Ranking Shows Best Countries to Invest in Africa
- Nigeria has suffered a great decline, as a new ranking shows that Nigeria has dropped among the best countries to invest in Africa
- The country dropped to the 18th position in the latest ranking released by Rand Merchant Bank
- According to the report, Nigeria’s fall from the 9th position to the abysmal 18th ranking was due to a series of issues
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria has taken a painful hit in the latest Where to Invest in Africa (WTIIA) ranking by Rand Merchant Bank (RMB), sliding from 9th place to 18th in the 2025/2026 edition.
The sharp drop, described by RMB as “precipitous,” highlights the turbulence of the last year and the difficult choices confronting Africa’s largest economy.
Source: Facebook
A changing investment landscape across Africa
RMB captured the mood bluntly, noting that Nigerians have had plenty of reasons to use the word “wahala” as the country navigated tough economic reforms and currency volatility.
Still, the bank maintains that the slippage, although steep, must be properly understood within the larger context of transition and recovery.
The WTIIA report, an influential guide for investors and policymakers, outlines the major forces shaping Africa’s investment climate.
According to Isaah Mhlanga, Chief Economist at RMB, the continent has been rocked by a mix of political shifts, policy uncertainty, unrest and the global realignment of capital flows over the past year.
These pressures have left noticeable macroeconomic marks, contributing to both risks and opportunities.
The 2025/2026 edition focuses on the theme “From aid to investment and trade,” signalling Africa’s ongoing shift from aid dependence to a more assertive push for sustainable growth, regional collaboration and private-sector-led development.
With foreign aid declining and global capital increasingly redirected, African economies are rethinking how they engage with the world.
The report shows that this shift is already reshaping national priorities, business environments and long-term development strategies.
The top performers stay firm
The top five spots on the continent remain unchanged. Seychelles and Mauritius hold first and second positions, buoyed by their stable and appealing markets.
Egypt, South Africa and Morocco complete the top five, sustaining their positions from the previous year.
Below the top tier, however, there were dramatic shifts. Nigeria, Mozambique, Côte d’Ivoire, Zambia and Senegal all recorded noticeable changes, but Nigeria’s nine-place plunge stands out as the biggest move of the year.
According to a report by Market Forces Africa, RMB explains that Nigeria’s drop was driven largely by factors linked to currency devaluation.
Although the country scored strongly on economic potential, the effects of a more flexible exchange rate and the removal of fuel subsidies disrupted the metrics used in the ranking.
These reforms triggered short-term inflation and volatility, but they also signalled a push toward long-term sustainability.
The recent rebasing of GDP and consumer price indices further adjusted Nigeria’s numbers, offering a clearer—but temporarily unsettling—picture of the economy.
A tough year, but not a lost cause
Despite the slip, RMB stresses that Nigeria’s outlook remains positive.
The IMF projects growth between 3.0 and 3.3% as reforms begin to take hold, which suggests that the turbulence is part of a necessary healing phase.
RMB likens the moment to the drowsiness that comes after taking needed medicine: uncomfortable today, but vital for a stronger tomorrow.
Source: Twitter
A recent report by Legit.ng also placed Nigeria as the 8th most industrialised nation in Africa in 2025, reinforcing the fact that the country still commands significant economic weight.
Nigeria may be dealing with its share of “wahala,” but the broader narrative is one of transition, not collapse. The choices being made today could position the country for a more stable and competitive future.
Dollar inflows to forex market rise
Legit.ng earlier reported that dollar inflows into Nigeria’s foreign exchange market improved only slightly last week despite the ongoing pressure on the naira.
New data from Coronation Merchant Bank shows that the Nigerian Foreign Exchange Market recorded inflows of $844.70 million, a mild increase from the $841.10 million seen a week earlier.
The rest will be pushed to prepaid cards, marking one of the most significant changes to travel forex in recent years.
Source: Legit.ng
