Nigeria has recorded one of the biggest improvements in Africa’s latest investment-risk ranking, rising four places to eighth position in the 2026 Bloomberg Economics Investment Risk-O-Meter.
The ranking assesses the relative investability of 19 African economies. Nigeria moved ahead of Rwanda, Tanzania, Kenya and Namibia after improving across three of the five indicators measured: economic strength, fiscal strength and external vulnerability.
The latest ranking places Nigeria among the continent’s biggest climbers, with Mauritius taking the top position. South Africa, which led the previous edition, fell one place, while Botswana dropped two places.
Reforms support Nigeria’s improved ranking
Nigeria’s stronger position comes amid a series of economic reforms introduced since President Bola Tinubu assumed office in 2023.
Key measures include the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs aimed at reducing losses in the power sector.
The country has also recorded stronger economic growth during the period covered by the assessment. Real GDP growth reached 3.85 percent in 2025, while the economy expanded by 3.89 percent in the first quarter of 2026.
These improvements have helped strengthen Nigeria’s position on the economic and external indicators used by Bloomberg, although significant challenges remain.
Debt and inflation remain concerns
Despite the improved ranking, Nigeria continues to face fiscal pressures, including rising public debt and debt-servicing obligations.
Data from the Debt Management Office showed that total public debt increased from N87.38 trillion in June 2023 to N159.28 trillion by December 2025. The increase reflected additional borrowing, exchange-rate adjustments and the securitisation of some legacy obligations.
The ranking therefore highlights both progress and continuing vulnerabilities in Nigeria’s economy.
For Nigeria to sustain its improved position, analysts say the gains from economic reforms will need to translate into stronger growth, improved fiscal outcomes and greater macroeconomic stability.
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