Bloomberg Ranking Names Nigeria Africa’s Biggest Investment Climber.

Nigeria has risen four places to eighth in Bloomberg Economics’ 2026 Investment Risk-O-Meter, making it the biggest climber among 19 African economies assessed. The ranking measures countries’ relative attractiveness to investors.

Bloomberg said Nigeria’s improved position reflected stronger results in three of the five indicators used in the assessment: economic strength, fiscal strength and external vulnerability. The country overtook Rwanda, Tanzania, Kenya and Namibia.

Mauritius ranked as Africa’s most investable market. Botswana fell two places, while South Africa dropped one position after its economic growth outlook weakened.

Nigeria’s rise follows major economic changes introduced by President Bola Tinubu’s administration, including the removal of the petrol subsidy, foreign exchange market reforms and adjustments to electricity tariffs. The government has said these measures are intended to correct economic distortions, improve public finances, attract investment and ease pressure on foreign exchange reserves.

The reforms have also brought significant costs for households and businesses, particularly through higher transport, food and energy prices. At the same time, Nigeria has continued to record economic growth. Gross domestic product expanded by 2.54 per cent in the third quarter of 2023 and 3.46 per cent in the fourth quarter. Growth averaged 3.19 per cent in 2024, rose to 3.85 per cent in 2025 and reached 3.89 per cent in the first quarter of 2026.

However, the improved ranking comes alongside a sharp increase in public debt. Debt Management Office figures show that Nigeria’s total public debt rose from N87.38tn in June 2023 to N159.28tn by December 2025—an increase of N71.90tn, or about 82.3 per cent. The DMO attributed the rise to new borrowing, foreign exchange adjustments and the securitisation of some legacy obligations.

Nigeria has long faced barriers to attracting foreign investment, including exchange-rate instability, policy uncertainty, inadequate infrastructure, insecurity and limited fiscal space. The government’s reforms have sought to address some of these challenges by giving market forces a greater role in setting fuel prices, exchange rates and electricity tariffs.

Foreign exchange changes were designed to reduce multiple rates and improve transparency. The removal of the petrol subsidy aimed to lower the government’s spending burden, while electricity tariff adjustments sought to improve the power sector’s financial viability and encourage investment.

The Bloomberg ranking signals an improvement in Nigeria’s standing relative to other African markets. Yet investors are likely to keep assessing whether the reforms can be sustained, whether economic growth will continue and how the country will manage its rising debt and cost-of-living pressures.