Nigeria climbed four places to eighth position in the 2026 Bloomberg Economics Investment Risk-O-Meter, emerging as the biggest climber among nineteen African economies assessed. The advance reflects measurable gains in economic strength, fiscal strength, and external vulnerability following economic reforms introduced under President Bola Tinubu.
Nigeria Climbs to Eighth in African Investment Rankings
Nigeria moved up from a distant twelfth position to eighth place in the latest scorecard evaluating relative investment risk across nineteen African markets (according to the UK-based newspaper). Mauritius retained the top position on the gauge with a score of 0.6, while South Africa slipped from first place to second following a weaker economic growth outlook (Business Insider Africa reported). Botswana dropped two places in the ranking due to a deteriorating growth outlook, while Morocco secured seventh place with an overall risk rating of 0.2 (Morocco World News noted). Kevin Latter, who serves as JPMorgan Chase’s senior country officer for sub-Saharan Africa, observed that risks vary substantially across countries and regions.
Nigeria’s ascent allowed the country to overtake Rwanda, Tanzania, Kenya, and Namibia on the five-metric investment risk gauge (The Guardian Nigeria News stated). The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge — economic strength, fiscal strength and external vulnerability,
The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge — economic strength, fiscal strength and external vulnerability.
Bloomberg Economics, via Vanguard News
Bloomberg Economics evaluates countries across five specific pillars: economic strength, fiscal strength, institutions and governance, infrastructure, and external vulnerability.
Tinubu Implements Policy Changes to Boost Economic Growth
The improved standing follows a series of economic policy changes introduced since President Bola Tinubu took office in 2023 (Nairametrics reported). These measures included the removal of the petrol subsidy, the liberalization of the foreign exchange market to allow market-determined rates, and adjustments to electricity tariffs aimed at reducing losses in the power sector (Business Post Nigeria noted).
Real Gross Domestic Product growth rose from 2.54 percent in the third quarter of 2023 to 3.46 percent in the fourth quarter (THISDAYLIVE recorded). Growth averaged 3.19 percent across 2024 before strengthening to 3.85 percent in 2025 (Punch Newspapers reported).
Proshare’s computation noted that the 23.00 percent policy rate stands 7.61 percentage points above August headline inflation, compared with a differential of 11.11 percentage points prior to the reset.
Experts Cite Institutional Hurdles and Infrastructure Constraints
Nigeria is the standout mover. The rebasing of gross domestic product, stronger growth and an improved external position have lifted its macro credentials substantially. But weak institutions and infrastructure remain important constraints,
Nigeria is the standout mover. The rebasing of gross domestic product, stronger growth and an improved external position have lifted its macro credentials substantially. But weak institutions and infrastructure remain important constraints.
Ms Yvonne Mhango, Africa economist
Nigeria scored 0.4 in economic strength and 0.6 in fiscal strength in the detailed Z-score breakdown published by Bloomberg, while its external vulnerability pillar reached 1.4 (Business Insider Africa reported). Its institutions and governance score stood at -1.2, and its infrastructure score registered at -0.5. International financial institutions, including the World Bank and the International Monetary Fund, have called on the federal government to step up its intervention because the reforms have not fully trickled down.
Public Debt Climbs as Households Face Higher Costs
The reform agenda has imposed heavy adjustment costs on households and businesses through higher energy, transportation, and food costs (THISDAYLIVE observed).
Total public debt stood at N87.38 trillion ($61.4 billion) as of June 30, 2023, according to data from the Debt Management Office, climbing to N159.28 trillion ($111.9 billion) by December 31, 2025 (The Guardian Nigeria News reported). The Debt Management Office attributed the increase to new borrowing, exchange-rate adjustments, and the securitization of legacy obligations.