Nigeria drops to 14 as Egypt tops investment destinations

Nigeria has slid to 14th place in Africa’s top ten investment destinations, with Egypt being the top country.

This is according to RMB’s ‘Where to Invest in Africa 2021’ study. The ranking is based on the operating environments of countries, according to RMB, a division of FirstRand Bank Limited.

The pandemic, according to RMB Africa Economist Daniel Kavishe, ushered in a new world and a new approach to this year’s list.

Kavishe said, “We created a new set of rankings that incorporated some of the unavoidable COVID-19-induced challenges, of which the operating environment score was one.”

Fiscal scores, he claims, are crucial markers of how nations respond to COVID-19. He said, “The inclusion of a fiscal score in our rankings aimed to score governments’ fiscal positions and provided a basis from which investors can understand specific jurisdictions.