Nigeria has climbed four places to become Africa’s eighth most investable economy in the 2026 Bloomberg Economics Investment Risk-O-Meter, signalling an improved risk outlook for investors despite continuing concerns over public debt, infrastructure and currency stability.
The ranking places Nigeria eighth among 19 African economies assessed by Bloomberg Economics, up from 12th position in the previous edition and making the country the biggest climber in the latest assessment.
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Nigeria moved ahead of Rwanda, Tanzania, Kenya and Namibia, placing Africa’s largest oil producer and refiner in the upper half of the continent’s investment ranking.
Bloomberg Economics attributed Nigeria’s improved position to progress across three of the five areas measured by the gauge: economic strength, fiscal strength and external vulnerability.
The improvement comes against the backdrop of major economic reforms introduced by President Bola Tinubu’s administration since 2023, including the removal of petrol subsidies, reforms to the foreign exchange market and changes to electricity tariffs.
These measures have significantly altered Nigeria’s economic policy landscape, although their impact continues to generate debate over their short-term effects on households, businesses and government finances.
Mauritius retained the top position in the latest ranking, reflecting its relatively strong performance across the indicators used by Bloomberg Economics.
South Africa, which topped the previous edition, dropped one place as its growth outlook weakened, while Botswana fell two places.
Nigeria’s improved ranking, however, comes with significant fiscal pressures.
Data from the Debt Management Office show that the country’s total public debt increased from ₦87.38 trillion in June 2023 to ₦159.28 trillion in December 2025, highlighting the financial pressures that could influence investor sentiment and government capacity to fund development.
The Bloomberg Economics gauge forms part of the 2026 Investor’s Guide to Africa and assesses factors considered relevant to potential financial returns across five broad areas.
These include economic and fiscal strength, political risk, external vulnerability and other indicators that influence the investment environment.
The methodology converts the underlying indicators into comparable scores, allowing investors to assess how African markets have performed relative to one another.
The latest edition also benefits from two years of data, providing a clearer basis for comparing changes in the investment outlook across the assessed economies.
Nigeria’s four-place rise could strengthen the country’s investment narrative at a time when the Federal Government is seeking to attract more domestic and foreign capital following years of economic uncertainty.
However, the improved ranking does not remove the structural challenges facing the economy.
Infrastructure deficits, currency volatility, pressure on public finances and limited fiscal space remain important considerations for investors evaluating Nigeria.
The sustainability of the country’s new position will therefore depend largely on whether the reforms introduced in recent years translate into stronger economic growth, improved public finances, greater macroeconomic stability and a more predictable investment environment.
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For Nigeria, the Bloomberg ranking offers a positive signal, but maintaining that momentum will require consistent policy implementation and further progress on the underlying economic weaknesses that continue to shape investor confidence.
