Bloomberg Ranks Nigeria 8th Most Investable in Africa

Nigeria has risen four places, from 12th to 8th, in the 2026 Bloomberg Economics Investment Risk-O-Meter, making it the biggest climber among the 19 African economies assessed. It overtook Rwanda, Tanzania, Kenya and Namibia after improving in three of the gauge's five measures: economic strength, fiscal strength and external vulnerability. Mauritius took first place from South Africa. Here is what the ranking measures, where Nigeria still scores poorly, and what it means for investors.

What the Risk-O-Meter measures

The scorecard appears in Bloomberg Businessweek's 2026 Investor's Guide to Africa. According to bne IntelliNews, it compares 19 markets on five measures:

1. Economic strength
2. Fiscal strength
3. Institutions and governance
4. Infrastructure
5. External vulnerability

Bloomberg converts underlying data such as growth, debt, political risk and foreign reserves into standard scores, then weights them into one overall score. The scores are relative: around zero means the middle of the group, positive means stronger than peers and negative means weaker. They are not percentages, and they do not measure absolute safety.

Where Nigeria sits on the table

bne IntelliNews published the overall scores:

Two things stand out. First, Nigeria is now just above the middle of the group, not near the top. Second, the gaps between many countries are small, so positions can change quickly from one edition to the next.

South Africa, which topped the previous edition, slipped one place on a weaker growth outlook. Botswana fell two places as its diamond-dependent economy and public finances weakened.

What improved for Nigeria

Bloomberg said Nigeria gained on economic strength, fiscal strength and external vulnerability. The reports tie this to reforms the Tinubu administration began in 2023, including removal of the petrol subsidy, liberalisation of the foreign exchange market and changes to electricity tariffs.

Growth has picked up as those reforms have bedded in:

The 2023 and 2024 figures come from Punch's review of the period. The 2025 figure was the strongest annual performance in the period covered, and Q2 2026 was faster still.

On the external side, stronger foreign reserves and greater FX flexibility have reduced Nigeria's vulnerability to shocks compared with a few years ago. ThisDay noted, however, that the country remains heavily dependent on crude oil for its foreign exchange earnings, despite efforts to grow non-oil exports in manufacturing, agriculture and gas. That keeps the external score sensitive to oil prices.

What still holds Nigeria back

The scorecard still shows weakness in institutions and governance and in infrastructure, according to bne IntelliNews. These are slow to fix and matter a great deal to long-term investors deciding where to build factories, power plants or pipelines.

Debt is another concern, even though fiscal strength improved. ThisDay and Punch, citing Debt Management Office data, report that total public debt rose from ₦87.38 trillion on 30 June 2023 to ₦159.28 trillion on 31 December 2025. That increase reflects new borrowing, exchange rate effects and the securitisation of older obligations. This is background reported by the newspapers, not a figure from Bloomberg's score.

The reforms have also carried real costs for households, with higher transport, food and energy prices adding to cost-of-living pressures.

A ranking is not an investment decision

bne IntelliNews made a useful point: a better country score does not automatically bring large new investment. It noted, for example, that some major oil projects are still waiting for final investment decisions. Equally, some lower-ranked countries continue to attract big projects because of their resources.

The ranking also covers only 19 of Africa's 54 countries, so it should not be read as a full league table of the continent.

What this means for investors

• Sentiment signal. Global fund managers read Bloomberg. A visible climb adds to recent positive news, including Fitch's move to a Positive outlook, and may help bring Nigeria back onto some investors' watch lists.
• Relative, not absolute. Nigeria scores 0.1, just above the middle of the group. It has improved compared with peers; it is not suddenly low-risk.
• Sectors to watch. Areas tied to the reform story, such as banking, energy and consumer businesses, are the most directly exposed to whether reforms hold.
• Weak spots still matter. Governance and infrastructure scores affect long-term returns, especially for capital-heavy businesses.
• Election risk. With general elections due in early 2027, policy continuity will be tested. Gains in a ranking can reverse if reforms slip.

This is for information only and is not investment advice.

FAQ

Where does Nigeria rank in Bloomberg's 2026 Africa investment ranking?

Nigeria is 8th of 19 African economies in the 2026 Bloomberg Economics Investment Risk-O-Meter, up four places from 12th. It was the biggest climber.

Which country is the most investable in Africa according to Bloomberg?

Mauritius ranked first with a score of 0.6, ahead of South Africa on 0.5. South Africa had topped the previous edition.

Does this ranking mean Nigeria is now a safe place to invest?

No. The scores compare countries with each other, not with an absolute standard. Nigeria still scores weakly on institutions, governance and infrastructure.

Sources

• ThisDay, "Bloomberg: Nigeria Emerges Biggest Climber, Jumps 4 Places to 8th Most Investable African Economy" (6 Oct 2026)
• Punch, "Nigeria overtakes four nations in Africa investment ranking" (6 Oct 2026)
• bne IntelliNews, "Mauritius tops Bloomberg Africa investment ranking as Nigeria climbs four places" (6 Oct 2026)