Nigeria has climbed seven positions to rank 11th in RMB's 2026/27 Where to Invest in Africa report, marking the largest movement in this year's rankings as economic reforms begin to strengthen the country's investment appeal. The improvement follows a challenging period: Nigeria had ranked 9th in the 2024/25 edition before dropping to 18th in 2025/26 as the economy dealt with the immediate effects of significant policy changes.
According to RMB's Chief Economist Isaah Mhlanga, the turnaround reflects confidence that Nigeria's economy is stabilizing. "Last year's decline was the immediate reaction to necessary long-term reform. Nigeria's improved position now reflects the view that the economy has been set on a more stable course," Mhlanga said. The report notes that the latest ranking reflects policy reforms, foreign-exchange market changes and statistical updates including GDP and CPI rebasing.
Nigeria's fundamental advantages remain substantial. The country ranks first in population and third in GDP among the 31 countries assessed in the report. However, structural challenges persist: macroeconomic stability emerged as a relative strength, while the strength of public institutions was identified as the country's largest weakness. Oil dependence, export concentration and import reliance continue to shape Nigeria's long-term resilience profile.
RMB's analysis distinguishes between immediate investment attractiveness and the durability of opportunities. The report introduced a new Resilience and Vulnerability Matrix to measure which markets can sustain progress during volatile periods. Resilience considers policies, institutions and buffers that help economies withstand shocks, while vulnerability captures structural exposure including climate risk and external financing needs. Sustaining Nigeria's improved ranking will depend on continued implementation of reforms, stronger public institutions, greater economic diversification and reduced structural vulnerabilities, according to RMB.
For savers, borrowers and businesses in Nigeria, the improved ranking signals that international investors are viewing the country as a more stable destination, potentially affecting capital flows and foreign investment into the economy.