Nigeria drops out of Africa’s Top 10 Investment Destinations

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Nigeria drops out of Africa's Top 10 Investment Destinations

A report released by the Rand Merchant Bank published this week revealed that Nigeria is no longer on the list of top 10 investment destinations in Africa. The West African country came in at the 7th position in 2020.

The myriad of economic challenges plaguing the country has been listed as possible culprits leading to the absence of the largest African economy from the list. Egypt came in tops followed closely by Morocco and South Africa.

In recent times, there has been almost a mass exodus of foreign investments and foreign-owned businesses due to factors such as high operational costs, insecurity, unfriendly business climate, and a rapid drop in the ease of doing business in the past year. Many foreign organizations are considering Ghana and other African countries as an alternative.

The remaining countries that are featured in the list include in a hierarchy – Rwanda, Botswana, Ghana, Mauritius, Cote d’Ivoire, Kenya, and Tanzania. Countries that made it to the top 10 have a more stable socio-economic climate.