Barely a month after Nigeria retained its spot as the third most attractive country in Africa for foreign investment, the country name is conspicuously missing among list of top 10 investment destinations in Africa, a new report has revealed.
In the report titled: “Where to Invest in Africa 2021,” put together by a South African investment and advisory firm, Rand Merchant Bank, it cited the difficult operating environment as one of the reasons why many investors are not coming to Nigeria.
According to the report, Egypt was listed as Africa’s top investment destination followed by Morocco and South Africa. Other countries in the top 10 are Rwanda, Botswana, Ghana, Mauritius, Côte d’Ivoire, Kenya, and Tanzania.
RMB’s Africa Economist, Daniel Kavishe, noted that this year’s report took into account “the extent of the COVID-19 pandemic’s impact on the countries by sketching the continent’s landscape pre-pandemic and then painting a picture of both its actual and potential outcomes through and post-pandemic.”
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.”
He noted that a fiscal score was also part of the methodology, saying it was essential because “fiscal scores are important indicators of how governments responded to COVID-19.
According to him, the report also explored key themes emanating from Africa’s developmental aspirations.
