Nigeria was ranked behind Seychelles, Mauritius, Egypt, South Africa, Morocco, Ghana, Tunisia, and Senegal.

Algeria capped out the top 10 rankings in the report.

Analysing the investment climate in Nigeria, the report said, “Having topped the rankings as Africa’s largest economy by GDP for some time, Nigeria is now third, following a major currency devaluation. However, Nigeria ends up further down the investability scoreboard than its sheer size may suggest, with an overall ranking of ninth on our model.

“Nigeria boasts $375bn a year in GDP and the continent’s largest population—nearly 220 million people. This is countered, however, by a middling score for GDP per capita at just 15th in the RMB Where to Invest in Africa model. Economic complexity is another stark economic headwind. Nigeria’s reliance on oil exports is reflected in its 29th position on the model for economic complexity. Petroleum and crude oils make up nearly 70 per cent of its trade flows.”

RMB added that the political scene of the country made it a politically fraught place for investors.

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