Nigeria rose four places to eighth in Bloomberg Economics’ 2026 Investment Risk-O-Meter, released on Monday, October 5th, 2026. It was the biggest climber among the 19 African economies assessed.
Bloomberg published the ranking in the latest edition of An Investor’s Guide to Africa. It said Nigeria’s rise was “propelled by President Bola Tinubu’s economic reforms.”
Nigeria was 12th in the 2025 edition. It has now overtaken Rwanda, Tanzania, Kenya and Namibia.
The gauge scores countries on five measures that influence investment returns: economic strength, fiscal strength, institutions and governance, infrastructure, and external vulnerability. Nigeria improved on three of them: economic strength, fiscal strength and external vulnerability.
Mauritius ranked first as the continent’s most investable economy in 2026. South Africa, which topped the 2025 list, fell one place to second, with Bloomberg citing weaker growth prospects. Botswana dropped two places.
Bloomberg says the ranking shows where investors may demand a higher premium for taking on risk. It measures countries against one another and does not say any of them is free of risk.
The reforms behind Nigeria’s rise include the removal of the petrol subsidy, the liberalisation of the foreign exchange market and new electricity tariffs meant to cut losses in the power sector. All were introduced after Mr Tinubu took office on May 29th, 2023.
Growth has strengthened over the period. The National Bureau of Statistics (NBS) reported on May 25th, 2026 that the economy grew by 3.89% year-on-year in the first quarter of 2026, up from 3.13% in the first quarter of 2025.
Public debt is the main counterweight. The Debt Management Office (DMO) put the total at ₦87.38 trillion on June 30th, 2023, the first figure published after Mr Tinubu took office. By December 31st, 2025, it stood at ₦159.28 trillion, an increase of about 82% in two and a half years.
The DMO attributes the rise to higher borrowing, exchange-rate adjustments and the conversion of older obligations into formal debt. The naira’s fall since 2023 has also raised the naira value of the country’s foreign loans.
Analysts quoted by Nigerian outlets say the ranking reflects progress on selected economic indicators rather than a removal of the constraints that have held back investment. Those include weak infrastructure, institutional gaps and limited room in the budget.
Whether the gains last will depend on whether the reforms turn into stronger private investment and more stable public finances.
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