5 best countries to invest in Africa -Nigeria doesn't make list, which countries do?

RMB and the Gordon Institute of Business Science (GIBS) have jointly published the 2024 edition of their Where to Invest in Africa report, which thoroughly examines the continent's main investment opportunities.

The model uses 20 metrics from four measuring pillars: social and human development; market accessibility and innovation; economic stability and investment climate; and economic performance and potential. 

Best Countries to Invest in Africa

1. Seychelles

Seychelles is at the top of the list because of its stable economy, high levels of human development, and personal freedom. Its investment climate is attractive even though it does not have a large economic size.

2. Mauritius

This East African country is an innovative place. There is a lot of economic freedom here and the country has a high GDP per capita. It remains a popular location for investors pursuing stability and growth in a well-regulated climate.

3. Egypt

Egypt is Africa's largest economy by GDP (2023) and provides a huge market with different potential in industries such as technology, manufacturing, and services. Its strategic location and economic complexities increase its appeal.

4. South Africa  

South Africa remains an important investment hub in Africa, ranking fourth even though it has experienced some economic setbacks.

Its strong banking system, diverse economy, and potential for infrastructure expansion make it an important hub for investors.

5. Morroco

Morocco's outstanding performance in connectedness, innovation, and economic stability makes it a desirable investment location, ranking fifth.

Its strategic accessibility to European markets increases its desirability.  

Is Nigeria safe to invest?

Nigeria, Africa's most populous country, is no longer the continent's largest economy by GDP due to currency depreciation.

The country's reliance on oil exports, along with political instability, creates a tough business environment.

Despite this, Nigeria ranks ninth overall and continues to provide excellent returns for investors while also improving the ease of doing business, making it a potentially appealing investment destination.