By Abubakar Yunusa
Nigeria has risen four places in Bloomberg Economics’ 2026 investment risk ranking for 19 African countries, recording the biggest improvement among the markets assessed.
The country’s improved position — from 12th in 2025 to eighth in 2026, reflects stronger economic and fiscal conditions as well as reduced external vulnerability, according to the second edition of Bloomberg Businessweek’s Investor’s Guide to Africa, published on Monday.
The ranking indicated that Nigeria’s four-place rise was the biggest improvement in 2026, while Botswana dropped two places as its growth outlook deteriorated.
South Africa, which topped the ranking in 2025, dropped to second place, while Mauritius moved into the top position.
Bloomberg Economics said the countries were assessed across five areas that could influence investment returns: economic strength, fiscal strength, institutions and governance, infrastructure, and external vulnerability.
The assessment used indicators like economic growth, debt, political risk, and foreign reserves to determine the countries’ relative risk scores.
Bloomberg said Africa was already experiencing an investment boom before the US and Israel went to war with Iran in 2026, but the conflict has increased the appeal of African industries by highlighting the risks of overreliance on the Middle East for energy, fertiliser, and global trade routes.
The report said critical minerals and data centres remain among the continent’s major investment opportunities, while fertiliser and transport infrastructure have emerged as new areas of interest.
It cited increased investment commitments across the continent, including China’s $33.5 billion commitment to the region in the first half of 2026 under its belt and road initiative.
Kevin Latter, senior country officer for sub-Saharan Africa at JPMorgan Chase & Co., said risks vary substantially across countries and regions.
According to the report, there is a growing interest from US companies in Africa’s critical minerals, which are used in technologies including electric vehicles, semiconductors, and artificial intelligence infrastructure.
“The Africa growth opportunity is now large enough to matter to global investors. The substantial capital required to support this growth comes precisely at the time that global capital is searching for new sources of growth,” Latter said.
Bloomberg Economics said its ranking is intended to provide an indication of where investors may demand a higher premium for taking on risk.
The publication said the 19 countries assessed represent about one-third of Africa, with two-thirds among the continent’s largest economies and the remainder selected for characteristics such as commodity reserves, established financial hubs and business tourism.
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