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Nigeria omitted as South African advisory firm reveals top 10 investment destinations in Africa

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top 10 investment destinations

Nigeria is not among the top 10 investment destinations in Africa as difficult operating environment continue to chase away investors, 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, and seen by Ripples Nigeria on Sunday, 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 said the ranking was based on the countries operating environments.

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.

Read also: ‘Investment in gas a top priority for Nigeria,’ Buhari assures investors

According to him, the report also explored key themes emanating from Africa’s developmental aspirations.

He added: “Of these, three are central to fighting the pandemic and resuscitating economic conditions. They are government intervention, a focus on our triple-threat sectors, and healthcare.”

Nigeria dropped to 17th position in the RMB report in 2017 but returned to the top 10 at number eight from 2018-2019.

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