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Rand Merchant Bank counters Buhari on Nigeria, lists Egypt as Africa’s top investment destination

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Rand Merchant Bank (RMB) has unveiled the top 10 investment destinations in Africa with Nigeria conspicuously missing from the list.

RMB index is based on various economic factors including market size and growth, economic freedom, ease of doing business, global corruption perception index, and competitiveness of the operating environment.

Nigeria was previously ranked second behind South Africa in 2020.

Ghana, Morocco, Tunisia and Egypt, Ethiopia, Algeria, Rwanda, and Tanzania completed the top 10 during the period.

However, in the “Where to Invest in Africa 2021”
report by the bank seen by Ripples Nigeria on Saturday, Africa’s most populous nation was not included in the top 10 as Egypt jumped five places to become Africa’s top investment destination.

Morocco, South Africa, Rwanda, Botswana, Ghana, Mauritius, Cote d’Ivoire, Kenya, and Tanzania are other countries in the top 10 this year.

The development has therefore rubbished President Muhammadu Buhari’s claim on the attractiveness of Nigeria to potential investors.

The President told participants at the EXPO 2020, a trade and investment forum currently taking place in Dubai, United Arab Emirates, that the country remained the most attractive destination for investors.

He said: “Our location, our natural resources, our population, and our regulations are there for all to see. Nigeria is on its way to becoming a leading industrial and trading nation in Africa.

“To achieve this, our government focused on policies, projects, and programs that support private sector investors.

“We introduced numerous fiscal incentives and infrastructure projects aimed at enhancing the viability of investments.

“Despite the adverse global economic environment of recent years, Nigeria’s investment environment has greatly improved both at the national and sub-national levels.”

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