The latest Bloomberg scorecard, which measures the relative investment attractiveness and risks of 19 African economies, placed Nigeria ahead of Rwanda, Tanzania, Kenya and Namibia, with Mauritius occupying the top position.

Bloomberg said Nigeria’s improved standing reflected gains in three of the five indicators used in its assessment, although the country continues to face significant fiscal, infrastructure and institutional challenges.

“The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge, economic strength, fiscal strength and external vulnerability,” Bloomberg said.

The improvement provides an external measure of the changes taking place in Nigeria’s macroeconomic environment since the administration of President Bola Tinubu embarked on a series of far-reaching reforms from 2023.

Among the most significant were the removal of the petrol subsidy, the liberalisation of the foreign exchange market and changes to electricity tariffs, with the government arguing that the measures were necessary to eliminate distortions, improve fiscal sustainability and restore investor confidence.