The reforms, implemented since President Tinubu took office, include the removal of the petrol subsidy, adjustments to the foreign exchange market, and changes in electricity tariffs. These measures aim to restructure the nation's fiscal and monetary environment, address distortions, and attract investment. Despite these positive shifts, the country faces ongoing challenges such as high public debt, inflation, and infrastructure deficits.

Mauritius remains the most investable market in Africa, while Botswana and South Africa have seen their rankings decline. Nigeria's economic growth has shown an upward trend, with real Gross Domestic Product growth accelerating in recent quarters. The government has focused on increasing revenue and reducing fiscal leakages to support economic expansion.

However, Nigeria's improved investment standing is occurring alongside a substantial increase in its public debt. The total public debt has risen significantly over the past two and a half years, driven by new borrowing and foreign exchange adjustments. This rise in debt is a key factor investors will continue to monitor alongside the sustainability of the implemented reforms and economic growth trajectory.