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Nigeria Ranks Third Most Attractive African Country For Foreign Investments

Ask Nigerians about the attractiveness of doing business in Nigeria and they may feel very different, but according to the Absa Africa Financial Markets Index (AAFMI) 2021 report, the country may have more reason to be confident than may seem.

According to the report, Nigeria has retained its spot as the third most attractive country in Africa for foreign investment in 2021. After a survey of 23 African countries using six pillars to rank the country’s abilities in terms of attracting foreign investments – including their openness and attractiveness, the countries have been ranked in the report with South Africa, Mauritius, and Nigeria coming in the first three positions.

Furthermore, the report noted that:

“South Africa, Mauritius, and Nigeria maintain their lead in the index, despite having lower overall scores than last year’s. Nigeria continues to make strides in creating an enabling investment environment for foreign investors, with the necessary regulatory developments and policy initiatives.”

The ranking of Nigeria in the six pillars used in the survey are as follows:

  1. Market depth – 62
  2. Access to Foreign Exchange – 20
  3. Market transparency, tax, and regulatory environment – 86
  4. Capacity of local investors – 44
  5.  Macroeconomic opportunities – 69
  6. Enforceability of the standard master agreement – 100

The report tried to highlight the areas the made Nigeria retain its position as the third most attractive investment hub in Africa. It pointed out the country’s innovative strides in the financial markets and commended the governments’ effort in digital developments in terms of employing technology to help businesses understand regulations.

It read:  “Nigeria’s SEC launched FinPort, a fintech and innovation portal to assist fintech businesses to understand the regulatory requirements for the Nigerian capital market. The SEC will also be rolling out a regulatory incubator for fintech seeking to conduct capital market activities.”

However, the AAFMI report noted that Nigeria has continued to perform poorly in access to foreign exchange while it has imposed administrative controls that expanded the number of goods subject to import restrictions, enforcing existing export repatriation rules and restricting the supply of FX to certain windows.

“While these measures restricted capital outflows and helped keep reserves stable, market liquidity remained below pre-pandemic levels.

“Due to the control measures and global macroeconomic imbalances, foreign portfolio investors’ appetite remained subdued. The volatile FX market and the delays in the repatriation of foreign currency out of Nigeria caused further problems. Despite a rebound in oil prices and remittances, the FX shortage persists as imports recover faster than exports.”

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Peter Obi decries Demolition of brother’s property in Lagos – ‘Nigeria is lawless’

Former presidential candidate and ex-Anambra State governor, Peter Obi, has condemned what he described as “coordinated lawlessness” after a property owned by his younger brother was demolished in Lagos without any formal notice or legal order.

In a statement posted to Facebook on Tuesday, June 25, Obi revealed that his brother arrived at the company’s premises in Ikeja, Lagos, only to find demolition underway.

He said security personnel at the scene claimed they were acting on a court judgment, yet failed to produce any legal documents or demolition order.

“How do you sue an unknown person? How does a court issue a judgment in such a farce of a case?” Obi queried, disclosing that the judgment cited was allegedly against “unknown persons and squatters,” despite the property being a registered company site for over 15 years.

Obi said he rushed from Abuja to Lagos upon receiving a distress call, only to be shocked by what he witnessed during the demolition.

He said contractors on-site could not identify who sent them, and no official from any government agency appeared to clarify the situation.

“The whole situation screamed of coordinated lawlessness and impunity,” Obi stated, adding that two men who later appeared only asked him to report to a police station, also without any court backing.

Drawing broader implications, Obi said the experience reflects what ordinary Nigerians endure and explains why foreign investors are reluctant to do business in the country.

“Someone told me he has investments in Ghana, Senegal, and the Benin Republic but won’t touch Nigeria. His reason was clear: ‘Nigeria is a lawless country,’” Obi noted.

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I listen to those who insult me and learn governance lessons from them – Tinubu

pro-Tinubu group

President Bola Tinubu said he has grown a thick skin against insults from his critics and political enemies to the point that he now learns governance lessons from them.

Tinubu disclosed this while speaking at the town hall meeting held at the Benue State Government House in Makurdi on Wednesday, June 18, 2025.

The meeting was part of activities scheduled for the President’s visit in the wake of recent killings in the state. Governor Rev. Fr. Hyacinth Alia, Secretary to the Government of the Federation, Senator George Akume, and other dignitaries, including North Central governors, received the President.

“No matter what I do, they will insult me. I read the papers and I learn from their criticism because I can’t see it all,” the President said.

Over 200 residents of the Yelewata community in Guma Local Government Area of the state were killed when assailants suspected to be herders invaded on Friday, June 13, 2025.

The unfortunate incident attracted both nationwide and foreign attention, with international media outlets reporting it. Following the outrage, Tinubu visited Benue on Wednesday to console the surviving victims of the killings.

Addressing the Governor, the President said, “Your political enemies don’t want you to succeed. Are you just realising that?”

Tinubu also urged leaders from across the region to work together as part of a non-kinetic approach to solving the hydra-headed insecurity situation.

“We cannot do without another.

“I will want us to create a leadership committee now to meet in Abuja to fashion out a strategy for lasting peace. And I am ready to invest in that peace,” he said.

Tinubu also charged security agencies to go after the perpetrators of the Benue killings, questioning the police on why no suspects have been arrested since the incident.

Police, I hope your men are on alert to listen to information. How come no arrest has been made?” the displeased President asked.

“I expect there should be arrests of those criminals.”

“I give you the assurance that we will find peace and convert this tragedy to prosperity.”

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Entertainment

Tinubu, you are incapable – Falz slams president over Benue killings

Nigerian rapper and activist, Falz, has condemned President Bola Tinubu over the recent mass killings in Benue State, accusing him of failing in his most fundamental responsibility as a leader.

In a strongly worded post shared on X on June 16, 2025, the rapper expressed deep frustration at what he described as a repeated pattern of government negligence amid growing insecurity across the country.

You have consistently shown that you are incapable of performing the primary duty of securing the lives and property of your citizens. This routine statement does not cut it.

Falz’s comments come in the wake of public outrage over the massacre of more than 200 people in parts of Benue State. The killings, which have been linked to suspected herdsmen attacks, have drawn widespread condemnation from Nigerians and prominent voices in entertainment.

After being called out online for what many people perceived as his silence on the matter, President Tinubu took to X to address the massacre, saying “Enough is enough.”

His statement read in part,

“I have been briefed on the senseless bloodletting in Benue State. Enough is enough! I have directed the security agencies to act decisively, arrest perpetrators of these evil acts on all sides of the conflict, and prosecute them.”

Political and community leaders in Benue State must act responsibly and avoid inflammatory utterances that could further increase tensions and killings.This is the time for Governor Alia to act as a statesman and immediately lead the process of dialogue and reconciliation that will bring peace to Benue.

Our people must live in peace, and it is possible when leaders across the divides work together in harmony and differences are identified and addressed with fairness, openness, and justice.

Despite finally addressing the bloodshed, many Nigerians have still faulted Tinubu for not speaking on it early enough, especially after the Pope.

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