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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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Lifestyle

Mo Abudu Opens Ebony Life In London

Mo Abudu has opened a London cinema dedicated to African and Black films, saying her experiences growing up in England inspired her to help change perceptions of Africa.Abudu opened EbonyLife Place London on Thursday, 8 October, in south-west London near Nine Elms, with a 160-seat auditorium for films, performances and cultural events. AFP describes it as the UK’s first cinema dedicated exclusively to African and Black films. London Mayor Sadiq Khan joined the opening. The centre will also showcase African food and fashion.

Speaking in an interview with BBC Africa shared on X on Friday, Abudu recalled that when people were asked what came to mind at the word Africa, the answers she heard were “poverty” and babies with flies on their faces. She said those images came largely from what people read in newspapers and saw on television.

Growing up in England, she said, she found herself acting as an ambassador for everything African or Nigerian and was often asked “the most pathetic questions.” She said people sometimes said hurtful things and she learned to swallow them and move on. Racism is real, she said, and the way to deal with it is to offer a different narrative.

She described the cinema as a permanent, round-the-clock home for African and Black films, food and fashion. She stressed that it isn’t meant to keep those films off other platforms, but that because the community is underrepresented, it needs spaces where it feels safe and can share its own content while inviting the rest of the world in. The only way to do that, she said, is to be in charge of the narrative.

Membership will be open to everyone, with no ethnic or nationality restrictions, though details of the scheme have not been announced.

The programme is still being finalised, but Abudu has said it will include films from across Africa and movies that celebrate Black actors and storytelling, alongside the centre’s own productions and the next Black Panther film. She told AFP she would like to open a similar space in Paris, possibly through a partnership.

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Celebs

Regina Daniels marks 25th birthday in a wheelchair, having spent months unable to walk

Nollywood actress Regina Daniels has opened up about her health, appearing in a wheelchair in a birthday video in which she said she has spent months unable to move around as she pleases.

In the video posted on Instagram on Saturday, she marked what she called her silver jubilee and asked God for “total calm” in this new phase of her life. She then addressed the sight of her in a wheelchair directly.

“I know many of you may be surprised seeing me in a wheelchair,” she said. “Well, welcome to another chapter of my life.”

She said fans had been asking about her absence from the public eye, and she chose her birthday to answer those who genuinely care.

According to the actress, she has lost her freedom to move around as she pleases for several months. She said it began as something minor before getting worse, and that things took a major turn after the last public gathering she hosted, her children’s day carnival. Regina said the pain became excruciating. Some days she could walk well, she said, and on others she could not move at all. She said she cried and turned to God for healing.

Her tone then lifted as she said she was speaking because of some really significant developments in her recovery and thanked God. She did not say what condition she has, what caused it, or what treatment she is receiving.

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Wike’s son accused of collecting $2.1 million for land in Abuja

Jordan Ezenwo Nyesom-Wike, son of FCT Minister Nyesom Wike, is facing a civil suit over an alleged $2.1 million land deal gone wrong, with the claimants saying most of that money was intended for his father.

According to court filings, two men say they met Jordan in London and later reconnected with him in Abuja, where they asked for his help securing 60 hectares of land split between Katampe and Guzape. They claim Jordan told them the facilitation fee would come to $2.1 million: $2 million of it earmarked for the minister himself, and $100,000 as Jordan’s own cut.

The claimants say they handed over the full amount on 26 September 2025, at a property in Gwarimpa, Abuja, with several named witnesses present. They allege that after the money changed hands, they got no land and no refund, and Jordan stopped responding to them.

Jordan’s defence hinges on a single detail: he says he wasn’t even in the country that day. Under cross-examination at the FCT High Court in Maitama, he told the court he was on a British Airways flight from Abuja to London on 26 September 2025, the exact date the claimants say the payment was made. He also denies signing any acknowledgment of receipt for the money, calling the signature on the document a forgery.

The exchange prompted the claimants’ lawyer to ask the court to compel Jordan to produce his American passport, to check it against his travel claim, and to write out his name and signature five times on a plain sheet of paper for comparison. Justice Sylvanus Oriji granted both requests. Jordan produced the passport the following day; the court has not yet ruled on whether his account of his whereabouts holds up.

Jordan has said he flagged the allegations himself, in a letter to his father and the Economic and Financial Crimes Commission back in November 2025.

The case has since drawn wider attention. Rights lawyer Chidi Odinkalu has called on Justice Oriji to step aside from the case over family and professional ties, while the Human Rights Writers Association of Nigeria has urged the EFCC and ICPC to open an independent investigation rather than wait for the civil case to conclude.

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