Nigeria Catching SA As Top Investment Destination

Johannesburg – Nigeria is fast catching up to South Africa as the most attractive investment destination in Africa, according to a report by Rand Merchant Bank’s “Where to Invest In Africa” guide. According to report South Africa remains number one on the continent, but is 33rd in the overall world rankings and ranked second last, before Russia, among the Brics (Brazil, Russia, India, China, South Africa) nations.

Nigeria climbed up from third place in Africa, overtaking Egypt and ranks at number 38 globally. The west African state has climbed 35 places in the past decade on global rankings.

According to the report Nigeria could possibly replace South Africa as top of the investment list in Africa within the next 5 years if the South African economy continues to stagnate. Nigeria’s growth rate forecast stands at 6% to 7% a year for the next 5 years, while South Africa’s is a measly 2% to 3%. Nigeria is also helped by its 162.5 million population, which is triple that of South Africa’s.

This comes after South Africa fell one place from 52nd to 53rd out of 148 on the WEF global competitiveness list, as Mauritius jumped ahead by one.

Labour discord, a failing education system and poor healthcare were all cited for South Africa’s lower ranking.

Source: www.sabreakingnews.co.za Posted by: Staff Reporter    Posted date:  September 10, 2013 

Image Source: Wikimedia Commons, Lagos Island

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