Nigeria has emerged as the biggest climber in Africa’s latest investment risk ranking, rising four places to eighth position as economic reforms implemented by President Bola Tinubu improved the country’s relative attractiveness to investors, a new report by Bloomberg has stated.

Nigeria overtook Rwanda, Tanzania, Kenya and Namibia in the 2026 Bloomberg Economics Investment Risk-O-Meter, which assesses the relative investability of 19 African economies.

Bloomberg, in the report released on Monday, said Nigeria’s improvement was driven by stronger performance in three of the five indicators used in the assessment: economic strength, fiscal strength and external vulnerability.

The development puts Nigeria among the biggest gainers on the continent, despite ongoing concerns about the country’s high public debt, cost of living, inflation, infrastructure deficit and foreign exchange pressures.

Mauritius emerged as the most investable African market in the latest ranking, while Botswana fell two places. South Africa, which topped the ranking in the previous edition, also dropped one place following a weaker economic growth outlook.

Nigeria’s improved position comes more than three years after Tinubu assumed office and embarked on a series of major economic reforms aimed at restructuring the country’s fiscal and monetary environment.

Among the most significant measures were the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs.

The Federal Government has repeatedly defended the reforms as necessary to address distortions that had weighed on public finances, discouraged investment and placed pressure on foreign exchange reserves.

However, the policies have also increased economic hardship for households and businesses, particularly through higher transport, food and energy costs. Despite the adjustment pains, Nigeria’s economy has continued to expand during the period under review.

Real Gross Domestic Product growth rose from 2.54 per cent in the third quarter of 2023 to 3.46 per cent in the fourth quarter of that year.

The economy subsequently grew by an average of 3.19 per cent in 2024 before accelerating to 3.85 per cent in 2025, its strongest annual performance within the period covered by the assessment.

Growth stood at 3.89 per cent in the first quarter of 2026, bringing the average quarterly growth between the third quarter of 2023 and the first quarter of 2026 to about 3.46 per cent.

The stronger growth performance has come alongside efforts by the government to increase revenue, reduce fiscal leakages and attract investment into critical sectors of the economy.

Nigeria’s improved position in the Bloomberg ranking, however, comes against the backdrop of a substantial increase in public debt.

Data from the Debt Management Office showed that Nigeria’s total public debt stood at N87.38tn as of June 30, 2023, shortly after Tinubu took office. By December 31, 2025, the figure had risen to N159.28tn. This represents an increase of N71.90tn, or about 82.3 per cent, in two and a half years.

The increase was driven by new borrowing, foreign exchange adjustments and the securitisation of certain legacy obligations, according to the DMO.

The development is significant for a country that has struggled for years to attract sufficient foreign capital because of concerns over exchange-rate instability, policy uncertainty, weak infrastructure, insecurity and limited fiscal space.

The reforms under the Tinubu administration have sought to address some of these constraints by allowing market forces a greater role in determining fuel prices, foreign exchange rates and electricity tariffs.

The foreign exchange reforms, in particular, were designed to reduce multiple exchange rates and improve transparency in the currency market, while the removal of the petrol subsidy was intended to reduce the government’s fiscal burden.

The electricity tariff reforms were also aimed at improving the financial viability of the power sector and encouraging investment by allowing electricity prices for some customer categories to better reflect supply costs.

Nigeria’s rise in the Bloomberg ranking therefore marks an improvement in its relative position among African investment destinations, even as investors continue to monitor the sustainability of its reforms, debt burden and economic growth.

By Tambaya Julius, Abuja

Safeline Microfinance Bank (SMFB), established by the Federal Road Safety Corps (FRSC), has formally transferred its shares to ROBOPAY NIG. LTD., in a move aimed at strengthening the bank’s capital base, technology and capacity for sustainable growth.

The share transfer ceremony took place on Monday, at the bank’s premises in Abuja.

Speaking at the ceremony, Chairman of the Board of Safeline Microfinance Bank, Engr. Ibrahim Babagana, fwc, Deputy Corps Marshal (Rtd.), said the decision followed the Board’s careful assessment of the changing regulatory environment and government policies affecting the microfinance banking sector.

Babagana said the changing financial landscape meant that the bank needed significant additional capital, greater investment in technology and stronger human resources to remain competitive.

He explained that the Board therefore decided to transfer ownership to an investor with the financial capacity and commitment to make the necessary investments and put the bank on a stronger path towards long-term sustainability.

The Board Chairman expressed confidence in ROBOPAY NIG. LTD., saying the company had demonstrated the commitment and vision needed to build on the foundation laid by the FRSC.

He said the new owners had shown particular interest in strengthening the bank’s capital base, introducing modern technology and investing in its workforce.

According to him, these areas would be critical to keeping Safeline Microfinance Bank competitive as the financial services industry becomes increasingly digital.

Responding on behalf of ROBOPAY NIG. LTD., Malam Aliyu Abiodun thanked the Board and Management of Safeline Microfinance Bank for the confidence reposed in the company.

Abiodun described the acquisition as a major milestone and an opportunity to unlock the bank’s existing potential.

He said the institution already had valuable assets, structures and an established foundation which ROBOPAY would build upon through strategic investments in capital, technology and human resources.

He added that ROBOPAY would deploy financial technology (FinTech) solutions to modernise the bank’s operations, improve service delivery and strengthen its position in the financial services market.

Abiodun assured that the company would build on the foundation established by the FRSC while introducing innovative solutions to reposition Safeline Microfinance Bank for the changing demands of Nigeria’s financial sector.

The share transfer marks a new phase for Safeline Microfinance Bank, with the new ownership expected to pursue a more technology-driven and investment-focused approach to the institution’s growth.

Both parties expressed their commitment to ensuring a smooth transition and strengthening the bank’s capacity to deliver sustainable value to its customers and other stakeholders.

The average prices of petrol and diesel have risen by 86 per cent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by price and promo.

The average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.

It puts the increase in the price of petrol at 80.8 per cent from the January 13 base, while diesel recorded a 91.8 per cent rise over the same period. The average increase of the two products is 86.

The report stated, “The latest price and promo fuel price trend shows renewed upward movement following the relative stability observed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added

The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.

The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.

The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.

It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”

The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 per cent compared with PMS’s 80.8 per cent increase.