The difficult patch that Nigeria, the largest economy in Africa, is going through does not seem to be abating.
According to a new Nielsen report which provides a ranking of business prospects for leading markets in sub-Saharan Africa, Nigeria is no longer the top investor destination on the continent.
In its place, Cote d’Ivoire has risen to the top of the rankings.
Nielsen Holdings plc is a global performance management company that provides a comprehensive understanding of what consumers watch and buy.
Nielsen’s Watch segment provides media and advertising clients with Total Audience measurement services for all devices on which content – video, audio and text – is consumed.
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Buoyed by a fast-growing economy and a lengthy period of political stability highlighted by successful elections last year, Cote d’Ivoire is now regarded as a prime destination for investment in Africa.
Although that status could now be affected following a recent attack by Al Qaeda in the Islamic Mahgreb (AQIM).
Having been ranked as the top investor destination at the start of 2015, Nigeria has now fallen to fourth on the rankings. The ominous slide fits the narrative of Nigeria’s slowing economic growth amid a global slump in commodity prices.