News Analysis

Nigeria slips from first to fourth place in Africa Prospects Indicators report

Lukmon Oloyede.
The second Africa Prospects Indicators report, recently released by Nielsen Africa, shows that Côte d’Ivoire has taken over Nigeria’s leading position in terms of overall outlook for opportunities for existing and potential investors.
The report ranks leading African countries based on their macro-economic, business, consumer and retail prospects.
Nigeria, which held the top position overall last year, has slipped to fourth place – a result of a slump in commodity prices, which have driven down the country’s macro-economic indicators.
This has also impeded consumer prospects and overall investor confidence.
“Despite this, Nigerians continue to be some of the most optimistic consumers on the continent, with more positive sentiment for their job prospects and personal finances, even though immediate spending intentions and levels of spare cash are more strained,” notes the report.
Côte d’Ivoire, on the other hand, now holds the top position in terms of its retail outlook and has improved in the ranking in business sentiment.
While it only comes in third in terms of its macro-economic rank, the report cites its solid economic growth, stable inflation climate, and recent peaceful elections as reasons why the country has a good investment environment.
“Its principal prospects for realising growth remain consumer-related elements such as identifying and fulfilling consumer needs, building category, brand and product awareness, as well as trust and recommendation,” states the report.
Kenya and Tanzania have climbed the overall rankings to second and third position respectively. Both markets have also recorded improvements in their macro-economic outlook ranking, with Tanzania taking first place, and Kenya second.
South Africa has received an overall ranking of seventh place, a slight improvement from its ninth position in the previous report. Its greatest prospect is seen among the consumer indicators,
where the country took fourth place.
“The South African economy accounts for the largest base of consumer spend in sub-Saharan Africa and has one of the most favourably-priced common item baskets. This provides more promising avenues for growth through product
innovation and choice, thanks to a greater product/value equation,” continued the report.

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