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Nigeria second top destination in Rand Merchant Bank’s investment rankings

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Nigeria is currently ranked second in Rand Merchant Bank, (RMB) Nigeria’s list of top investment destinations.

The pillars of RMB Nigeria’s investment rankings are based on growth, market size and operating environment a combination of which makes up total investment attractiveness, according to Nema Ramkhelawan Bhana, Africa Analyst, at Rand Merchant Bank.

“Nigeria is already among the top 10 fastest growing economies globally, while its share of total inward FDI into Africa stood at 12 percent in 2012,” said Bhana, who made a presentation at the maiden RMB Nigeria Economic Breakfast, discussion with the title: ‘Nigeria – on the fast track to being the leading economy in Africa,’ held in Lagos on Wednesday.

Nigeria is ranked second just behind South Africa and ahead of Egypt by RMB as top Africa destinations for investment.

A breakdown of  the ranking shows that Nigeria remains the most favourable destination for retail in Africa, driven by demographic gains from increasing population, rising real wages from increase in GDP per capita and growing urbanization.

“We believe the topic of our first economic research series is appropriate given recent global developments such as the EU slowdown and scale back in quantitative easing by the US Federal Reserve,” said RMB Nigeria chief executive Michael Larbie. “We expect these events to be ongoing and hope they will be of benefit to all participants.”

The RMB event also featured four experts on the Nigerian economy: Doyin Salami, full-time member at the Lagos Business School where he is also a senior lecturer; Bismarck J. Rewane, managing director of Financial Derivatives Company; and RMB research analysts Nema Ramkhelawan-Bhana and Celeste Fauconnier who specialise in financial and economic analysis of selected African countries, including Nigeria, in the RMB Global Economics research team.

In their most recent ‘Where to Invest in Africa’ report they predicted that Nigeria would overtake South Africa in the next few years in terms of “investment attractiveness”, to reach the number one position.

The session was interactive giving the wider business and economic community the opportunity to share ideas and possibilities for future co-operation with each other.

RMB, a division of FirstRand Bank, is a leading African corporate and investment bank and part of one of the largest financial services groups in Africa.

RMB has funded various infrastructure, resource finance, mergers and acquisitions, and development projects in over 35 African countries in the past decade.

The Central Bank of Nigeria granted RMB a merchant banking license on 22nd November 2012.

RMB has over 1 year of transactional experience in Nigeria having established a representative office in the country in 2010.

Article Credit: BusinessDay newspaper

Updated 5 Years ago

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