Nigeria dropped a point to earn an overall score of 64 that placed it on third position behind South Africa and Mauritius in the Absa Africa Financial Markets Index (AFMI) 2024: “Exploring the Opportunities Africa has to Offer.”
South Africa and Mauritius scored 87 and 77 points respectively, the same points they earned in 2023, to take the first and second positions in the index while Nigeria lost a point this year having scored 65 points in 2023.
The report stated that Nigeria’s score was affected by high inflation and foreign exchange (FX) shortages.
Now in its eighth year, the 2024 Absa Africa Financial Markets Index covered 29 countries and evaluated their financial development based on measures of market accessibility, openness and transparency.
The index, which was produce with the support of the United Nations Economic Commission for Africa, would provide the investment community with a benchmark of market infrastructure across the continent, while enabling policy-makers to learn from developments throughout Africa.
