Nigeria has moved up fourth positions from eighth according to the Africa Trade Barometer, while South Africa has the highest tradability index, and Angola the lowest.
The 2023 African Trade Barometer highlighted the policies and initiatives implemented by Nigeria to attract foreign direct investment (FDI) and promote trade by exploring investment opportunities in agriculture, manufacturing, technology, and renewable energy, providing a valuable resource for local and international businesses seeking to expand their operations in Nigeria.
The Africa Trade Barometer provides valuable insights into Africa’s trade dynamics and opportunities. And
Nigeria’s significant role in shaping the continent’s trade landscape.
The rankings are based on trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance economy, and trade financial behaviour. And improvement in the Trade Barometer ranking due to advances in the Quantitative Trade Barometer (QTB) and Survey Trade Barometer (STB) rankings.
The Changes in a Nigeria index upward ranking is derived from changes in it aggregate score and relative ranking against other countries that are relative to the 10 countries in the index and pegged on a scale of 0 -100.
This achievement is attributed to significant improvements in business confidence scores, ease of access to credit, and government support for trading activities.The report also evaluate Nigeria’s export and import statistics, by analysing the country’s trade policies and emerging trends.
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