Nigeria’s economy is facing a “warning” signal, says a new index that looks at political stability risks in 47 African countries. This index, called the Africa Country Instability Risk Index (ACIRI), was created by SBM Intelligence, a research and risk consultancy firm in Nigeria.
According to the ACIRI, Nigeria scores 60% in the “Economy” category, which isn’t a good sign. This index uses factors like ethnic tensions, history of coups, and economic diversity to rank countries in terms of stability, with categories ranging from ‘Red Watch’ to ‘Safe.’
The report highlights some of Nigeria’s economic challenges, including high poverty rates, currency instability, and problems with debt sustainability.
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This index is crucial for businesses and investors because it shows how vulnerable a country is to political instability. With 2023 being a year when many African countries have faced political challenges, the ACIRI becomes a valuable resource for anyone doing business in Africa.
In this index, factors are divided into Leadership and Governance, Economy, Geopolitics, and History. The higher the score, the higher the political risk for businesses. So, for Nigeria’s economy, the warning sign is something to watch out for.
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