Seychelles has topped Rand Merchant Bank's annual "Where to Invest in Africa 2025/2026" ranking, ahead of all the continent's major economies. With Mauritius in second place, the archipelago confirms its dominance on criteria of macroeconomic stability, governance and operating environment quality.
A Ranking That Reshuffles the Pack
RMB's annual report assesses African economies on three criteria: market size, economic growth outlook and operating environment quality. This year Seychelles and Mauritius occupy the top two spots — an unprecedented configuration that places the Indian Ocean at the heart of Africa's investment-destination map. At the other end, Nigeria fell to 18th place — a nine-rank drop, its sharpest decline in years — penalised by naira depreciation and macroeconomic instability.
For Seychelles, recognition rests on three pillars: a stable macroeconomic environment, solid governance valued by institutional investors, and a positioning in high-value niches — notably financial and professional services. The archipelago benefits from a reputation as a reliable jurisdiction, attracting sovereign wealth funds, asset managers and companies seeking a regional base.
A Coherent Economic Model Paying Off
Seychelles' performance reflects a consistent trajectory. In September 2026, the World Bank estimated that productivity reforms could boost the archipelago's GDP by 13% and create 2,900 skilled jobs by 2040. A $2 billion fund, announced by Bloomberg in September, targets road and healthcare infrastructure financing — proof that international capital continues to flow toward the islands.
The Seychelles offshore financial sector, long criticised, has significantly strengthened its compliance with international standards (FATF, OECD) in recent years. This regulatory transformation is now seen as a competitive advantage.
Mauritius Close Behind
Mauritius in second place illustrates the complementarity of these two neighbouring islands. With its structured offshore financial hub, tax treaties and gateway role toward sub-Saharan Africa and India, Mauritius attracts a distinct investor profile. Together, the two destinations give the Indian Ocean an unmatched showcase on the African continent.
Why It Matters
This ranking goes beyond symbolism. It directly shapes capital allocation decisions by investment funds, multinationals and wealth managers. Being number one in Africa means gaining visibility in major capital markets — London, New York, Abu Dhabi — which translates into direct investment flows. The challenge for Seychelles will be converting this reputation into skilled jobs and sustainable economic diversification beyond tourism and financial services.
Source: Rand Merchant Bank (RMB), "Where to Invest in Africa 2025/2026" — via BusinessDay Nigeria.