(Seychelles News Agency) - Seychelles has been ranked as the most attractive country for investors on the African continent for 2024 on the 'Where To Invest In Africa' report published by the investment department of South Africa's second largest bank, First National Bank (FNB), earlier this month.

The ranking is based on the investigation of 20 indicators that are divided into four groups. These are the current economic performance and economic potential, market accessibility and level of innovation, economic stability and investment climate and the social conditions and human capital development.

The experts at FNB studied the investment opportunities of 31 out of the 54 nations that make up the continent, and Seychelles has ranked first ahead of its neighbour Mauritius, which is in second place.

Egypt, South Africa and Morocco make up the top five, from third to fifth respectively. It was in these three nations who topped the list in 2021. The two island nations managed to take over the top spot, after the focus turned away from population size and overall wealth, to focus more on personal freedom and human development.

According to the report, Seychelles leads the ranking because of its high level of personal freedom, human development and economic environment, scoring high also due to its connectivity and economic stability.

Mauritius scored the most points for its innovations and growth opportunities.

The top 10 list also features from sixth to 10th, respectively, namely Ghana, Tunisia, Senegal, Nigeria, and Algeria.

Based on common traits found in the four measuring pillars, Invest in Africa offers five possible investment archetypes.

"Highflyers" are big, established economies like Nigeria, South Africa, Egypt, and Ethiopia that provide stability and a variety of investment prospects.

Senegal and Ivory Coast are among the nations that are considered "Cleared for Take-off" because of their youthful populations and wealth of natural resources. These nations have strong potential for economic growth and innovation.

"People Potential" markets, like Kenya, the Democratic Republic of the Congo, and Uganda, have a young and expanding population that will provide a sizeable consumer base and a future labour force.

"Global Connectors" include nations like Morocco, Mauritius, Tunisia, and Seychelles that have more developed economies and a significant global footprint.

"Low-Base Boomers" refers to tiny markets, such as Rwanda, Mozambique, and Benin, that have a higher degree of risk but also a significant potential for explosive expansion.