10 Riskiest Countries To Do Business in Africa in 2023

People gather at Balogun market two days before Christmas in central Lagos December 23, 2013. REUTERS/Akintunde Akinleye (NIGERIA - Tags: SOCIETY BUSINESS) - RTX16SI6

The aforementioned point is highlighted in the “2023 The Africa Risk-Reward Index” study by Oxford Economics Africa, an independent economic advisory business.

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The paper looks at the benefits and drawbacks of polarization in each African country, as well as African-led security initiatives and how African countries are planning for the future.

The research can derive the countries with the highest risk-to-reward ratio when it comes to conduciveness for starting international enterprises by utilizing these three factors.


The Economic and Political Risk Evaluator (EPRE), a joint subscription platform of Control Risks Oxford Economics Africa, provided the risk scores for each country.

Analysts from Control Risks and Oxford Economics rank a variety of political and economic risk indicators on a scale of 1 to 10, with 10 reflecting the highest level of danger.

Each political and economic rating is given a default weight based on its importance in the context of the country and probable influence on business.

Individual political and economic risk elements are then integrated, multiplying the rating by weighting to determine a country’s overall risk rating.

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Having said that, here are the top ten riskiest African countries to do business in 2023.

Rank Country Risk index
1. Nigeria 7.65
2. Zimbabwe 7.65
3. Ethiopia 7.64
4. DRC 7.53
5. Mozambique 6.62
6. Cameroon 6.53
7. Egypt 6.30
8. Uganda 6.22
9. Ghana 5.85
10. Algeria 5.85

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10 Safest Countries To Do Business in Africa 2023