South Africa has the highest Tradability Index in Africa while Angola has the lowest, according to the Africa Trade Barometer 2023 Issue three report.

Nigeria has, however, moved up four positions from 8th to 4th in the country rankings.

Nigeria's improvement in the Trade Barometer ranking is due to advances in the Quantitative Trade Barometer (QTB) and Survey Trade Barometer (STB) rankings.

The country moved up from position 7 to 4 in the Standard Bank (SB) QTB ranking and from 8 to 5 in the SB STB ranking.

This achievement is attributed to significant improvements in business confidence scores, ease of access to credit and government support for trading activities.

The report, which assesses key economic indicators in Africa highlighted several noteworthy developments across African countries, providing valuable insights into Africa's trade dynamics and opportunities.

The index rankings are based on seven thematic categories, including trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance economy, and trade financial behaviour. Changes in a country's ranking are driven by changes in their aggregate score and relative ranking against other countries. Rankings are relative to the ten countries in the index and pegged on a scale of 0 -100.

The report, which is by Stanbic IBTC Holdings, a member of Standard Bank Group, also highlighted the policies and initiatives implemented by Nigeria to attract foreign direct investment (FDI) and promote trade diversification.

Chief Executive, Stanbic IBTC Bank, Wole Adeniyi said, "Through our detailed analysis, we provide stakeholders with a deep understanding of Nigeria's trade landscape, the challenges, opportunities and potential for growth. This report will contribute significantly to Africa's overall trade narrative."