Nigeria’s size and growth suggest it should rank near Brazil (6th) or Mexico (8th) in the overall Agility Emerging Markets Logistics Index 2016 survey.

But, it is no more business friendly than Venezuela and Uganda, and its weak infrastructure, transport links and customs regime puts it alongside Bangladesh, Ethiopia and Tanzania.

Among countries in sub-Saharan Africa, South Africa has the best “connectivity.” In North Africa, Morocco has the best business climate and connections.

Industry executives view low oil prices and China’s cooling economy as leading risks to the global economy in 2016. Both represent potential threats for some sub-Saharan economies. Mozambique, Uganda, Tanzania and others want to exploit new energy finds but are hamstrung by low international prices. China, the leading buyer for African minerals and other key commodities, will buy less this year as its economy slows.

“It [2015] was a volatile year for emerging markets, and you see that in the Index. Eight of the top 10 emerging markets shifted places,” said Essa Al-Saleh, President and CEO of Agility Global Integrated Logistics.

“Despite the turbulence, the fundamentals driving growth remain consistent – a rising middle class with spending power, progress in poverty reduction, growing populations. That’s why we are still positive on the outlook for emerging markets and see them driving global growth,” he adds.