ONYX composite lab

Composite monitors

Decision-scale views built from reconciled indicators. Each monitor exposes its history, drivers, weights, sensitivity, and full methodology—not just a headline score.

Active monitors: 3
Scale: 0–100
Latest vintage: 2025

How to read the board

Three monitors, three different decisions.

Investment climate rewards higher readings. Fiscal stress and FX pressure invert that logic: lower is healthier. Direction labels on every card account for that polarity.

Inspect the scoring framework →

01 · Investment climate2025

Is the operating environment becoming more investable?

46.8/100Mixed

Line chart in /100 from 2002 to 2025. Latest 46.77 /100, down 36.1% over the period. Range 17.45 to 87.08.
Period	/100
2002	73.16
2003	64.25
2004	84.43
2005	87.08
2006	82.84
2007	72.58
2008	78.59
2009	50.13
2010	48.69
2011	32.57
2012	38.99
2013	41.52
2014	23.68
2015	17.45
2016	19.19
2017	40.23
2018	28.06
2019	23.57
2020	25.64
2021	33.55
2022	32.74
2023	42.62
2024	55.97
2025	46.77

Change vs prior↓ 9.2 pts

Macroeconomic health, fiscal stress, FX pressure, credit conditions, and governance quality in one directional score.

Open drivers and sensitivity

02 · Fiscal stress2025

How exposed is the sovereign balance sheet?

63.5/100High pressure

Line chart in /100 from 2002 to 2025. Latest 63.54 /100, up 83.5% over the period. Range 2.94 to 84.09.
Period	/100
2002	34.62
2003	46.43
2004	19.33
2005	5.62
2006	2.94
2007	25
2008	4.74
2009	44.5
2010	43.81
2011	34.09
2012	36.96
2013	47.92
2014	52
2015	53.46
2016	64.81
2017	58.04
2018	67.84
2019	77.08
2020	83.41
2021	83.79
2022	84.09
2023	77.65
2024	59.29
2025	63.54

Change vs prior↑ 4.3 pts

Government vulnerability through debt, monetary financing, oil-revenue dependence, and the fiscal balance.

Open drivers and sensitivity

03 · FX pressure2025

Is currency pressure building or easing?

14.2/100Contained

Line chart in /100 from 2002 to 2025. Latest 14.18 /100, down 72.3% over the period. Range 6.37 to 79.76.
Period	/100
2002	51.11
2003	41.31
2004	6.37
2005	8.46
2006	11.33
2007	12.27
2008	34.82
2009	55.97
2010	60.33
2011	66.15
2012	44.61
2013	47.55
2014	73.1
2015	79.76
2016	68.78
2017	33.39
2018	52.13
2019	73.17
2020	64.67
2021	64.12
2022	75.06
2023	73.83
2024	48.62
2025	14.18

Change vs prior↓ 34.4 pts

External-sector pressure through import cover, current account, the naira rate, and private-credit conditions.

Open drivers and sensitivity