Nigeria drops to 14th in Africa in best countries for business – Report

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Commercial buses on Lagos street used to illustrate the story.

An analysis by Forbes has rated Nigeria as the 110th best country for business in the world in 2019.

Nigeria is also ranked 14th in Africa on the list. A total of 161 countries were graded in the report.

Previously, Nigeria was ranked as 115th best country to do business in the world and 3rd in Africa in a total of 153 countries that were surveyed in September 2018.

The latest ranking means that while Nigeria’s ranking improved globally, at least 11 other African countries have leapt ahead of Nigeria in being “hospitable to capital investment.”

Forbes is an American family-controlled business magazine. It features original articles on finance, industry, investing, and marketing topics.

Forbes also reports on related subjects such as technology, communications, science, politics, and law.

The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the world’s top companies (the Forbes Global 2000), and the world’s billionaires. The motto of Forbes magazine is “The Capitalist Tool”!

According to the latest release by Forbes on December 19, 2018, United Kingdom is rated 1st, Sweden is 2nd, Hong Kong is rated 3rd, Netherlands rated 4th, New Zealand is rated 5th and Canada is 6th.

The United States of America is rated 17th.

South Africa, according to the list released by Forbes, came first in Africa while Nigeria is rated 14th in Africa with a population of 203 million people, a Gross Domestic Product growth of 0.8 per cent and GDP per capita of $2,000

This put Nigeria behind South Africa, rated 59th globally. Morocco is 62nd, Seychelles rated 66th and Tunisia is rated 82nd.

Botswana came 83rd on the list globally, Rwanda is 90th, Kenya rated 93rd, Ghana is 94th, Egypt is 95th, Namibia rated 96th, Senegal rated 100th, Zambia is rated 103rd and Cape Verde 104th before Nigeria rated 110th globally.

Explaining how they derived at the rating, Forbes said: “We gauged the best countries for business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk. Each category was equally weighted.

“The data is based on published reports from Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group, Marsh and McLennan and World Economic Forum”

Previously, Nigeria was ranked as 115th best country to do business in the world and 3rd in Africa in a total of 153 countries that were surveyed in September 2018.

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