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Nigeria is 110th best place to do business, Forbes says

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Nigeria retains position, scores lower in global competitiveness index

Forbes has rated Nigeria as 110th best place in the world to do business in 2019 out of 161 countries that were graded.

The country also comes 14th in Africa, behind South Africa (59), Morocco (62), Seychelles (66), Tunisia (82), Botswana (83), Rwanda (90), Kenya (93), Ghana (94), Egypt (95), Namibia (96), Senegal (100), Zambia (103) and Cape Verde (104).

The list is topped by United Kingdom (1), Sweden (2), Hong Kong (3), Netherlands (4), New Zealand (5) and Canada (6).

Read also: No refinery in Nigeria has undergone maintenance in 42yrs —NNPC

The United States of America comes in the 17th position below Ireland and Finland.

Forbes said on the criteria for the rating: “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 & McLennan and World Economic Forum.”

Nigeria was rated 115 out of 153 assessed countries in the previous year with a GDP growth of -1.6 per cent and GDP per capita given as $2,200.

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