Nigeria has been ranked 110th best country for business in the world in 2019, according to ForbesAccording to the 2019 list, Nigeria is rated 14th in Africa while South Africa occupies the number one spot – The 2019 ranking shows a slight improvement as Nigeria was rated 115th in 2018 with a GDP growth of -1.6% Nigeria has been rated the 110th best country for business in the world in 2019, out of 161 graded countries. South Africa, according to the list released by Forbes, came first in Africa. Top on the list by Forbes magazine are United Kingdom (1), Sweden (2), Hong Kong (3), Netherlands (4), New Zealand (5) and Canada (6). The United States is rated 17th, below Ireland and Finland. With a population of 203 million people, a GDP growth of 0.8% and GDP per capita of $2,000, Nigeria is ranked 14th in Africa. The rating puts Nigeria 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). A screenshot of Forbes 2019 ranking of the best countries for business Source: UGC
Nigeria is ranked 110th for ease of doing business in 2019 Source: UGC
Highlighting the criteria for 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 & McLennan and World Economic Forum.” Nigeria rated 115 out of 153 assessed countries the previous year, with a GDP growth of -1.6% and GDP per capita given as $2,200. The country was 15th in Africa during the period. Photo Credit: Getty