Nigeria has been ranked as the 110th best country in the world for business and 14th best in Africa out of 161 assessed countries.
This is according to the 2019 ranking by Forbes, an American business magazine which rated the United Kingdom, Sweden, Hong Kong, Netherlands and New Zealand as the top five best countries for business respectively.
In 2018, Nigeria ranked 115 out of 153 assessed countries with a GDP growth of -1.6 per cent and GDP per capita given as $2,200.
However this year, the publication rated Nigeria based on the country’s Gross Domestic Product (GDP) growth of 0.8 percent and its GDP per capita of $2,000.
In Africa, South Africa was 59th on the list and the best African country for business.
Other African countries ranked on the list include 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).
Giving the criteria for the rating, Forbes said, it compiled the list by the countries on 15 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,” Forbes noted.