Nigeria has been placed as the 110th best country for business in the world according to a 2019 analysis by Forbes. The United Kingdom is first on the list, while Sweden, Hong Kong, Netherlands, New Zealand, and Canada are 2nd, 3rd, 4th, 5th, and 6th respectively. The United States of America is ranked as 17th, after Ireland and Finland. In Africa, South Africa is the best country for business.
Statistics show that Nigeria has a population of 203 million inhabitants, with a GDP of 0.8 percent, and GDP per capita of $2,000. This makes her rank as the 14th in Africa.
Other African countries in the list that fared better than Nigeria include Morocco- 62nd, Seychelles – 66th, Tunisia – 82nd, Botswana – 83rd, Rwanda- 90th, Kenya – 93rd, Ghana – 94th, Egypt – 95th, Namibia – 96th, Senegal – 100th Zambia – 103rd, and Cape Verde – 104th
In its explanation of the criteria used, Forbes stated, “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.”