Forbes Ranks Nigeria 110th For Ease Of Doing Business In 2019

Forbes Ranks Nigeria 110th For Ease Of Doing Business In 2019

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
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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.

Meanwhile, a report by the International Rescue Committee’s emergency response has ranked Nigeria among ten countries in the world likely to be deluged by humanitarian crisis in 2019.

In report available on its official website, the rescue agency said 21 countries were on its watch list before bringing it down to 10 with Yemen topping the table.

Legit.ng notes that Nigeria was placed in the eighth position, with the agency adding that the Africa’s most populous country has been subjected to series of attacks from Boko Haram and lingering inter-communal crisis.

Also in the list is Syria, placed on number seven, and Central Africa Republic in the sixth position.

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