Uche Usim, Abuja
Nigeria again dropped from third to 14th position (out of 161 countries graded in Africa) in ease of doing business ranking, a 2019 analysis by Forbes revealed Thursday.
Forbes is an American family-controlled business magazine well known for its listings and rankings features original articles mainly on finance, industry, investing, and marketing topics.
The magazine also rated Nigeria as the 110th best country for business in the world in 2019.
Forbes previous ranking listed Nigeria as the 115th best country to do business in the world and third in Africa out of 153 countries that were surveyed globally in September 2018.
The latest 2019 listing reveals that while Nigeria’s ranking improved on the global space, it dropped 11 spots in Africa with regards to being “hospitable to capital investment.”
According to the latest release by Forbes on December 19, 2018, United Kingdom is rated 1st, Sweden is 2nd, Hong Kong is rated 3rd, Netherlands rated 4th, New Zealand is rated 5th and Canada is 6th.
The United States of America is rated 17th.
South Africa, according to the list released by Forbes, came first in Africa while Nigeria is rated 14th in Africa despite having a population of 203 million people, a Gross Domestic Product growth of 0.8 per cent and GDP per capital of $2,000.
Botswana came 83rd on the list globally, Rwanda is 90th, Kenya rated 93rd, Ghana is 94th, Egypt is 95th, Namibia rated 96th, Senegal rated 100th, Zambia is rated 103rd and Cape Verde 104th before Nigeria rated 110th globally.
Explaining how it derived at 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 matrix 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 and McLennan and World Economic Forum”.