Forbes Rates Nigeria 110th Best Nation For Business
A market: Image: Business Day.

The renowned publication, Forbes, has ranked Nigeria as the 110th best country for business in the world in 2019, out of 161 nations.

The ranking placed Nigeria 14th in Africa with a Gross Domestic Product (GDP) growth of 0.8 percent.

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South Africa takes the first position in the African continent and Nigeria falling behind  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).

Nigeria also has a GDP per capita of $2,000 with the top six made up of United Kingdom (1), Sweden (2), Hong Kong (3), Netherlands (4), New Zealand (5) and Canada (6).

The US is ranked 17th, trailing Ireland and Finland.

“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,” Forbes said on the criteria for the rankings.

“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.”