Nigeria Ranked 15th Best African Country For Business By Forbes In 2020

Forbes has ranked Nigeria 110 among 161 countries in the World and 15th in Africa for doing business, according to the annual report sighted by

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Nigeria’s scores for individual factors on which the ranking was based are as follows:

Trade Freedom:135
Monetary Freedom:141
Property Rights: 116
Innovation: 93
Technology: 123
Red Tape: 105
Investor Protection: 37
Corruption: 136
Personal Freedom: 91
Tax Burden: 132

Also, the macroeconomic indicators and demographics used by Forbes are as follows:

GDP Growth: 0.8%,
GDP per Capita: $2,000
Trade Balance/GDP: 2.8%
Population: 203.5M
Public Debt/GDP: 22%
Unemployment: 16.5%
Inflation: 16.5%.

Nigeria failed to outpace its neighbors Ghana, Senegal and African powerhouse, Egypt who were all ranked higher.


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