Nigeria Rated As 101st Best Country To Do Business In The World

Nigeria has been rated the 101st best county to do business in the world. This was a significant drop from the 87th position it occupied last year.

The report which listed 134 countries in order of their suitability for investment was published on Forbes website.

It put Nigeria's Gross Domestic Product growth at 8.4 per cent, representing $2,500 GDP per capital and the trade balance percentage of GDP at 10.1, over an average population of 155.2 million. The public debt was put at 11.9 per cent of the GDP.

A further breakdown of the analysis showed that Nigeria ranked 121st for trade freedom; 84th for monetary freedom; 117th for property rights; 66th for innovation; 100th for technology; 85th for red tape; 46th for investor protection; 110th for corruption; 84th for personal freedom; 97th for tax burden; and 71st for market performance.

The report pointed out that infrastructure was a major impediment to economic growth, adding that Nigeria's economy was badly hit by the recent financial and economic crises.

It said, "Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms.