Forbes Ranks Rwanda, S’Africa over Nigeria on Investor Protection

Forbes has ranked Nigeria third best in Africa in terms of “investor protection.”

Rwanda and South Africa were rated above Nigeria on the African continent. A total of 153 countries were surveyed.

The American business magazine made this known in its Index of Best Countries for Business Report released last Friday.

The report, according to TheCable, said in the period under review, Nigeria experienced positive economic growth driven by its agriculture, telecommunications and services sector.

In the overall ranking, Nigeria was ranked as 115th best country to do business in the world.

The rankings were based on 15 different factors including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection.

Cumulatively, South Africa was ranked 48th while Rwanda scored 79th on the index for best country to do business.

Listing key indices used in its computation, the report said Nigeria’s GDP as of December 2017 was $405 billion while GDP growth was -1.6 percent in the period under review.

Unemployment and inflation rate was put at 13.4 per cent and 15.7 per cent respectively.

In the country profile, the report said even though Nigeria had experienced economic diversification and strong growth, it has not translated into a significant decline in poverty levels, with over 62 per cent of the country’s 170 million people still living in extreme poverty.