Forbes has ranked Rwanda and South Africa above Nigeria on the African continent in terms of “investor protection.”
A total of 153 countries were surveyed by Forbes in its Index of Best Countries for Business Report released recently.
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.
According to the report, in the period under review, Nigeria experienced positive economic growth driven by its agriculture, telecommunications and services sector but nevertheless came short of South Africa and Rwanda who ranked 48th and 79th respectively in the world.
The report also said Nigeria’s GDP growth was -1.6 percent in the period under review while unemployment and inflation rate was put at 13.4 per cent and 15.7 per cent respectively.