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.
Rwanda’s economy is expected to grow by 7.2 per cent in 2018 riding on the services sector, agriculture and a rebound in construction activities
The economy in 2017 grew by 6.1 per cent surpassing earlier projections of 5.2 per cent.
In 2010, Rwanda attracted US$400 million in investments. The figure has grown by four folds. In 2017, the country registered US$1.6billion.
The number of businesses registered per year has also grown exponentially from 2,000 in 2009 to 13,000 in 2017.
These results have come at a price; hard work, mistakes, criticism, stalled projects, but also good fruits.
In 2017, mineral exports grew significantly by over 210 per cent to $248.5 million, compared to $80.1million in the previous
The Express News