Nigeria, 101st Best Country For Business

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.

At the top of the list was Canada, with a GDP growth of 3.1 per cent at $39,400 GDP per capita; New Zealand, with a GDP growth of 1.5 per cent at $27,700 GDP per capita; Hong Kong, with a GDP growth of 6.8 per cent at $,900 GDP per capita; Ireland, with a GDP growth of -1.0 at $37,300 GDP per capital; and Denmark, with a GDP growth of 2.1 at $36,600 GDP per capita, occupied the first, second, third, fourth and fifth positions, respectively.

Ahead of Nigeria from the African continent were South Africa — which ranked 40th, followed by Zambia (56th), Namibia (71th), Ghana (72th), Mozambique (77th), Morocco (83rd), Malawi (86th), Egypt (92nd), Senegal (96th), and Madagascar (98th).

At the bottom of the list of 134 countries are Venezuela, Angola, Burundi, Zimbabwe and Chad, at 130th, 131st, 132nd, 133rd and 134th positions, respectively.

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.

“Nigeria’s former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues.”

Proving the credibility of the rating, Kurt Badenhausen, a Forbes representative, said, “We determined the best countries for business by looking at 11 different factors for 134 countries. We considered property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.

“We leaned on research and published reports from the Central Intelligence Agency, Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, the World Bank and World Economic Forum to compile the rankings.”

http://www.punchng.com/Articl.aspx?theartic=Art201110093115575

So ,out of 134 nations , we were 87th last year and now 101 today . I wonder who was President last year and currently since the apologists of GEJ love blaming everything on Yar Adua. This is a direct indicator of the poor leadership of GEJ. Expert , home and abroad, have stated that recurrent expenditure must come down [b]drastically [/b]but GEJ has shown a total lack of desire to comply . He tells us that "leaner Government not possible" and hides conveniently behind "constitutional limitations" . Well someone should tell him that Amosun , without fuss and without excuses, has slashed the salary of government officials in Ogun State. He achieved it by simply writing the State assembly and making his request. Unlike Mr. President, Amosun did not simply throw his hands up in a defeatist and indolent manner. Our economic outlook is bleak [b]directly [/b]because we have a Government in place totally unwilling to do what is right and badly required ASAP.

"Transformational" leadership indeed. All we are getting is "business as usual" and a distinct hesitation to take the radically bold steps required to put Nigeria on the right path. I hope everyone can see undoubted proof that Nigeria is worsening under GEJ and his AGIPs even as sycophants would have us believe otherwise.

http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=63853:nigeria-drops-in-best-business-environment-rating&catid=1:national&Itemid=559

Nigeria drops in best business environment rating
Monday, 10 October 2011 00:00 By Roseline Okere News - National


NIGERIA’S business environment has been rated worse in 2011 than last year.  With a dismal performance on the corruption, technology, proper rights and investment freedom ladder, the country dropped from its 2010 rating of 87th to 101st in 2011 in the Forbes Best Countries for Business Report.

The report, which covered 134 countries, also showed that Nigeria is not among the best 10 African nations with suitable business environment. Of the 15 African countries, which business environment was assessed, Nigeria managed to come before Angola, Burundi, Zimbabwe, and Chad.

In the best 10 African economies, South Africa topped the chart followed closely by Zambia and Ghana.

Among the factors used by Forbes in compiling the October 2011 Suitability for Investment Report were Gross Domestic Product (GDP) growth, GDP per capita, technology, corruption and public debt.

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

Nigeria, however, fared well under investor protection, innovation and market performance.

In what could be classified as sector by sector rating, Nigeria came 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.

African countries which made the list of the best 100 stable business nations ahead of Nigeria were South Africa, which came 40th with a GDP of 2.8, per capita of $10,700 and trade balance of –2.8, followed by Zambia (56th), with a GDP of 7.6, per capita $1,500, and trade balance of -2.9; Ghana ranked 72nd with GDP of 5.7 per cent, representing $2,500 GDP per capita and trade balance percentage of GDP of -7.5; Namibia (71st), Ghana (72nd), Mozambique (77th), Morocco (83rd), Malawi (86th), Egypt (92nd), Senegal (96th), and Madagascar (98th).              .

Nigeria was ahead of Angola, which occupied the 131st slot, Burundi (132nd), Zimbabwe (133rd) and Chad (134th).

Canada leads the world best stable economies with a GDP growth of 3.1 representing $39,400 GDP per capita, New Zealand followed with GDP growth of 1.5 representing $27,700 GDP per capita, Hong Kong came next with a GDP growth of 6.8 and GDP per capita of $49,900, Ireland had a drop in GDP of -1.0 but with a GDP per capita of $37,300 to beat Denmark, which recorded a GDP growth of 2.1 but a GDP per capita of $36,600.

Denmark dropped from the top spot in 2010 to number five this year as its relative monetary freedom declined as measured by the Heritage Foundation. Denmark’s stock market also fell 14 per cent, the worst performance of any of Forbes’ top 10 countries. Four other European countries in last year’s top 20 also dropped in the ranking, with Finland sliding to number 13,     The Netherlands to 15th position.

The United States (U.S.) ranked No.10, down from No. 9 in 2010. The world’s largest economy at $14.7 trillion continues to be one of the most innovative, ranking sixth in patents per capita among all countries.

In the rear are three countries where economies are smaller than $10 billion. They are Burundi, Zimbabwe and Chad, which all fared poorly in trade and monetary freedom, innovation and technology. Chad had the highest GDP per capita $1,600 among the three countries but came last on both corruption and red tape indexes.

The report said: “We are looking for best countries for business by looking at 11 different factors for 134 countries. We considered property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.

“We leaned on research and published reports from the Central Intelligence Agency (CIA), Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, the World Bank and World Economic Forum to compile the rankings.”

I see , Cat got the tongue of the usual GEJ apologists and sycophants. Here we have a damning indictment of GEJ's poor leadership and ineffectiveness they cannot counter with spin.

Gbawe, they will soon come out to defend this, they will say at least we are not the 134th nation, GEJ is transforming the nation so we must dip first before we rise.

hercules07:

Gbawe, they will soon come out to defend this, they will say at least we are not the 134th nation, GEJ is transforming the nation so we must dip first before we rise.

You know them too well. At the rate we are going, we will probably be 134th next year !!!!

hercules07:

Gbawe, they will soon come out to defend this, they will say at least we are not the 134th nation, GEJ is transforming the nation so we must dip first before we rise.

Or they will just dismiss this as the usual anti GEJ rhetoric and continue with business as usual.

Bawss1:

Or they will just dismiss this as the usual anti GEJ rhetoric and continue with business as usual.

Indeed. Sadly for them, this terrible indictment that Nigeria has gone backwards under GEJ's is not coming from his "detractors" or "enemies" . Forbes compiled the list using very solid factors even very obdurate fans of GEJ cannot dispute. Genuine fundamental reforms are what we need but sadly, and as some of us predicted non-stop, Jonathan will never be brave, resolute or willing enough to deliver those reforms because he is indebted to far too many AGIPs who are happy for Nigeria to remain as it is . Anyway, the World knows that we are not serious in Nigeria.

Yes O , We have to deal and put with people like corrupt-Tinubu in jail to reclaim the first position.
If you agree say aye!!

Relax101:

Yes O ,  We have to deal and put with people like corrupt-Tinubu in jail to reclaim the first position.
If you agree say aye!!

I think your obsession with Tinubu is affecting your comprehension. When , for example, we are 121 out of 134 for trade freedom, how does that concern Tinubu who left office over 4 years ago? Abeg, say the truth for once and shame the devil !!!! It would not harm you to admit we have an incompetent President leading us instead of dragging Tinubu's name into this .

Mr Gbawe, we all agree that corruption is setting back the country.
We must deal and jail corrupt folks like Tinubu who wants to suck taxpayers dry in Lagos.
You of all people know tinubu is so corrupt. he's been in the news since 1999.
Haba.

because say na opposition doesnt qualify him to start stealing and stealing very big for that matter. lol
Thats what I'm saying o.

Relax101:

Mr Gbawe, we all agree that corruption is setting back the country.
We must deal and jail corrupt folks like Tinubu who wants to suck taxpayers dry in Lagos.
You of all people know tinubu is so corrupt. he's been in the news since 1999.
Haba.

because say na opposition doesnt qualify him to start stealing and stealing very big for that matter. lol
Thats what I'm saying o.

I have no problem with a robust fight against corruption but mentioning Tinubu here is senseless . Forbes has not dumped Nigeria at number 101 , a fall of 24 places from last year's 87th position, due to corruption alone . Even if you want to talk of corruption of Political office holders , past and present , a sane and objective person will tell you that GEJ has failed in that aspect too.

OBJ and Anenih are amongst the 5 most corrupt Nigerians alive . We all know they are "buddies" of the President . Haliru Bello ,implicated  in the siemens bribery scandal, is now a Minister. Fool yourself if you want just don't expect the likes of Forbes to concur with you. Also, in case you do not know, Forbes are not simplistically talking about the corruption of individual Political Office holders . For example, the corrupt act of Anenih , while condemnable, may not directly affect potential business entrants into Nigeria . Forbes are talking about the corruption businesses will face (from Institutions, government offices, Custom office, Immigration, various charging/billing offices, etc, etc) that may put them off when they try to set up and operate in Nigeria.

Mtchew!

Well its sad to see the way our dear country Nigeria been rated, come to think of it GEJ alone can not achieve the growth we want, if you and I can think of something innovative, an idea people can buy and can transform to business and services, all stolen fund can well be use to create something

happy fresh air

Where did they get that from?

you people should leave government alone every day government his bad you and i can help our economy if we think straight

i came across a girl who has a first class upper in a university but she can not spell her name correctly and she has been the one making noise there is no job how can someone get a job without passing an interview

GEJ is clueless yet u cant do anything to get him out of there so leave him alone or support him


niaja we complain too much

[size=8pt]NIGERIANS LIKES COMPLAINING WITHOUT DOING ANYTHING!! OUR MAJOR PROBLEM IS "CORRUPTION" . . .REMOVE THAT AND WE WILL BE FINE, GEJ HAS NO CLUE OF ALL OF THAT AS HE DID NOT DO ANY WRONGS IN THAT DIRECTION TO GET US TO WHERE WE ARE, I WOULD ADVICE ALL OF YOU BIG MOUTHS AND FOWL TALKERS TO PLEASE "SHUT UP AND PRAY" AND ALSO DO YOUR OWN LITTLE PART TO CHANGE YOUR COUNTRY!!!! QUESTION : WHAT HAVE YOU DONE LATELY [/size]

101st country? Why am I not surprised?


Anyway, though I think Mr. President is working as best as he can, but I honestly believe he's working at a slow pace. If corruption isn't tackled head on, even if you give Nigerians electricity, the economy will boom on corruption, not a good image for a yet-to-be-developed nation like Nigeria. Again, Nigerians need to get off their high horses and begin to think outside the box and learn innovative ways to advance ourselves, let us become entrepreneurial. This is just my two cents.

what of aba

I've decided to leave Nigeria to the true Nigerians. I don't need international indices to tell me just how effed up we are, my stomach tells me as much. I'll be in Canada if y'all need me.

That"s nice,Naija no they take last!

hercules07 « #5 on: Yesterday at 03:28:19 PM »

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Gbawe, they will soon come out to defend this, they will say at least we are not the 134th nation, GEJ is transforming the nation so we must dip first before we rise.

Let's wait for Beaf to resume from leave to come here and tell us Buhari, Atiku and the North are responsible as they have made governance difficult or impossible for his lord and master GEJ.

japhet2233:

you people should leave government alone    every day government  his bad  you and i can help our economy  if we think straight   

i came across a girl who  has a first class upper in a university  but she can not spell her name  correctly and  she has been the one making noise there is no job how can someone  get a job without passing an interview 

GEJ is clueless yet u cant do anything to get him out of there so leave him alone  or  support him 


niaja we complain too much

And the likes of yourself should learn why it is fundamentally important to hold leaders accountable. We don't do that in Nigeria and this is why Nigerians are now resigned to supplying their own power, water supply (borehole et al), security ,etc. The average Nigerian would rather grovel to raise 180,000.00 for a bore hole than stage a protest , that may snowball, at his local water board authority.

If we become any more individual then we might as well each start declaring independent national statuses so we end up with 150 million nations instead of one !!! The Government you speak in support of already receives a stupendous amount of money to serve us. I am afraid we cannot "leave them alone" as you suggest so far as 74% of our national annual budget goes towards maintaining their indolent azzes.