Ease of doing Business: Nigeria ranks number one best African country to do business

Five Thousand Miles have rated Nigeria as the top country for doing business in Africa.

This was revealed via the twitter handle of Personal Assistant on New Media to Buhari, Bashir Ahmad.

Top 10 countries for doing business in Africa. Nigeria is number one! ???????????????? https://t.co/ieYVcBqy10

— Bashir Ahmad (@BashirAhmaad) January 26, 2020

The index shows Nigeria top the list out of ten countries in Africa. Nigerian is closely followed by Egypt, South Africa, Mauritius, Morocco and Seychelles in the top 6.

The rankings were based on the parameters of population, Nominal GDP, GDP Growth Rate, GDP per capita, Current Account Balance, Foreign Exchange Reserves, Transparency Index and Ease of Doing Business.

The 2019 survey ranks Nigeria highly on the basis of population which helped boost its position to the top.

If you look at the stats ???? critically you'll see that what shoot us upwards was population ( which is obvious) and we ranked poor in terms of ease of doing business, study the key ???? then you'll understand.

— Suleiman, SK. (AESM) (@Anatomist15) January 26, 2020

Compared to its ease of doing business, Nigeria is second to the lowest on the list, coming after Algeria. While its nominal GDP is quite favourable, Nigeria lacks foreign reserves according to the ratings.

The report also shows that Nigeria is nowhere near the GDP Growth Rate compared to the likes of Ghana and Rwanda who dwarf the rest. A pointer to the fact that the GDP of these countries are growing at a rather astronomical rate.

Other countries on the list include Algeria in number seven position, followed by Kenya, Ghana and Rwanda in that order.

Nigeria currently ranks 131 on the World Bank's Doing Busines 2020 Index which was released last Wednesday, up 15 spots after 2019's ratings.