Out of 161 graded countries, Nigeria was rated 110th with the United Kingdom topping the list, followed by Sweden, Hong Kong, Netherlands, New Zealand, and Canada in sixth position.
The United States of America is ranked 17th, below Ireland and Finland.
According to the list released by Forbes, South Africa came first in Africa.
With a population of 203 million people, a GDP growth of 0.8 per cent and GDP per capital of $2,000, Nigeria is ranked 14th in Africa.
Nigeria came behind South Africa (59), Morocco (62), Seychelles (66), Tunisia (82), Botswana (83), Rwanda (90), Kenya (93), Ghana (94), Egypt (95), Namibia (96), Senegal (100), Zambia (103) and Cape Verde (104).
Accompanying the rank list, Forbes said, “We gauged the Best Countries for Business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk. Each category was equally weighted.
“The data is based on published reports from Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group, Marsh & McLennan and World Economic Forum.”
In 2018, Nigeria was ranked at 115 out of 153 assessed countries, with a GDP growth of -1.6 per cent and GDP per capital given as $2,200.
Nigeria stood at 15th in Africa last year.