The ranking of Nigeria for global competitiveness in doing business has dropped from 124 to 127 out of 138 countries in the world.
According to the latest World Economic Forum rankings, it is more difficult to do business in the country as the most populous black nation was only better than 11 countries, which are war-torn and crisis ridden countries.
Nigeria ranked least on health and primary education. The country was greatly affected by weaker macroeconomic environment. “Although still relatively low, the government deficit has almost doubled since last year and national savings has significantly suffered, worsening the current account position.
“Banks are less solid, reducing the availability of credit. Despite the central bank ending its currency peg, financial authorities have retained restrictions on access to the interbank market, meaning access to finance will remain difficult for many businesses.