Forbes, the American business magazine has ranked Nigeria as the 110th best country for doing business in the world and 14th best on the African continent.

The magazine said it compiled the list by rating 161 countries on 15 factors namely property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risk, quality of life, workforce, freedom (personal, trade and monetary), red tape and investor protection.

The United Kingdom, Sweden, Hong Kong, Netherlands and New Zealand were ranked the top five best countries for business while South Africa was 59th on the list and the best African country to do business in.

In Africa, Morocco was ranked 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).

“We used the World Bank’s Doing Business report to grade countries’ taxes, investor protection and red tape/bureaucracy,” the magazine said.

It added: “The Heritage Foundation’s Index of Economic Freedom provided the basis for our ratings on trade freedom and monetary freedom.

“We used the Property Rights Alliance’s International Property Rights Index to gauge property rights, which was led by Japan. Workforce was based on the size of the labor force and its growth from data via the World Bank.

“Quality-of-life ratings came courtesy of the United Nations’ Human Development Index.”