Connect with us
nairametrics
UBA ads

Business News

How Nigeria ranks on Forbes’ best countries for business

Nigeria’s position on the just-released Forbes global list of best countries for business 2018 isn’t all that pleasant. 

Published

on

Forbes, PricewaterhouseCoopers, PWC, Unemployment, NBS, Buhari, Election

Forbes Magazine has just released its global list of best countries for business for the year ended December 31st 2018. And without much surprise, Nigeria’s position isn’t all that pleasant.

According to the list, Nigeria was ranked number 110th out of the total of 161 countries in the survey.

UBA ADS

Note that Nigeria is not even among the top ten African countries on the list, having placed at number 14th behind the likes of South Africa and even neighbouring Ghana.

Meanwhile, at number 59, South Africa is the best ranked African country on the list and the best in Africa. It is then followed by Morocco which ranked 62, Seychelles at number 66, Tunisia at number 82, and Botswana number 83.

Other African countries that ranked better than Nigeria include Rwanda (90), Kenya (93), Ghana (94), Egypt (95), Namibia (96), Senegal (100), Zambia (103) and Cape Verde (104).

GTBank 728 x 90

On a positive note, however, Nigeria still outperformed some fifty-one other countries on the list most of which are on the African continent. Some of these countries are the Central African Republic Republic of Congo; the top two worst ranked.

Nigeria could learn from the top-ranking countries

As expected, European, Asian, North American, and South Pacific countries dominated the list as some of the best places for business. Out of the first twenty best countries alone, European countries took eleven spots.

According to the survey, the United Kingdom is the best country for business, followed by Sweden, Hong Kong, the Netherlands, and New Zealand. Others are Canada, Denmark, Singapore, Australia and Switzerland.

onebank728 x 90

The United States of America ranked in at number 17th, despite President Trump’s much-touted “America First” policies. Yet, this is a much more better ranking compared to Nigeria’s.

Therefore, Nigeria can learn a lot from all the countries with impressive ranking, including South Africa.

It should, however, be mentioned that Nigeria’s current ranking is a little better than its 115th position during the previous year.

app
GTBank 728 x 90

Note that to measure the best country for doing business, Forbes considered fifteen factors such as “property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection” among others.

Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

2 Comments

2 Comments

  1. MaaziM

    January 14, 2019 at 2:57 pm

    Is Honk Kong an independent country?

    • Emmanuel Abara Benson

      January 15, 2019 at 8:08 pm

      Well, it depends on who you ask. To China, it is not an independent country. But to citizens of Hong Kong, theirs is an independent country.

      Some countries in the international arena, especially those in the west, also recognise Hong Kong’s independence.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

Buhari sheds light on why Magu was suspended

Shehu’s statement sheds more light on Magu’s suspension.

Published

on

Buhari says large proportions of new COVID-19 infections now occur in communities

Following the suspension of the Acting Chairman of the Economic and Financial Crimes Commission (EFFC), the Presidency has revealed the grounds for his suspension through the Senior Special Assistant on Media and Publicity to the President, Garba Shehu in a statement on Saturday evening.

He revealed that a preliminary review was conducted on allegations leveled against Magu and other EFFC staff that justified reasons for an investigation on his activities, and a panel was constituted “in compliance with the extant laws governing the convening of such a body,” adding that in cases of allegations against the head of the EFCC, it was proper procedure for the Chair to step down to enable a fair investigation.

UBA ADS

“As is the proper procedure, when allegations are made against the Chief Executive of an institution, and in this case an institution that ought to be seen as beyond reproach, the Chief Executive has to step down from his post and allow for a transparent & unhindered investigation” he said.

The EFCC does not revolve around the personality of an individual, and as such cannot be seen through the prism of any individual.

“Therefore, the suspension of Mr. Ibrahim Magu, allows the institution to continue carrying out its mandate without the cloud of investigation hanging over its head.”

GTBank 728 x 90

He added that the EFCC is committed to fighting economic and financial crimes in Nigeria, and Magu would have the opportunity to defend himself against allegations leveled against him as stipulated by the Nigerian constitution where “every citizen is presumed and remains innocent until proven guilty.”

He said the war against corruption was not a static event, but a continuous process that required transparency and accountability, where people must be held to account for their activities so as to improve Nigeria’s democratic institutions.

“Those who see Mr. Magu’s investigation, as a signal that the fight against corruption is failing, have unfortunately, missed the boat.

onebank728 x 90

“There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system,” he said.

“Under this President and Government, this is our mantra and guiding principle. There are no sacred cows, and for those who think they have a halo over their heads, their days are also numbered,” Shehu said.

He also said Magu was not immune to investigations regardless of the “obvious embarrassment that potential acts of wrongdoing by him” may have caused the Nigerian Government, however, the government maintains its fight against corruption.

app
GTBank 728 x 90

Ibrahim Magu was suspended as EFCC Acting Chairman this week after facing a preliminary panel at the Aso Villa and was replaced by Mohammed Umar.

devland
Patricia
Continue Reading

Economy & Politics

Magu probe: New facts suggest case is about re-looting of previously stolen funds

The report exposed acts of corruption and money laundering against some EFCC officials, including Magu.

Published

on

Ibrahim Magu, Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu's suspension

There appear to be more troubles for the suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, as some new cases bordering on alleged re-looting of recovered funds and bribery may be lined up against him.

Some new facts also emerged on how accumulated interest rates on the recovered N550 billion by the EFCC in the period under review were allegedly re-looted. The suspended EFCC boss is expected to disclose the whereabouts of the missing interest funds running into millions of naira.

UBA ADS

READ MORE: Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

The final report of the Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to November 22, 2018, had also confirmed the concerns of the public about the contradiction in the recovered funds by Magu. These contradictions include;

For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgments was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.’’

GTBank 728 x 90

“These inconsistencies cast serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.’’

“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.’

READ ALSO: Gold down over increased investor confidence in economic recovery

onebank728 x 90

It should be noted that the about N39 billion discrepancy excludes the missing accrued interest.

With all these, the report suggests that there is an apparent case of manipulation of data in a very brazen and unprofessional manner and has greatly eroded public confidence in the anti-corruption efforts.

The PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.

app
GTBank 728 x 90

The NFIU report shows that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of money.

The PCARA report also said that Magu was linked to a N28m payment to Falana who is alleged to be his close associate and ally.

devland

READ ALSO: Air Peace’s Onyema saga: EFCC seizes passport, as Northern Youths plan rally at US embassy

Background

According to reports from the News Agency of Nigeria (NAN), the former EFCC boss is being interrogated by the Rtd, Justice Ayo Salami led Presidential Probe Panel over allegations bordering on mismanagement and lack of transparency in managing recovered assets by EFCC.

app

A final report of the Presidential Investigation Committee on the Federal Government Recovered Assets and Finances by EFCC from May 2015 to May 2020 had seriously indicted and implicated Magu on various allegations levelled against him.

The terms of reference for the investigative committee were

’Investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission.’’

‘’Identify Avenues through which the recovered assets are dissipated and seized, recovered, forfeited (Interim and Final) assets are valued, managed, disposed and/or mismanaged with a view to ascertaining compliance or otherwise with extant laws, regulations, processes and procedures.’’

‘’Review the existing procedures on the Management of the seized, recovered and Forfeited assets (interim and final) and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.’’

‘’Determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value and determine: –

  • Whether all the assets could be properly accounted for by the Ag. Chairman.
  • To confirm if any of the assets have been diverted to the benefit of the Ag. Chairman, his family, relation, friends or favoured staff.
  • To recover any such diverted assets and return back to the EFCC or appropriate government agency.

READ MORE: Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion 

The committee was also to probe and report on corruption and money laundering allegations based on petitions and intelligence reports, involving Magu and Bureau De Change operators as well as some of his associates.

It was to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establishing compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

Patricia
Continue Reading

Real Estate and Construction

Tax on rents and Certificate of Occupancy is valid – Akabueze

FIRS had announced that stamp duty will be paid on house rent and C of O.

Published

on

FIRS boss wants to tax street traders, artisans, others, FIRS tighten noose on deduction of stamp duty, CIT, others, FIRS issues taxpayers deadline to obtain Tax Identification Number, Nami targets N4 trillion from oil & gas to meet President Buhari's unusual target, FIRS set to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

The Director-General of the Budget Office of the Federation, Ben Akabueze, announced that the recent FIRS taxes on Certificate of Occupancy and rents is not new and has been around since the 1980s.

He disclosed this in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) on Friday, adding that ever since the 80s, his landlord had always given him a postage stamp on his rent receipts, and that the law was not just recognized for a long time.

UBA ADS

“Over time, because the culture of postage has dropped off and that was not being implemented. What FIRS has done now is to make that into electronic stamp that you can still use to comply with the existing law,” Akabueze said.

Explore Research Data From Nairametrics on Nairalytics    

Last week, the Federal Inland Revenue Service (FIRS) announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty. The new duty was inaugurated in Abuja at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties.

GTBank 728 x 90

FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, said the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions.

READ MORE: FIRS to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

Consequently, Ahmad asked Nigerians to ensure that documents that related to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

onebank728 x 90

He also advised Nigerians to make sure that any document related to leasing agreements and rents related to offices and homes, including C of O and other transaction instruments used in these seals were authenticated with the new FIRS Adhesive Stamp Duty.

Patricia
Continue Reading