Nigeria: Business freedom
* indicates monthly or quarterly data series
Nigeria |
Business freedom index (0-100) |
---|---|
Latest value | 43 |
Year | 2024 |
Measure | points |
Data availability | 1995 - 2024 |
Average | 53 |
Min - Max | 41 - 60 |
Source | The Heritage Foundation |
The latest value from 2024 is 43 points, a decline from 44 points in 2023. In comparison, the world average is 62 points, based on data from 175 countries. Historically, the average for Nigeria from 1995 to 2024 is 53 points. The minimum value, 41 points, was reached in 2022 while the maximum of 60 points was recorded in 2021.
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The Business Freedom index for Nigeria from The Heritage Foundation measures the ability to start, operate, and close a business. It reflects the overall burden of regulations and the efficiency of the government of Nigeria in the regulatory process.
Definition: The Business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study: Starting a business-procedures (number), time (days), cost (% of income per capita), and minimum capital (% of income per capita); Obtaining a license—procedures (number), time (days), and cost (% of income per capita); Closing a business—time (years), cost (% of estate), and recovery rate (cents on the dollar).
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Property rights | 25 | 2024 | points |
Freedom from corruption | 22 | 2024 | points |
Fiscal freedom | 44 | 2024 | points |
Business freedom | 43 | 2024 | points |
Labor freedom | 74 | 2024 | points |
Monetary freedom | 63.20 | 2024 | points |
Trade freedom | 68 | 2024 | points |
Investment freedom | 45 | 2024 | points |
Financial freedom | 40 | 2024 | points |
Economic freedom, overall index | 53 | 2024 | index points |