Nigeria: Business freedom

* indicates monthly or quarterly data series

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
For that indicator, we provide data for Nigeria from 1995 to 2024. The average value for Nigeria during that period was 53 points with a minimum of 41 points in 2022 and a maximum of 60 points in 2021. The latest value from 2024 is 43 points. For comparison, the world average in 2024 based on 175 countries is 62 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Nigeria - Business freedom - Recent values chart

Historical chart
Nigeria - Business freedom - historical chart - 1995-2024

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 value 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
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