Business

Nigeria Ranks 64th Most Entrepreneurial Country Globally, 5th in Africa

Nigeria, Africa’s largest economy, has emerged as the 64th most entrepreneurial nation in the world and 5th in Africa behind South Africa, Rwanda, Morocco and Kenya.

Published

2 years ago

September 20, 2022

Investors King

Nigeria, Africa’s largest economy, has emerged as the 64th most entrepreneurial nation in the world and 5th in Africa behind South Africa, Rwanda, Morocco and Kenya.

The World’s Most Entrepreneurial Countries otherwise known as the “Entrepreneurship Index” evaluates more than 100 countries using various factors such as competitiveness, infrastructure, labour skill, openness for business and access to capital as shown below. Individual countries were thereafter scored between 1-100.

The ranking which was conducted by CEOWORLD Magazine was designed to evaluate the efforts of individual countries to business owners.

Overall, it is not surprising that the United States top the list with a score of 42.88 while Germany followed closely as the runner-up with a score of 41.05.

Other countries that featured on the top 10 list include the United Kingdom ranked 3rd with a score of 35.8, Isreal ranked 4th with a score of 34.25, the United Arab Emirates occupies 5th position with a score of 31.01 and Poland stood at the 6th position with 29.75.

Spain came 7th with a score of 29.01, while India and France were ranked 9th and 10th with a score of 25.47 and 25.34, respectively.

Investors King learnt that the list was heavily dominated by European countries. No African country in the top 47.

At the continental level, South Africa led the African continent with 15.12 and ranked 48th on the world stage. Rwanda was ranked 2nd in Africa with a score of 14.93 but came 50th in the world.

Morroco trailed Rwanda with a 14.32 score, ranking 3rd in Africa and 61st globally. Kenya scored 14.2 to become 4th in Africa and 63rd in the world, while Nigeria scored 14.11 to ranked 5th in Africa and 64th in the world.

It is undeniable that while some countries in Africa have significantly improved on the ease of doing business in the last few years, the entire continent still has a very long way to go. Poverty and increased unemployment could be tamed if African countries do more to support entrepreneurs who are the highest employer of labour and the drivers of the economy. See the full list below.

The World’s Most Entrepreneurial Countries, 2021

Rank	Country	Score	Innovation	Competitiveness	Labour Skills	Infrastructure	Access To Capital	Openness For Business
1	United States	42.88	2.19	2.58	45.73	38.74	360.34	0.21
2	Germany	41.05	1.94	1.81	49.24	55.27	325.92	0.31
3	United Kingdom	35.8	1.43	1.56	49.37	64.25	290.14	0.34
4	Israel	34.25	6.1	6.65	16.4	15.05	358.27	0.28
5	United Arab Emirates	31.01	3.07	2.61	32.6	38.27	487.04	0.21
6	Poland	29.75	1.13	1.38	49.52	72.57	178.65	0.56
7	Spain	29.01	5.01	5.4	19.95	18.51	489.34	0.16
8	Sweden	28.16	2.42	3.48	41.36	28.72	357.95	0.28
9	India	25.47	2.03	2.11	49.16	47.46	490.72	0.09
10	France	25.34	4.4	5.68	22.73	17.6	279.99	0.36
11	Australia	25.05	2.71	3.08	36.95	32.49	221.16	0.45
12	Estonia	24.64	4.39	4.18	22.78	23.91	320.3	0.31
13	Ireland	24.37	3.88	3.91	25.74	25.59	206	0.49
14	Malaysia	23.6	2.48	2.8	40.28	35.65	150.13	0.67
15	Saudi Arabia	22.98	5.74	3.71	17.43	26.93	226.08	0.44
16	South Korea	22.43	3.2	3.64	31.26	27.45	165.38	0.6
17	Canada	21.8	1.42	1.82	49.61	54.91	151.83	0.66
18	Philippines	21.62	2.57	2.38	38.9	42.01	127.42	0.78
19	Denmark	21.42	2.95	3.51	33.87	28.46	145.2	0.69
20	Switzerland	21.34	3.77	3.85	26.54	25.99	241.79	0.41
21	Taiwan	21.24	5.08	5.48	19.7	18.23	193.2	0.52
22	Japan	20.71	3.61	4.01	27.72	24.92	241.35	0.41
23	Singapore	20.05	4.23	4.45	23.66	22.49	239.75	0.42
24	China	20.04	5.06	5.11	19.77	19.58	206.01	0.49
25	Austria	19.92	3.81	4.79	26.23	20.89	203.21	0.49
26	Portugal	19.73	5.85	5.64	17.1	17.72	223.43	0.45
27	Belgium	19.72	2.52	2.68	39.62	37.28	140.29	0.71
28	Italy	19.46	2.73	3.1	36.67	32.25	147.32	0.68
29	New Zealand	18.55	4.05	4.66	24.71	21.48	222.81	0.45
30	Thailand	18.32	4.55	5.72	21.98	17.47	112.06	0.89
31	Colombia	18.25	2.32	2.94	43.07	34.05	130.75	0.76
32	Bulgaria	18.05	4.79	4.49	20.88	22.29	141.68	0.71
33	Chile	17.41	3.16	3.49	31.66	28.61	113.93	0.88
34	Czech Republic	17.37	5.54	5.52	18.05	18.12	225.03	0.44
35	Mexico	17.37	4.83	4.79	20.7	20.88	221.86	0.45
36	Norway	17.22	3.26	5.08	30.67	19.7	106.18	0.94
37	Cyprus	17.16	3.24	4.87	30.85	20.54	105.09	0.95
38	Argentina	16.96	3.81	3.19	26.26	31.39	243.78	0.41
39	Latvia	16.76	4.35	5.46	22.99	18.3	135.33	0.74
40	Serbia	16.55	3.27	3.3	30.56	30.32	114.4	0.87
41	Brazil	16.4	3.76	4.29	26.63	23.3	198.34	0.5
42	Romania	16.25	2.54	2.71	39.36	36.87	97.08	1.03
43	Hungary	16.19	2.73	2.61	36.69	38.32	175.68	0.57
44	Netherlands	16	2.18	2.78	45.86	36.01	128.41	0.78
45	Indonesia	15.42	3.95	4.76	25.29	21.03	226.52	0.44
46	Greece	15.23	5.42	5.4	18.46	18.53	192.3	0.52
47	Croatia	15.2	4.11	4.4	24.33	22.72	151.84	0.66
48	South Africa	15.12	5.8	6.04	17.25	16.56	166.31	0.6
49	Luxembourg	15.05	6.32	7.33	15.82	13.65	296.63	0.34
50	Rwanda	14.96	4.41	6.38	22.68	15.68	251.95	0.4
51	Turkey	14.95	3.61	3.75	27.72	26.7	106.53	0.94
52	Slovenia	14.86	5.49	5.4	18.22	18.53	183.49	0.54
53	Slovakia	14.8	4.87	4.74	20.52	21.1	230.47	0.43
54	Russia	14.79	3.8	4.27	26.3	23.44	115.91	0.86
55	Belarus	14.71	3.58	3.87	27.97	25.85	90.18	1.11
56	Peru	14.65	3	5	33.37	20.02	114.68	0.87
57	Iceland	14.65	3.58	3.83	27.92	26.08	112.96	0.89
58	Qatar	14.54	5.13	6.3	19.5	15.86	134.95	0.74
59	Armenia	14.41	2.68	3.08	37.34	32.47	89.62	1.12
60	Malta	14.4	4.92	5.12	20.33	19.51	174.22	0.57
61	Morocco	14.32	6.66	6.46	15.02	15.48	195.27	0.51
62	Moldova	14.23	4.22	4.18	23.72	23.92	102.52	0.98
63	Kenya	14.2	6.25	6.45	16.01	15.52	274.38	0.36
64	Nigeria	14.11	6.28	8.28	15.93	12.07	278.78	0.36
65	Azerbaijan	14.07	6.18	6.09	16.17	16.42	163.43	0.61
66	Finland	14	5.86	5.62	17.05	17.79	140.51	0.71
67	Kazakhstan	13.87	4.16	3.94	24.06	25.35	97.48	1.03
68	Puerto Rico	13.86	3.95	3.96	25.31	25.26	114.61	0.87
69	Uruguay	13.84	4.3	4.68	23.28	21.37	191.88	0.52
70	North Macedonia	13.59	6.97	8.39	14.34	11.92	271.86	0.37
71	Georgia	13.57	7.5	7.78	13.33	12.86	176.69	0.57
72	Lithuania	13.55	2.96	3.78	33.77	26.49	171.34	0.58
73	Ukraine	13.53	3.15	3.44	31.7	29.07	149.86	0.67
74	Vietnam	13.44	3.06	3.47	32.71	28.79	82.89	1.21
75	Jordan	13.38	3.5	3.36	28.58	29.77	91.73	1.09
76	Tunisia	13.38	5.59	7.05	17.88	14.18	85.41	1.17
77	Ghana	13.35	2.7	3.74	37.08	26.73	150.82	0.66
78	Ecuador	13.34	4.29	4.33	23.29	23.08	156.67	0.64
79	Bahrain	13.34	3.52	3.36	28.4	29.77	104.16	0.96
80	Sri Lanka	13.18	6.6	5.69	15.15	17.56	199.56	0.5
81	Dominican Republic	13.16	4.52	4.77	22.15	20.98	83.09	1.2
82	Albania	13.16	5.73	6.72	17.45	14.89	154.12	0.65
83	Costa Rica	13.06	2.83	2.91	35.38	34.41	74.79	1.34
84	Bangladesh	12.99	4.34	4.89	23.05	20.47	93.62	1.07
85	Jamaica	12.91	3.7	4.62	27.04	21.62	91.39	1.09
86	Botswana	12.85	4.7	4.72	21.27	21.17	150.83	0.66
87	Lebanon	12.8	5.14	4.93	19.45	20.27	149.3	0.67
88	Iran Islamic Republic of	12.66	2.84	3.21	35.27	31.12	142.7	0.7
89	Cameroon	12.65	5.82	5.85	17.17	17.11	210.21	0.48
90	Egypt	12.59	4.76	4.41	21.03	22.68	111.48	0.9
91	Uganda	12.59	4.37	4.68	22.89	21.39	151.16	0.66
92	Venezuela	12.59	4.38	4.44	22.81	22.54	73.44	1.36
93	Trinidad and Tobago	12.52	3.89	4.19	25.73	23.89	78.22	1.28
94	Paraguay	12.39	4.26	4.91	23.47	20.37	91.87	1.09
95	Bolivia	12.32	4.28	4.88	23.37	20.5	90.17	1.11
96	Algeria	12.28	5.12	5.04	19.52	19.85	148.1	0.68
97	Ethiopia	12.27	3.71	5.11	26.95	19.56	75.33	1.33
98	Zambia	12.27	4.43	4.39	22.57	22.8	100.05	1
99	Pakistan (Islamic Republic of)	12.24	4.46	5.07	22.44	19.73	76.55	1.31
100	El Salvador	12.18	3.79	3.84	26.38	26.01