Nigeria's economy is 55.5 percent free, according to our 2008 assessment, which makes it the world's 105th freest economy. Its overall score is 0.5 percentage point lower than last year, reflecting worsened scores in two of the 10 economic freedoms. Nigeria is ranked 18th out of 40 countries in the sub-Saharan Africa region, and its overall score is slightly higher than the regional average.
Nigeria is above average only in labor freedom and fiscal freedom. Inflation is fairly high, but the government does not distort market prices with subsidies (except for rail transport). The labor market is fairly elastic.
Nigeria scores 10 percentage points below average in business freedom and financial freedom. Business licenses are subject to numerous delays, and similar regulatory excess hinders financial development. As a result, the economy is largely cash-based.
This article shows the various changes in Nigeria’s economy over the past years. This article compares Nigeria to both nations all over the world and to those in the sub-Saharan region Nigeria is located in. Nigeria is the 105th freest nation in the world, and it is the eighteenth freest nation out of forty in the sub-Saharan region. There are many things that have contributed to the lack of economic freedom that is evident in Nigeria, including tariffs, import and export taxes, and corruption.
This article also addresses the corruption that has consumed Nigeria for a long time. Corruption has consumed Nigeria to such a great extent that it is not perceived as a big deal. The government officials and leaders cannot be prosecuted for anything related to corruption while they are in office. This legislation is the reason that many former governors are being arrested now that they are no longer in office because of President Umaru Yar’Adua’s legislation to stamp out corruption in Nigeria.
No comments:
Post a Comment