The ease of doing business in a country is an important economic factor; it does not only boost citizen's/resident's entrepreneurial spirit, but it also attracts foreign investment.
In the World Bank's 2020 report on ease of doing business, some African countries had a good showing while some are still struggling behind.
Out of the 190 countries ranked, 10 African countries are among the first 100. This piece lists Africa's 20 best countries to do business, according to the report.
Top 20: Africa's best countries to do business
1. Mauritius (ranked 13 globally)
2. Rwanda (ranked 38)
3. Morocco (ranked (53)
4. Kenya (ranked 56)
5. Tunisia (ranked 78)
6. South Africa (ranked 84)
7. Zambia (ranked 85)
8. Botswana (ranked 87)
9. Togo (ranked 97)
10. Seychelles (ranked 100)
11. Namibia (ranked 104)
12. Malawi (ranked 109)
13. Côte d’Ivoire (ranked 110)
14. Djibouti (ranked (112)
15. Egypt, Arab Rep (ranked 114)
16. Uganda (ranked 116)
17. Ghana (ranked 118)
18. Eswatini (ranked 121)
19. Lesotho (ranked 122)
20. Senegal (ranked 123)
Nigeria does not make it to the first 20; Africa's largest economy and the most populous nation was ranked 131 out of the 190 ranked countries.
Nevertheless, the country improved from the previous year; it was ranked 146 out of the 190 listed countries in 2019.
Meanwhile, with a population of about N200 million people, the Gross Domestic Product (GDP) of over $400 billion, and the improved World Bank's Doing Business ranking, Nigeria is one of the best places to do business in Africa.
Considering the above factors, Legit.ng in a previous report highlighted top 10 business ideas Nigerians and other legal residents in the country can do which will yield high returns.
Top on the list is ride-hailing business. Though it has its challenges just as many other businesses, ride-hailing business is one of the most lucrative among the small businesses that can be explored in Nigeria.