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Wednesday, March 29, 2023

Nigeria Ranks 124th in 2022 Index of Economic Freedom

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Nigeria’s economic freedom score is 54.4, making its economy the 124th freest in the 2022 Index of Economic Freedom.

Dragged down by score decreases in fiscal health and property rights, Nigeria has recorded a 2.7-point overall loss of economic freedom since 2017 and has fallen to the lower half of the “Mostly Unfree” category.

Nigeria is ranked 23rd among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.

The Nigerian economy grew from 2017 through 2019, turned negative in 2020, and rebounded in 2021.

The country’s five-year trend of mediocre economic freedom has continued, according to the Heritage Foundation the authors of the report.

Monetary freedom and trade freedom demonstrate some promise, but scores for rule of law and financial freedom are very low.

As of December 1, 2021, 2,978 deaths had been attributed to the pandemic in Nigeria, and the government’s response to the crisis ranked 62nd among the countries included in this Index in terms of its stringency. The economy contracted by 1.8 percent in 2020.

The principles of economic freedom are measured in the Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s No. 1 think tank.

For twenty-eight years the Index has delivered thoughtful analysis in a clear, friendly, and straight-forward format and tracks the advancement in economic freedom, prosperity, and opportunity.

The Index covers 12 freedoms – from property rights to financial freedom – in 184 countries.

The Index of Economic Freedom is a helpful tool for a variety of audiences, including academics, policymakers, journalists, students, teachers, and those in business and finance.

The Index is an excellent objective tool for analyzing 184 economies throughout the world and each country page is a resource for in-depth analysis of a country’s political and economic developments.

The 12 economic freedoms and accompanying historical data also provide a comprehensive set of principles and facts for those who wish to understand the fundamentals of economic growth and prosperity.

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