On Wednesday, September 12, a Nigerian major newspaper reported that “a major research firm, Forbes Africa has rated Nigeria as the 2018 best economy in Africa.”
The newspaper reported that in the said Forbes’s ranking, Nigeria came top with $172 billion, followed by South Africa with $166.735 billion.
The report also said that on the list was “Egypt as third with $78 billion, Algeria with $66, Lybia:$65, Botswana: $22.675, Ghana :$20.458 Morroco :$18, Ivory Coast :$11 and Madagascar with $6.766 billion.
It concluded that “Nigeria’s West-African neighbours, Ghana, is seventh with $20.458, Morroco is eighth with $18 billion, Ivory Coast is ninth with $11 billion while Madagascar is tenth with $6.766 billion.”
How accurate is this report? Has Forbes truly ranked Nigeria as the best economy in Africa in 2018? Has Forbes even released the 2018 ranking of the world best economies?
NAIJ.com in this report sets the record straight, providing a comprehensive fact check on the above-cited report.
Claim 1: Forbes ranks Nigeria best African economy in 2018
The be above claim is ranked false because a look at the Forbes website indicates that the firm has not released its 2018 ranking of the best economies.
Claim 2: Nigeria’s GDP
The above report also said Nigeria came top with $172 billion. Nigeria’s GDP according to Forbes, as of December 2017, is $405bn.
“Best Countries for Business”
The recent report Forbes released about the same time the fake report was published is “Best Countries for Business”. And in this list, Nigeria does not occupy the top position in Africa
Nigeria was ranked 3rd best in Africa in terms of “investor protection”.
Rwanda and South Africa were rated above Nigeria on the African continent. A total of 153 countries were surveyed.
The report, however, said in the period under review, Nigeria experienced positive economic growth driven by its agriculture, telecommunications and services sector.
In the overall ranking, Nigeria was ranked as 115th best country to do business in the world.
The rankings were based on 15 different factors including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection.
Cumulatively, South Africa was ranked 48th while Rwanda scored 79th on the index for best country to do business.
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Though going by the Forbes’s 2017 list, Nigeria ranks as the best economy with $405b, leading other countries such as Egypt ($332b), South Africa ($295b), and so on, it is erroneous to say that Nigeria has been ranked the best economy in Africa in 2018.
Forbes has not released its ranking of the best economies in Africa in 2018 and Nigeria’s GDP is way more than what is stated in the report.
Therefore, the report is not only fake but also misleading.
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