Nigeria needs Economic Freedom and Property Rights in its War against COVID-19

The International Monetary Fund (IMF) recently predicted that due to the COVID-19 pandemic and the sharp fall in international oil prices, Africa’s largest economy, Nigeria may shrink by 3.4 percent causing it to slide into a recession that could be its worst in 30 years. While COVID-19 poses a great threat to Nigeria’s economy, the country’s current rank on the Human Freedom Index (HFI) shows that lack of economic freedom in Nigeria is an equally potent threat to its economic survival.

To rank the level of freedom of the economies, the Canadian think-tank, analyses 76 indicators across twelve major areas including the size of government, legal system and property rights, freedom to trade internationally, sound money, and regulations. The consideration of these indicators ranks Nigeria 112th out of 162 countries…..

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