African Trade Barometer recently communicated that Nigeria has recently moved up 4 places to 4th in Africa’s trade rankings. The Africa Trade Barometer which has just been recently launched, furnishes reliable insights into the dynamics of the continent’s commercial hub. It uses major economic indexes such as significant developments across countries.
The Africa Trade Barometer 2023 spotlights the country’s important part in re-developing Africa’s trade industry, aptly analyzing its present position and potential. The indicator rankings are based on seven limited groups which are trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance economy, and trade financial behaviour.
A country’s ranking is basically changed by its aggregate score and ranking as compared to other nations. Rankings are relative to the 10 countries in the index and pegged on a scale of 0 -100.
Nigeria’s growth and improvement is based on upscaling in the Quantitative Trade Barometer (QTB) and Survey Trade Barometer (STB) rankings as it moved up from 7th to 4th in the Standard Bank (SB) (QTB) and from 8th to 5th in the SB STB ranking. Angola has the lowest while South Africa has the highest tradability index.
Nigeria’s performance comes from achievements such as government assistance in trading operations, outstanding improvements in business confidence scores, and seamless credit access.