Nigeria, Africa’s most populated economy’s global ranking in retail development dropped to 30th position out of 30 countries from the 27th position recorded in 2017, according to a recent survey released by A. T. Kearney, a global management consulting firm.
Total national sales from the sector also dropped from $109 billion in 2017 to $105 billion in the 2019 Global Retail Development Index, which measures retail investments based on all relevant macroeconomic and retail-specific variables in developing countries.
The Index ranks 30 developing countries on a scale of zero to 100—the higher the ranking, the more urgency to enter a country. Countries are selected from 200 nations based on three criteria such as country risk, population size and wealth.
Ghana which was featured for the first time was ranked the fourth country on a list, making it the top African country on the potential for strength and investment in their domestic retail markets.
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