Africa’s largest economy, Nigeria, with a GDP of US$506.6 billion, has ranked in the bottom 20 of the 2023 World Citizenship Report.
The World Citizenship Report (WCR) uses five motivators. Essentially these are considered the most relevant among the newest generation of global citizens. The report ranks 188 nations that appeal to the mass affluent. These motivators are: Safety and Security, Economic Opportunity, Quality of Life, Global Mobility and Financial Freedom. Let’s see how Nigeria has ranked.
More on the World Citizenship Report
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The report showcases the World Citizenship Index (WCI). This is an innovative tool that takes a holistic approach to rank the world’s citizenships across multiple dimensions. These include the following motivators:
- Safety and Security
- Quality of Life
- Economic Opportunity
- Global Mobility
- Financial Freedom
The WCI is the product of a research-driven approach that goes beyond ordinary concepts of passport strength. It does this by placing greater emphasis on the diverse attitudes regarding key facets of citizenship. Unlike other rating tools, the WCI ranking is designed to reflect a citizenship’s value through the lens of high-net-worth-individuals (HNWIs).
How does the WCI work?
The WCIs unique methodology relies on the experience gained through CS Global Partners unparalleled work in the citizenship solutions industry. This is in addition to comprehensive research to evaluate 188 jurisdictions across the five motivators of citizenship. Each is then ranked out of a maximum attainable score of 100 points.
How exactly does Nigeria rank?
Safety and Security
This motivator measures a country’s ability to give its citizens greater social safety and security for themselves. This includes their families as well as a safety net against being trapped in a territory with civil disorder.
Nigeria ranked 148th in this pillar according to the WCR.
Nigeria lacks public safety and security due to the many armed groups active in the country. Over the past seven years, the government has invested over N12 trillion (US$26.5 billion) in military assets, expanded the armed forces and focused on degrading violent extremist groups in the Northeast region of the country.
Economic Opportunity
The ability to access the world’s greatest business hubs and increased access to better employment prospects and business opportunities. Corruption remains a serious obstacle to Nigeria’s economic growth and is often cited by domestic and foreign investors as a significant barrier to doing business.
Nigeria’s ranking in Transparency International’s 2021 Corruption Perception Index, fell slightly from its 2020 score of 149 out of 175 countries to 154 of 180 in 2021. Today millions of ethnic Nigerians live abroad, with the largest communities in the UK, USA, South Africa, Gambia, and Canada.
Quality of Life
The pillar remains front and centre of what makes a citizenship desirable. The World Citizenship Report 2023 surveyed the opinions of mass affluents globally on the most important features of citizenship and ‘Quality of Life’ ranked in first position of the WCI’s five motivators, eclipsing both Physical Safety and Financial Freedom.
The quality of life measures the ability to access territories with higher social and institutional stability and a country’s ability to offer high standards of education and healthcare.
Nigerian health care and education systems are still poorly developed due to several reasons. The ability to access these in Nigeria is also difficult, with many accessing these services overseas.
Global Mobility
Measures how countries empowering greater freedom to travel whether for leisure, lifestyle, or business and offer an insurance policy to enable citizens to travel for medical, safety, or environmental crises.
Financial Freedom
Citizens’ assets are protected from government overreach via geographical diversification and people can plan their wealth in a more tax-efficient manner thanks to tax-friendly policies. Nigeria’s tax laws have been called to review recently, the country’s corporate tax stands at about 34 per cent and represents the highest globally and is seen as stifling investment. For an economy that desires job creation, economic inclusion, investment growth and poverty reduction, accommodating tax regimes should be considered for investors.
“In the 2023 edition of the World Citizenship Report, we took a unique look at the needs of global citizens, because one’s nationality, and the rights enjoyed and the responsibilities required, should be considered from a personal perspective. Ideally, citizenship is a means of ensuring that individuals have the freedom to participate fully in society and to pursue their own goals and aspirations without undue hindrance or oppression. Take away those freedoms and individuals will look abroad or even take the route of second citizenship through Citizenship by Investment for better opportunities for themselves and their families,” noted Micha Emmett, CEO of CS Global Partners.