According to The Economist's ranking, Russia holds the first position as the most crony capitalist country in the world. However, when it comes to Africa, Egypt and Nigeria are identified as the highest crony capitalist countries, although they are ranked relatively lower on the global scale.
Egypt, positioned at 14th on the list, is Africa’s highest crony capitalist country, which refers to a system where close relationships between business and government officials enable preferential treatment and the concentration of wealth among a small elite. Similarly, Nigeria, ranked 17th, faces similar challenges. Both countries have experienced issues related to corruption, nepotism, and favouritism in their business and political landscapes.
These rankings highlight the prevalence of crony capitalism in Egypt and Nigeria, indicating the need for continued efforts to combat corruption, promote transparency, and create a level playing field for businesses and individuals to ensure broader prosperity for the citizens of both nations.