The IRPI measures the intellectual and physical property rights of 129 nations across the world.
A statement on Monday said that the country scored 3.9 out of 10 to occupy the 120th position out of the 129 nations studied, noting that the report further showed that Nigeria had a lot to do to improve its property rights situation.
It said insecure property rights had increased the transaction costs and consequently undermined the nation's potential.
According to the statement, the IPRI uses three primary areas of property rights to create a composite score. They are: Legal and Political Environment, Physical Property Rights and Intellectual Property Rights.
It said the IPRI emphasised the great economic differences between countries with strong property rights and those without them, noting that nations, which fell in the first quintile, enjoyed an average national Gross Domestic Product per capita of $38,350; more than double that of the second quintile with an average of $18,701.
The statement said, "The third, fourth and fifth quintiles average $9,316, $5,065, and $4,785 respectively. Property rights continue to be a challenge in Nigeria. In this report, Nigeria scored 3.9 out of a possible 10 to occupy the 120th position out of the 129 nations studied.
"The 2011 report further shows that Nigeria has a lot to do to improve its property rights situation. Insecure property rights has increased the transaction costs and consequently undermined the nation's potential."
It quoted the Executive Director, IPPA, Mr. Thompson Ayodele, as saying, "The connection between secure property rights and economic development is widely acknowledged. The import of this report is that Nigeria and Nigerians continue to miss out of the benefits of secure property rights."
The statement added that Nigeria witnessed a marginal improvement in two of the three components, except the Legal and Political Environment, which decreased from 3.1 to 2.9.
It quoted a research fellow at IPPA, Mr. Olusegun Sotola, as saying, "The various efforts at achieving development may be a mirage if appropriate attention is not placed on secure property rights regime.
"This is because an insecure property rights regime scares foreign investors and the benefits that should accrue there from will continue to elude the country.
"The IPRI provides the public, researchers and policymakers with a tool for comparative analysis and future research on global property rights.
"The Index seeks to assist underperforming countries to develop robust economies through an emphasis on sound property law."
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