World Bank: Nigeria now 170th on ease of doing business

Nigeria economy appears to be enjoying high profiling as it has moved up five steps in the World Bank recent ranking on the ease of doing business.

The bank ranked Nigeria 170th among 189 countries survey, which indicates an improvement of 2.9 per cent on the 175 position it occupied last year.

Also, Nigeria was ranked 129 on the ease of starting a business (138 last year).

On dealing with construction permits it was ranked 171 as against 168 last year while on registrations of property does not change position as it remains on the 185th it occupied last year.

Read also: World Bank to support Nigerian communities with $140m

The country however enjoyed a significant improvement in the area of access to credit, moving up to 52nd position from the last year ranking of 125.

But on protecting minority investors, the country moved backward in ranking by one step which is from 61st position last year to the 62nd position this year while in tax payment it was ranked 179 as against 177 in 2014.

According to the report, Singapore was the best country in the world to do business, while Mauritius remained the best in Africa with a ranking of 28.

New Zealand is second followed by Hong Kong. Denmark, Norway, United States, United Kingdom Finland and Austria were ranked the top 10 countries.

Haiti, Angola, Venezuela, Afghanistan, Congo DR, Chad South Sudan, Central African Republic, Libya and Eritrea were ranked the top 10 worst places to do business on the planet.

Tagged, “Doing Business 2015: Going Beyond Efficiency,” the report showed that entrepreneurs in 123 economies witnessed improvements in their local regulatory framework in 2014.

Between June 2013 and June 2014, the report, which measures 189 economies worldwide, documented 230 business reforms, with 145 of it aimed at reducing the complexity and cost of complying with business regulation and 85 aimed at strengthening legal institutions – with sub-Saharan Africa accounting for the largest number of such reforms.

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