|A cross section of Abuja central business district|
The World Bank has said that Nigeria ranked 169th position out of 190 countries in on its Ease of Doing Business index for 2017. The World Bank stated this in its Ease of Doing Business report titled, Doing Business 2017: Equal Opportunity for All, “published yesterday. The report indicated that Nigeria moved up by one point from 170th position on the 2016 ranking to 169th position for the 2017 ranking.
Market The World Bank’s Doing Business ranking for 2017 covers 11 indicator sets and provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. The report also shows that most improvement for Nigeria is in area of access to credit where the country moved up by 16th position.
Details of the report reveal that
- Nigeria ranked 138th position in terms of Starting a Business
- 174th position in terms of Getting Construction Permit
- 180th position in terms of Getting electricity
- 182nd position in terms of Registering Property
- 44th position in terms of Getting Credit
- 32nd position in terms of Protecting minority investors
- 182nd position in terms of Paying Taxes
- 181st position in terms of Trading Across Borders
- 139th position in terms of Enforcing Contracts
- 140th position in terms of Resolving insolvency.
According to the World Bank, “A record 137 economies around the world have adopted key reforms that make it easier to start and operate small and medium-sized businesses, says Doing Business 2017: Equal Opportunity for All, the World Bank Group’s annual report on the ease of doing business.
“The world’s top 10 improvers, based on reforms undertaken, are Brunei Darussalam; Kazakhstan; Kenya; Belarus; Indonesia; Serbia; Georgia; Pakistan; United Arab Emirates (UAE); and Bahrain. “The report cites research that demonstrates that better performance in Doing Business is, on average, associated with lower levels of income inequality, thereby reducing poverty and boosting shared prosperity. Simple rules that are easy to follow are a sign that a government treats its citizens with respect."