Nigeria Drops to 146 Position on Ease of Doing Business Ranking

• Nigeria Drops to 146 Position on Ease of Doing Business Ranking

Nigeria has dropped another one spot on the Ease of Doing Business ranking, according to the World Bank report released on Wednesday.

In the report titled: ‘Doing Business 2019: A Year of Record Reforms, Rising’, Nigeria was ranked 146 out of 190 countries ranked by the World Bank. A spot below the 145th position attained last year.

On the list, New Zealand, Singapore, Denmark, Hong Kong, and Korea ranked top five in the world.

The ranking takes into account trading regulations, property rights, contract enforcement, investment laws and the availability of credit, according to the world bank.

The report showed a total of 107 reforms were carried out in sub-Saharan Africa in 2018, the highest in the region.

A sub-Saharan press release by the WoldBank read: “Nigeria carried out four reforms which included making Starting a Business easier in Kano and Lagos, the two cities covered by Doing Business.”

“Getting Electricity and Trading Across Borders also saw reforms in the two cities. In addition, Lagos made Enforcing Contracts easier by issuing new rules of civil procedure for small claims courts, while Kano, in a negative move, made property registration less transparent by no longer publishing online the fee schedule and list of documents necessary to transfer a property.”

Jim Yong Kim, the President World Bank Group, said governments have the important task of creating an enabling business environment where entrepreneurs and small and medium enterprises can thrive.

He further stated: “Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world.”