Nigeria Improves On Its Ease of Doing Business Ranking

Nigeria has recorded an improvement in its ease of doing business ranking. This is according to a report released by the World Bank recently.

The rankings, which measure the ease with which business is carried out in 189 countries, has Nigeria placed 169^th in the 2017 Ease of Doing Business report, a marginal improvement from the 170^th place assigned to it for 2016. A high ease of doing business ranking indicates a relatively business-friendly regulatory environment; a lower placement is supposed to point to a less-than-satisfactory business climate. Although Nigeria’s rank has tended to move in the negative direction, this recently reported improvement appears to signal a positive change in certain aspects of business in the country.

Countries were ranked based on such indices as the ease of starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, and resolving insolvency. Nigeria had its best performance in the ease of obtaining credit; it ranked 44^th in this category. The improvement in the country’s overall position on the rankings is largely accounted for by its performance in this respect- it went up by 16 percent points from the 60^th spot where it was placed in the 2016 report.

In his reaction to the report, Vice President Yemi Osinbajo hailed it as a sign that the falling trend of the past several years was being reversed. He said that it was proof of the effectiveness of the government’s efforts at making the business climate more conducive for enterprises to thrive.

The list rates New Zealand as the easiest country in which business can be conducted. Singapore and Denmark are placed second and third, with Hong Kong and the Korea Republic completing the top five.

The World Bank’s Ease of Doing Business Ranking is an annual report which evaluates countries across the world on the basis of their ability to provide for the smooth running of businesses within their borders.

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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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