From its 146th position in the previous ranking, Nigeria has moved up 15 places to rank 131 out of 190 nations in the latest World Bank’s ease of doing business ranking released Thursday.
The country scored 56.9 as against 52.9 it scored in the previous ranking.
“Nigeria has embarked on a comprehensive reform journey following the example of Kenya. The motivation for reform in Nigeria, Tajikistan and Togo was part of the developmental achievements of their neighbours,” the report said.
Doing business ranking is based on quantitative indicators on regulation for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Doing Business acknowledges the 10 economies that improved the most on the ease of doing business after implementing regulatory reforms. In Doing Business 2020, the 10 top improvers were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
“These economics implemented a total of 59 regulatory reforms in 2018/2019, accounting for one-fifth of all the reforms recorded worldwide. Their efforts focused primarily on the areas of starting a business, dealing with construction permits and trading borders,” the report said.
According to the report, Nigeria appears to be one of the top 10 improvers for the second time.
Culled from Business Day