Nigeria is now ranked 131
globally on the World Bank’s Ease of Doing Business ranking, moving up by 15
places from its 2019 spot.
The Bretton Wood institution
released the report in the early hours of Thursday.
A comparison of business
regulation in 190 countries across the world formed the basis of the ranking.
“Nigeria conducted reforms
impacting six indicators, including making the enforcement of contracts easier,
which placed the 200-million-person economy among the world’s top improvers,”
the World Bank said.
“Only two Sub-Saharan African
economies rank in the top 50 on the ease of doing business rankings while most
of the bottom 20 economies in the global rankings are from the region.
“Compared to other parts of the
world, Sub-Saharan Africa still underperforms in several areas. In getting
electricity, for example, businesses must pay more than 3,100% per cent of
income per capita to connect to the grid, compared to just over 400% in the
Middle East and North Africa or 272% per cent in Europe and Central Asia.
“When it comes to trading across
borders and paying taxes, businesses spend about 96 hours to comply with
documentary requirements to import, versus 3.4 hours in OECD high-income
economies, and small and medium-sized businesses in their second year of
operation need to pay taxes more than 36 times a year, compared to an average
of 23 times globally.”
In an earlier statement released,
the World Bank had named Nigeria as one of the top 20 Ease of Doing Business
reformers across the world — the report says Nigeria is part of the top 10
reformers globally.
Apart from Nigeria, Saudi Arabia,
Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China and India were also
named as part of the top 10 reformers globally.
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