At least 13 other African countries had better business climates for investors than Nigeria
The various reform programmes initiated and implemented by tne Federal Government in the different sectors of the economy has significantly improved the country’s business regulatory environment in the last one year, a new World Bank report has revealed.
The report followed a review by the International Finance Corporation, IFC, which revealed that between June 2012 and June 2013, Nigeria moved closer to global best practices in business regulations than previously since 2009.
A similar report last year, showed that despite the reforms, the performance of the country’s economy and the business environment hardly fared any better, with Nigeria maintaining the 131st overall ranking in ease of doing business in 2013, same as in 2012, out of 185 economies that featured in the survey.
At least 13 other African countries had better business climates for investors. They included South Africa, ranked 39th, Mauritius-19th, Rwanda-52nd, Botswana-59th, Ghana- 64th, Seychelles-74th, Namibia 87th, Zambia 94th Uganda 120th, Kenya 121st, Cape Verde 122nd Swaziland 123rd and Ethiopia 127th.
In 2011, the country, which ranked 138 out of 183 global economies with the worst record of tax evasion, was the 133rd on the overall scale for ease of doing business.
However, in the latest report published on Tuesday, it was revealed that in the past year, Nigeria recorded positive strides and improvements in such areas as trading across borders, where the time to export and import has been reduced significantly on the back of continued reforms by government.
“Doing Business 2014” report on the theme: “Understanding Regulations for Small and Medium-Size Enterprises” found that that Nigeria was already implementing some of the global best practices in the areas of Doing Business.
The report cited examples of some of those global best practices in Nigeria to include allowing a general description of collateral to facilitate easy access to financial credits for local entrepreneurs.
The report said that since 2005 Nigeria implemented ten business regulatory reforms that made it easier for local entrepreneurs to do business, with the biggest impact in the area of getting credit, where country improved its credit information system through a Central Bank of Nigeria, CBN, guideline defining the licensing, operational and regulatory requirements for privately-owned credit bureaux.
As a result of these improvements, the report ranked Nigeria among the ten economies in the world that made the biggest improvement in getting credit since 2009.
Director, Global Indicators and Analysis, World Bank Group, Augusto Lopez-Claros, said “Business regulatory environment requires strong and sustained actions,” adding that the World Bank was looking forward to Nigeria’s continued commitment to make the regulatory environment easier for the local entrepreneurs in the coming years.
As in recent years, Singapore topped the global ranking on the ease of doing business, with the list of the top ten economies with the most business-friendly regulations including Hong Kong, Saudi Arabia, China, New Zealand, United States, Denmark, Malaysia, the Republic of Korea, Georgia, Norway and the United Kingdom.
As in previous years, the report also showed the economies that improved the most on the indicators since the previous year, with Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Cote d’Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala among the ten economies topping the list this year (in order of improvement).
The report also noted that the challenges affecting effective business still persist in five of this year’s top improvers, incliding Burundi, Cote d’Ivoire, Djibouti, the Philippines, and Ukraine, which remain in the bottom half of the global ranking on the ease of doing business.
Doing Business report, the 11th in the series, analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.
The aggregate ease of doing business rankings were based on 10 indicators, covering 189 economies.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...