Despite its current status as Africa’s biggest economy and the 26th globally, Nigeria is one of the worst locations on earth to start a business, a new report has said.
A new 2014 Africa survey report, conducted Johannesburg-based Good Governance Africa, says Nigeria is not among the world’s top 60 countries to do business in.
In Africa, only Mauritius, Rwanda and South Africa made the list among the elite countries that have established systems that guarantee easy prospects for doing business, the study, supported by billionaire, Mo Ibrahim, said.
Good Governance Africa, GGA, a research organisation committed to promoting better government management processes around the world, publishes the Africa Survey and Africa in Fact, a journal that tracks government performance and proposes development solutions.
The organization, GGA, publishes Africa Survey as a comprehensive annual collection of social, political and economic indicators for the continent’s 55 countries compiled from a wide range of sources, including the World Bank.
According to the report to be released on October 28 in Johannesburg, South Africa, while it is getting easier to start a business in Africa, majority of the countries are yet to meet the minimum business conditions prevalent in other advanced economies for easy business enterprises.
The rankings of the five countries in Africa where it is easiest to do business are Mauritius (20th on the World Bank’s 2014 ease of doing business index); Rwanda (32nd), South Africa (41st), Tunisia (51st) and Botswana (56th).
According to the report, more African countries are increasingly making it easier and faster to do business.
Over two-thirds of the number of countries in Africa decreased the number of procedures required to start a business between 2005 and 2013, while over three-quarters reduced the number of days.