Nigeria’s ranking in the latest ease of doing business report by the World Bank for 2017 improved marginally from 170 to 169 out of the 190 countries surveyed.
Nigeria’s overall global ranking improved by 44.63 per cent points average, against 44.02 per cent age points, or 0.61 per cent in 2016.
In sub-Saharan Africa, Nigeria was ranked 36th out of 47 countries, with Mauritius, Rwanda and South Africa as the three leading countries in the region.
Under specific categories, the annual report showed Nigeria recorded its biggest improvement ever under getting credits, jumping 16 ranks, from 60th position in 2016, or 60.00 percent points, to 44th, or 65 per cent points. It ranked 8th in that category in sub-Saharan Africa.
The country ranking improved marginally by two ranks for getting electricity, from 182nd position previously, or 29.38 points average in 2016, to 180th ranking or 29.43 per cent points. It is now ranked 41st in that category in sub-Saharan Africa.
Although there was no change in its global ranking in terms of registering property, as it kept its 182nd position in 2016, it dropped by one step, from 137th position or 77.19 per cent points average in 2016, to 138th or 78.62 per cent points average, for starting business.
Equally, Nigeria did not record any changes in its rankings under paying taxes, trading across borders and enforcing contracts, as it remained on the 182nd, 181st and 139th rankings attained last year respectively on the global scale
It dropped one step each in the global ratings for starting business, dealing with construction permits, and resolving insolvency, from 173rd ranking to 174th; 173rd to 174th, and 139th to 140th rankings respectively.
In sub-Saharan Africa, the country’s rankings in these categories were 27th, 38th and 28th respectively.
It also ranked 41st in trading across borders; 46th in registering property; 3rd in protecting minority investors; 40th in paying taxes, and 23rd in enforcing contracts.
Reacting to the report, the Vice President, Yemi Osinbajo, said the marginal improvement in the country’s ranking was indicative government reforms were impacting the economy positively.
“The Buhari administration is gratified that the various reform initiatives put in place towards instituting a positive business environment is slowly, but gradually yielding some dividends as Nigeria’s ranking in the World Bank’s Ease of Doing Business remains static, halting a falling trend in the past several years,” the Vice president said in a statement.
He said the objectivity and reliability of the report lends weight to the milestone recorded in particular on the distance to frontier (DTF) metric.
“This observation by the World Bank is indeed a recognition of the bold initiatives and untiring work of President Muhammadu Buhari-led administration, particularly through the Presidential Enabling Business Environment Council, PEBEC, chaired by Vice President, Yemi Osinbajo.”
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...