Nigeria Moves up 24 Places in World Bank’s Doing Business Report

[e-guru]

• Ranked among 10 most improved global economies

Nigeria has moved up 24 places in the World Bank’s Doing Business report released Tuesday and was also recognised as one of the top 10 most improved economies in the world.

From last year’s 171st position in the Doing Business report, Nigeria is now ranked 145th, in a project that provides objective measures of business regulations and their enforcement across 190 economies worldwide.

A statement by Vice-President Yemi Osinbajo’s spokesman, Mr. Laolu Akande, quoted the vice-president as saying Nigeria had broken the jinx of a decade of decline in global rankings on the ease of doing business.

Osinbajo, who said the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari and headed by him had worked hard to achieve the feat, praised all stakeholders who cooperated with the council to achieve the feat.

“I welcome Nigeria’s improved performance. We are one of the top ten reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the government recorded a modest increase.

“This year, Mr. President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal.

“Improving the business environment is at the heart of the Buhari administration’s reform agenda. We are reinforcing our economic turn-around by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally.

“For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria.

“I commend all stakeholders who worked with us to achieve this significant result, particularly the National Assembly, Lagos and Kano State Governments, and the private sector,” he said.

The statement further said before arriving at the decision, the World Bank highlighted five reforms it said made it easier to do business in Kano and Lagos, the two cities covered by the report in Nigeria last year.

The five reform areas identified by the bank were starting a business, dealing with construction permits, registering property, getting credit, and paying taxes.