Nigeria has moved up 15 places in the World Bank ranking of ease of Doing Business. The report released Thursday by the world Bank also recognized Nigeria among top ten economies with the most notable improvement in Doing Business2020 among Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
Nigeria now occupies 131 moving from 145 with 3.4% change in Doing Business score among 190 economies. With this ranking, Nigeria has improved an aggregate of 39 places in the World Bank Doing Business index since 2016.
Only Togo and Nigeria are the only two African economies that recorded recognizable improvement making the top.
The Doing Business Index is an annual ranking that objectively assesses prevailing business climate conditions across 190 countries based on 10 ease of doing business indicators aimed at awakening governments consciousness towards reforms to improve world economies.
According to world Bank, ” Doing Business covers 12 areas of business regulation. Ten of these areas—starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency—are included in the ease of doing business score and ease of doing business ranking. Doing Business also measures regulation on employing workers and contracting with the government, which are not included in the ease of doing business score and ranking.”
Nigerian’s movement in ranking recognized the following reforms
Starting a business: by reducing the time needed to reg-ister a company and by improving online platforms. This reform applies to both Kano and Lagos. Nigeria (Kano) also made starting a business easier by no longer requiring on-site inspections for business premises registration.
Dealing with construction permits :by eliminating the Infrastructure Development Charge (IDC, the fee for construction permits) for warehouses.
Getting electricity: by allowing certified engineers to conduct inspections for new connections. This reform applies to both Kano and Lagos.
Registering property : implementing a geographic information system.
Trading across borders: Nigeria reduced the time to export and import by further upgrading its electronic system and by launching e-payment of fees. This reform applies to both Kano and Lagos.
Enforcing contracts: by introducing a pretrial conference as part of the case management techniques used in court. This reform applies to both Kano and Lagos. Nigeria (Kano) also made enforcing con-tracts easier by issuing new rules of civil procedure for small claims courts, which limit adjournments to unforeseen and exceptional circumstances
It is expected that sustaining the current reforms by the current administration will take Nigeria closer in the World Bank ranking in the subsequent reports