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Nigeria rises 15 places in ease of doing business ranking

24 Oct 2019
Financial Nigeria

Summary

The World Bank report also shows that Nigeria is among the top 10 global economies where business climates improved the most.

Nigerian Vice President, Yemi Osinbajo

Nigeria has moved up 15 places on the Doing Business 2020 ranking released today by the World Bank. The latest Doing Business report shows that Nigeria rose from 146th place in the DB 2019 ranking to 131st position out of 190 countries. The country also increased its ease of doing business score by 4.01 points to 56.9 in the latest report.  

The World Bank report also shows that Nigeria is among the top 10 global economies where business climates improved the most. Apart from Nigeria, the other economies with the most notable improvement in the DB 2020 report are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, and India.

Globally, 115 economies made it easier to do business over the last one year. According to the report, governments of the 115 economies launched 294 reforms over the past year to make doing business easier for their domestic private sector, paving the way for more jobs, expanded commercial activity, and higher incomes for many.

The annual DB report assesses the prevailing business climate conditions of 190 economies based on 10 indicators, which are: 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. One additional area, employing workers, is also measured but is not included in the rankings.

Based on those indicators, ten economies scored the highest on the ease of doing business rankings. These are: New Zealand, Singapore, Hong Kong, Denmark, South Korea, United States, Georgia, United Kingdom, Norway, and Sweden. According to the World Bank, top performers typically had online business incorporation processes, electronic tax filing platforms, and online procedures for property transfers.

The latest report shows six areas where Nigeria recorded improvements. These are: starting a business, dealing with construction permits, getting electricity, registering property, trading across borders, and enforcing contracts.

Reacting to the release of the DB 2020 report today, Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole, said in a tweet thread: “the movement of 15 places to 131 as well as the recognition being given to Nigeria as one of the top 10 most improved countries who have implemented the most reforms this year, is significant because we weren’t even able to achieve some of the key reforms we had pursued, but what we have done so far is being recognised.”

Since 2017, the Muhammadu Buhari administration’s Presidential Enabling Business Environment Council (PEBEC) has been implementing National Action Plans on Ease of Doing Business. The mandate of the Action Plans is to: “remove critical bottlenecks and bureaucratic constraints to doing business in Nigeria” and “move Nigeria 20 steps upwards in the World Bank Ease of Doing Business Index.”

The Minister of Industry, Trade and Investment, Niyi Adebayo, said the improvements in Nigeria’s ease of doing business score and rank is “a testament to the reforms implemented by this administration over the past four years in line with the reform agenda being implemented at national and sub-national levels across the country since the establishment of the Presidential Enabling Business Environment Council by President Buhari in July, 2016.”

Since its inception in 2003, the World Bank said more than 3,500 business reforms have been carried out in 186 of the 190 economies Doing Business monitors. According to the Bank, Sub-Saharan African economies enacted 73 reforms, down from a record high of 108, and the number of countries implementing at least one reform fell to 31 from 40. Only two African economies rank in the top 50 on the ease of doing business. They are Mauritius (13th place) and Rwanda (38th).

The World Bank noted that while reform efforts have continued in many countries, much needs to be done on performance and ensuring the impact of the reforms.


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