Ease of doing Business: Nigeria gains on economic outlook, moves up by 15 spots
NIGERIA has moved 15 spots in the World Bank’s study Ease of Doing Business ranking from the 146th previous position in 2018 to 131 out of 190 economies.
The Doing Business Index is an annual ranking that objectively assesses existing business climate conditions across 190 countries based on 10 ease of doing business indicators.
The indicators include improvement in the sharing of credit information, strengthening minority investor protections, ease of paying taxes and electricity amongst other things.
Nigeria’s advancement on the economic chart comes a few weeks after the World Bank ranked it as one of the top 10 countries with improved economies in the world.
The ranking revealed that governments of 115 economies around the world launched 294 reforms over the past year with a total of 107 of such reforms coming from in Sub-Saharan African to top the list.
The report indicate that this has reportedly made it easy for the domestic private sector in the countries to engage in business activities while creating more jobs and expanding commercial activities and higher income.
The other seven economies where business climates improved the most were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, and Kuwait
Meanwhile, China and India made the top 10 list of governments that have done the most in the past year to improve the ease of doing business in their countries.
Notwithstanding the ongoing trade war between China and United States, the Chinese economy made the top 10 list for the second year in a row.
The Asian country gained ahead of France to take the 31st spot in the ranking, also moving up 15 places just as Nigeria.
Similarly, India, also made it on the most-improved list for the third year in a row, moving up by 14 spots to 63 on the global rankings.
This feat by India has been attributed the country’s abolition of filing fees, lowering the time and cost of seeking construction permits and making trade easier with port improvements and an improved electronic platform for submitting documents.
New Zealand continues to top the global rankings, while Singapore, Hong Kong, Denmark, and Korea are right behind with the United States, Georgia, the United Kingdom, Norway and Sweden completing the top 10 list.
The study, however, does not measure the full range of factors, policies and institutions that affect the quality of an economy’s business environment or its national competitiveness as it affects the ease of doing business.