The World Bank on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018 The World Bank stated this in its just released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs”. The report indicated that Nigeria had moved up by 24 points from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report.
According to the World Bank, Nigeria alongside El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 improved countries worldwide, after carrying out numerous reforms to improve their business environments. “These economies together, implemented 53 business regulation reforms across 10 of the areas measured by doing business. “Overall, the 10 top improvers implemented the most regulatory reforms in the area of getting credit, starting a business, dealing with construction permits and paying taxes,’ the report said.
Details of the report revealed that Nigeria now ranked 130th out of 190 countries from its 138 position in 2017, in terms of Starting a Business and 147th from 174th in 2017 in terms of Getting Construction Permit. According to the report, the country also moved from 180 position in terms of getting electricity in 2017, to 172nd position in 2018 ranking. Similarly, on the Registration of Property ranking, the country moved from 182nd position in 2017 ranking to 179 in the 2018 ranking. The World Bank also stated that Nigeria made the greatest stride in improving access to Getting Credit. It moved from 32nd position in 2017, to 6th position in 2018. On Paying Taxes ranking, the Country moved from 182nd position in 2017 to 171 in 2018 and on Enforcing Contracts, it moved from 139th to 96th position in 2018. However, the report showed that the country was retrogressing in the Resolving Insolvency ranking, going from 140th position in 2017, to 145th in 2018.
A statement by Mr. Osinbajo’s Senior Special Assistant on Media and Publicity, Laolu Akande, said the vice-president welcomed Nigeria’s improved performancs as one of the top 10 reforming economies in the world in 2017, after a decade-long decline in Nigeria’s rankings.
“This year, Mr. President set us an ambitious target of moving up 20 places in the ranking – I am delighted that we have exceeded his goal,” the statement said.
Some of the reforms implemented by this administration include business incorporation process can now be done mostly online on the CAC’s Company Registration Portal, reducing the cost of registration of companies and revision of timelines for company registration. It also simplified the Visa-On-Arrival process to include e-submission of applications to dedicated desk at Nigeria Immigration Service and also eliminated manual baggage searches at airport.