Nigeria has moved up 15 places to 131 in world bank ease of doing business ranking for 2020 and has been named one of the top 10 most improved economies in the world for the second time in three years.
The Ease of Doing Business is an index published periodically by the World Bank.
It is an aggregate figure that includes different parameters. These parameters indicate how easy or difficult it is to conduct business in a country.
The Ease of Doing Business index compares business regulations in 190 countries across the world.
In the latest index from the World Bank, Nigeria is ranked 131 globally, moving up 15 places from its last ranking.
With this year’s leap, Nigeria has improved an aggregate of 39 places in the World Bank Doing Business index since 2016.
In Doing Business 2020, Nigeria (10) also made it into the list of top 10 economies that improved the most on the ease of doing business after implementing regulatory reforms, other countries on the Improvers list are Saudi Arabia (1), Jordan (2), Togo (3), Bahrain (4), Tajikistan (5), Pakistan (6), Kuwait (7), China (8), India (9).
The economies listed above implemented a total of 59 regulatory reforms in 2018/19—
accounting for one-fifth of all the reforms recorded worldwide. Their efforts focused primarily on the areas of starting a business, dealing with construction permits, and trading across borders.
According to the report: “Nigeria conducted reforms impacting six indicators, including Trading across borders, Registering property, Getting electricity, Dealing with construction permits, Starting a business and making the enforcement of contracts easier, which placed the 200-million-person economy among the world’s top improvers.
Also In this year’s report, Only two Sub-Saharan African economies (Mauritius and Rwanda) rank in the top 50 on the ease of doing business rankings while most of the bottom 20 economies in the global rankings are from the region.
“Compared to other parts of the world, When it comes to trading across borders and paying taxes, in Sub-Saharan Africa businesses spend about 96 hours to comply with documentary requirements to import, versus 3.4 hours in OECD high-income economies, and small and medium-sized businesses in their second year of operation need to pay taxes more than 36 times a year, compared to an average of 23 times globally,” the World Bank wrote.
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