Nigeria reverses previous gain; drops on World Bank’s Ease of Doing Business ranking

– Nigeria has dropped one spot on the latest Ease of Doing Business ranking put together by the World Bank

– After moving 24 places from its 2016 spot of 169 to 145 in 2017, Nigeria dropped to number 146 in the 2018 edition

– A total of 107 reforms were carried out in sub-Saharan Africa; a record for the region

Nigeria has dropped a spot on the World Bank’s latest Ease of Doing Business ranking.

The development was made public on Wednesday, October 31, in the global bank’s report, themed: ‘Doing Business 2019’, The Cable reports.

TRACK NEWS notes that while Nigeria moved 24 places from its 2016 spot of 169 to 145 in 2017, it dropped to number 146 in the 2018 edition.

Disclosing the criteria for putting the report together, the World Bank said it tracked 314 reforms by 128 governments across the world.

The president of the bank, Jim Yong Kim, stated: “Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.

“Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world.”

A regional press release by the bank also read: “Nigeria carried out four reforms which included making Starting a Business easier in Kano and Lagos, the two cities covered by Doing Business.

“Getting Electricity and Trading Across Borders also saw reforms in the two cities. In addition, Lagos made Enforcing Contracts easier by issuing new rules of civil procedure for small claims courts, while Kano, in a negative move, made property registration less transparent by no longer publishing online, the fee schedule and list of documents necessary to transfer a property.”

The report noted that a total of 107 reforms were carried out in sub-Saharan Africa; a record for the region.

Recall that TRACK NEWS previously reported that Vice President Yemi Osinbajo had expressed delight over the World Bank’s 2017 “Doing Business” report that saw Nigeria moving up 24 places to 145th.

Osinbajo congratulated all stakeholders who worked with the federal government to achieve what he described as a “significant result.”