Nigeria has been rated as among the 16 worst countries for doing business among a total of 185 countries. This is the similar position the country has maintained over the years in global rankings inspite of efforts by various governments and agencies to ease the process of doing business in the country.
Annually, for the past 12 years, the world bank accesses and ranks countries for ease of doing business with the overall aim of helping countries address issues that could be constituting clogs in their wheels of development, business and industrialization and inflow of foreign investments.
In the report, Nigeria scored 47.33 and ranked 170 out of 189 countries surveyed and included in the report. Singapore emerged the best country in the world to do business, while Mauritius was the best in Africa with a ranking of 28. Eritrea is ranked the worst and sits at the bottom of the table.
” It was in 2005 that the World Bank Group management decided to start ranking economies on the ease of doing business because it recognized the value of benchmarking exercises in generating interest among policy makers in reform. In an area that had received little attention from policy makers before the publication of the first Doing Business report, the rankings proved to be an important catalyst in raising the profile of regulation as a central element of a good investment climate. The rankings also proved effective in moving issues of performance and progress in business regulation to the center of policy discussions in a large number of economies”
Doing Business continues to focus on regulations that affect domestic small and medium-size enterprises, operating in the largest business city of an economy, across 10 areas: 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. Doing Business also measures labor market regulation.
Among the 21 economies with the most reforms making it easier to do business in 2013/14, 10 stand out as having improved the most in performance on the Doing Business indicators: Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland and the United Arab Emirates. Together, these 10 top improvers implemented 40 regulatory reforms making it easier to do business. Among these 10, only Côte d’Ivoire featured among the 10 top improvers in last year’s report. And only 4 place among the top 100 in the overall ease of doing business ranking; Ireland has the highest ranking, at 13.