Nigeria has moved up 15 places from 146 to 131 out of 190 nations in the latest ranking of World Bank’s ease of doing business.
The latest ranking, released on Thursday, revealed that Nigeria scored 4 points higher from 52.9 to 56.9. This leap puts Nigeria in the bracket of top 10 most improved in the latest ranking.
The report has it that “Nigeria has embarked on a comprehensive reform journey following the example of Kenya. The motivation for reform in Nigeria, Tajikistan and Togo was part of the developmental achievements of their neighbours.
“These economies implemented a total of 59 regulatory reforms in 2018/2019, 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 borders.”
Doing business ranking is based on quantitative indicators on regulation for 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 acknowledges the 10 economies that improved the most on the ease of doing business after implementing regulatory reforms.
In Doing Business 2020, the 10 top improvers were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.