World Bank lists Nigeria among 10 global reformers

World Bank lists Nigeria among 10 global reformers
October 31 19:59 2017 Print This Article

By Ahmed Idris

Nigeria has moved up 24 places to 145th in the World Bank’s ‘Doing Business’ report published yesterday, and for the first time the country is recognized as one of the top 10 most improved economies in the world.

The World Bank Doing Business project provides objective measures of business regulations and their enforcement across 190 economies worldwide.

Reacting to the development, Vice President Yemi Osinbajo, welcomed the country’s improved performance.

“We are one of the top ten reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the Government recorded a modest increase. This year, Mr President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal.

“Improving the business environment is at the heart of the Buhari Administration’s reform agenda. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally.

“For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria. I commend all stakeholders who worked with us to achieve this significant result, particularly the National Assembly, Lagos and Kano State Governments, and the private sector,” he said.

The World Bank highlighted five reforms making it easier to do business in Kano and Lagos, the two cities covered by the report in Nigeria over the course of last year. These include: starting a business, dealing with construction permits, registering property, getting credit, and paying taxes.

In the area of company registration, the Corporate Affairs Commission has moved to offer online registration and introduced new features such as electronic stamping of registration documents. Thus, entrepreneurs have been able to register their businesses much faster, within 24-48 hours, thereby saving cost and time