The World Bank yesterday said that
Nigeria ranked 169th position out of 190 countries in on its Ease of
Doing Business index for 2017.
The World Bank stated this in its
Ease of Doing Business report titled, Doing Business 2017: Equal
Opportunity for All, “published yesterday. The report indicated that
Nigeria moved up by one point from 170th position on the 2016 ranking to
169th position for the 2017 ranking.
The World Bank’s Doing
Business ranking for 2017 covers 11 indicator sets and provides
objective measures of business regulations and their enforcement across
190 economies and selected cities at the subnational and regional level.
The
report also shows that most improvement for Nigeria is in area of
access to credit where the country moved up by 16th position.
Details of the report reveal that Nigeria ranked 138th position in
terms of Starting a Business, 174th position in terms of Getting
Construction Permit, 180th position in terms of Getting electricity,
182nd position in terms of Registering Property, 44th position in terms
of Getting Credit, 32nd position in terms of Protecting minority
investors, 182nd position in terms of Paying Taxes, 181st position in
terms of Trading Across Borders, 139th position in terms of Enforcing
Contracts, and 140th position in terms of Resolving insolvency
According
to the World Bank, “A record 137 economies around the world have
adopted key reforms that make it easier to start and operate small and
medium-sized businesses, says Doing Business 2017: Equal Opportunity for
All, the World Bank Group’s annual report on the ease of doing
business.
“The new report finds that developing countries carried
out more than 75 percent of the 283 reforms in the past year, with
Sub-Saharan Africa accounting for over one-quarter of all reforms.
In
its global country rankings of business efficiency, Doing Business 2017
awarded its coveted top spot to New Zealand, Singapore ranks second,
followed by Denmark; Hong Kong SAR, China; Republic of Korea; Norway;
United Kingdom; United States; Sweden; and Former Yugoslav Republic of
Macedonia.
“The world’s top 10 improvers, based on reforms
undertaken, are Brunei Darussalam; Kazakhstan; Kenya; Belarus;
Indonesia; Serbia; Georgia; Pakistan; United Arab Emirates (UAE); and
Bahrain.
“The report cites research that demonstrates that better
performance in Doing Business is, on average, associated with lower
levels of income inequality, thereby reducing poverty and boosting
shared prosperity.
“Simple rules that are easy to follow are a
sign that a government treats its citizens with respect. They yield
direct economic benefits – more entrepreneurship; more market
opportunities for women; more adherence to the rule of law,” said Paul
Romer, World Bank Chief Economist and Senior Vice President. “But we
should also remember that being treated with respect is something that
people value for its own sake and that a government that fails to treat
its citizens this way will lose its ability to lead.”
Doing
Business data points to continued successes in the ease of doing
business worldwide, as governments increasingly take up key business
reforms. Starting a new business now takes an average of 21 days
worldwide, compared with 46 days 10 years ago. Paying taxes in the
Philippines involved 48 payments 10 years ago, compared to 28 now and in
Rwanda, the time to register a property transfer has dropped from 370
days a decade ago to 12 days now.
This year’s Doing Business adds
gender measures to three indicators – Starting a Business, Registering
Property and Enforcing Contracts – finding disparities in 38 economies.
Of these, 23 economies impose more steps for married women than men to
start a business. Sixteen limit women’s ability to own, use and transfer
property. Doing Business finds that, in these economies, fewer women
work in the private sector both as employers and employees. http://www.vanguardngr.com/2016/10/nigeria-ranks-169th-position-world-bank-ease-business
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