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World Bank ranks Nigeria among 10 most improved economies

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Nigeria has moved up 24 places in the most recent World Bank’s Doing Business report released on October 31, and was recognised as one of the 10 most improved economies in the world.

The country leaped from 171st position, which it ranked in last year’s Doing Business report to 145th.  the report provides objective measures of business regulations and their enforcement across 190 economies worldwide.

Vice President Yemi Osinbajo in statement by the his spokesman, Laolu Akande, said Nigeria had broken the jinx of a decade of decline in global rankings on the ease of doing business.

Osinbajo, who said the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari and headed by him had worked hard to achieve the feat, praised all stakeholders who cooperated with the council to achieve the feat.

The statement reads, “I welcome Nigeria’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 turn-around 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.”

The statement added that before arriving at the decision, the World Bank highlighted five reforms it said made doing business easier in Kano and Lagos, the two cities covered by the report in Nigeria last year.

The five reform areas identified by the bank were starting a business, dealing with construction permits, registering property, getting credit, and paying taxes.

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