Nigeria on Wednesday dropped by a spot in the latest World Bank Ease of Doing Business ranking for 2018, released by the global financial institution.
According to details of the report, of the 190 countries ranked by the World Bank, Nigeria ranked 146 in 2018, dropping by a spot from its 145th position in 2017.
The nation had last year moved 24 places from its 2016 spot of 169 to 145.
The report, themed ‘Doing Business 2019: A Year of Record Reforms, Rising’, revealed that the World Bank tracked 314 reforms by 128 governments across the world.
The report noted that Nigeria made starting a business easier by reducing the time needed to register a company at its corporate affairs commission and introducing an online platform to pay stamp duty.
This reform, it said, applies to both Kano and Lagos. It also noted that Nigeria made getting electricity easier by requiring that the distribution companies obtain the right of way on behalf of the customers and by turning on the electricity once the meter is installed.
It said, however, that Kano State made property registration less transparent by no longer publishing online the fee schedule and the list of documents necessary to register a property.
“Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive,” Jim Yong Kim, World Bank Group president said.
“Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world,” the World bank chief added.
According to the report, 107 reforms were carried out in sub-Saharan Africa, a record for the region.
On the methodology adopted, the report said the indicators presented and analysed in Doing Business measure business regulation, the quality and strength of legal frameworks, the protection of property rights—and their effect on businesses, especially small and medium-sized domestic firms.
Details showed that at the top of the table are countries like New Zealand, Singapore and Denmark which occupied the first, second and third positions respectively. At the bottom of the list are South Sudan, Libya, Venezuela, Eritrea and Somalia, all considered countries where it is most difficult to do business.