The World Bank has ranked Nigeria 131st in its latest Ease of Doing Business index, Concise News reports.
What this mans is that Nigeria has moved up 15 places from 146th position in the 2018 ranking.
It was learned that the latest report, released on Thursday, is based on a comparison of business regulation in 190 countries across the world.
It comes after the World Bank ranked Africa’s most populous country in the top 10 economies where business climates improved the most some weeks ago.
Togo is the only other African country on the list of top 10 reformers globally, while others on the list are Saudi Arabia, Jordan, Bahrain, Tajikistan, Pakistan, Kuwait, China and India.
According to the World Bank Group’s Doing Business 2019 study, governments of 115 economies around the world launched 294 reforms over the past year.
The report explained that this made doing business easier for the domestic private sector in the countries, paving the way for more jobs, expanded commercial activity, and higher incomes for many.
World Bank President, David Malpass, said governments can foster market-oriented development and broad-based growth by creating rules that help businesses launch, hire, and expand.
He added that removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which were necessary to reduce poverty and raise living standards.
“Nigeria conducted reforms impacting six indicators, including making the enforcement of contracts easier, which placed the 200-million-person economy among the world’s top improvers,” the report read.
“Only two Sub-Saharan African economies rank in the top 50 on the ease of doing business rankings while most of the bottom 20 economies in the global rankings are from the region.
“Compared to other parts of the world, Sub-Saharan Africa still underperforms in several areas. In getting electricity, for example, businesses must pay more than 3,100% percent of income per capita to connect to the grid, compared to just over 400% in the Middle East and North Africa or 272% percent in Europe and Central Asia.
“When it comes to trading across borders and paying taxes, businesses spend about 96 hours to comply with documentary requirements to import, versus 3.4 hours in OECD high-income economies, and small and medium-sized businesses in their second year of operation need to pay taxes more than 36 times a year, compared to an average of 23 times globally.”