The World Bank on Thursday, 24 October 2019 issued its 2020 Doing Business Report (“the Report”).
The Report measures the ease of doing business through a comparative assessment of the regulatory environment in 190 countries across the following 12 areas of life of a business organisation, from 1 May 2018 to 30 April 2019:
According to the Report, Nigeria ranks 131 out of 190 countries on the World Bank Doing Business Index, moving up 15 places from 146th position in the 2019 Report. The Report names Nigeria, for the second time, as one of the top 10 countries with the most notable improvements during the review period, with Togo being the only other African country. Of the 12 indicators above, Nigeria improved significantly in “starting a business, dealing with construction permits, getting electricity, registering property, trading across borders and enforcing contracts” indices.
The Presidential Enabling Business Environment Council led by the Vice President of the Federal Republic of Nigeria has been responsible for driving business reforms in Nigeria since 2016. This is in line with the Federal Government’s Economic Recovery and Growth Plan (ERGP 2017 – 2020) targeting Nigeria’s rank among the top 70 in the World Bank Doing Business Index by 2023.
Overall, the World Bank 2020 Doing Business Report shows a diminishing gap between developing and developed economies in ease of doing business. Nigerian governments across all levels must continue to initiate business-oriented policies and ensure adequate commitment to their implementation.
As the nation awaits the passage of the Finance Bill and the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, it is hoped that the Government will pursue forward-looking policies that will transform the business environment and re-energize the private sector as the engine of growth of the economy.
Click here to download a copy of the 2020 Doing Business report.
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