Nigeria Among Top 10 Improved Economies On World Bank Ranking

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Nigeria ranks among the top 10 global economies that improved on the list of ease of doing business in 2020, states the World Bank report.

The report on the ease of doing business “analyzes regulation that encourages efficiency and supports freedom to do business.”

According to the report by the global financial institution Saudi Arabia, Togo, Bahrain, Jordan, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, are the top 10 improvers.

The World Bank stated that the countries’ ranking improved after implementing 59 regulatory reforms in 2018/2019.

It added that the countries focused on dealing with construction permits, starting a business, and trading across borders.

Despite Nigeria’s border closure, the country fared better on the list of ease of doing business.

The country’s land borders were shut on August 2019 and the entirety of 2020, prompted by the COVID-19 pandemic.

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On December 16, 2020, President Muhammadu Buhari ordered the reopening of all land borders, supporting intracontinental trade.

In the report, Nigeria improved in six core areas including getting electricity, registering properties, enforcing contracts, trading across borders, starting a business, and dealing with construction permits.

Nigeria ranked 131 on the list with a score of 3.4, falling behind Togo (ranking 97 on the list with a score of 7.0).

Below, the report explains the progress Nigeria made in each category it was graded on:

Starting a business

Nigeria made starting a business easier by reducing the time needed to register a company and by improving online platforms. This reform applies to both Kano and Lagos. Nigeria (Kano) also made starting a business easier by
no longer requiring on-site inspections for business premises registration

Dealing with construction permits

Nigeria (Lagos) made dealing with construction permits less costly by eliminating the Infrastructure Development Charge (IDC, the fee for construction permits) for warehouses.

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Getting electricity

Nigeria made getting electricity easier by allowing certified engineers to
conduct inspections for new connections. This reform applies to both Kano
and Lagos.

Registering property

Nigeria (Lagos) improved its land administration system by implementing a
geographic information system.

Trading across borders

Nigeria reduced the time to export and import by further upgrading its
electronic system and by launching e-payment of fees. This reform applies
to both Kano and Lagos.

Enforcing contracts

Nigeria made enforcing contracts easier by introducing a pretrial conference as part of the case management techniques used in court. This reform applies to both Kano and Lagos. Nigeria (Kano) also made enforcing contracts easier by issuing new rules of civil procedure for small claims courts, which limit adjournments to unforeseen and exceptional circumstances.

This is the second time Nigeria appears on the top 10 list of improvers with ease of doing business.

The report noted that the improvement in Nigeria is owed to a comprehensive reform observed in Kenya.

“Nigeria has embarked on a comprehensive reform journey following
the example of Kenya,” the report stated.

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