World Bank rates Nigeria among ’10 most improved economies’

The World Bank has rated Nigeria among the top 10 most improved economies in 2016/17 in its latest Doing Business report.

Nigeria moved 24 places from its 2015/16 rank of 169.

Brunei Darussalam, Thailand, Malawi, Kosovo, India, Uzbekistan, Zambia, Nigeria, Djibouti and El Salvador were the most improved economies.

Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Reacting to the development, Vice-President Yemi Osinbajo congratulated all stakeholders who worked with the government to achieve the “significant result”.

He said Nigeria exceeded the “ambitious targets” of President Muhammadu Buhari.

“I welcome Nigeria’s improved performance. We are one of the top 10 reforming economies in the world in the world,” Osinbajo said in a statement which Laolu Akande, his spokesman, issued on his behalf.

“This year, Mr. President set us an ambitious target of moving up 20 places in the ranking – 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 turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan 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.”