Nigeria moved up five positions in the latest 2015 Doing Business report released by the World Bank, ranking 170 out of 189 countries.
In 2014, Nigeria ranked 175th.
Reacting to the report, the National Competitiveness Council of Nigeria (NCCN) stated that although the improvement was marginal, it represented a move in the right direction and will form the foundation for future improvements.
“We remain hopeful that this result can be a springboard for improved coordination between the national and sub-national governments across all party lines for the collective good – particularly in an election year where electorate exert increased scrutiny on policy set,” NCCN said.
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Nigeria’s upward movement (+5) compared favorably to the BRICS (Brazil, Russia, India and China) (Zero), other MINT (Mexico, Indonesia, Nigeria, Turkey) (+2) nations and Sub Saharan Africa (+2).
The Doing Business report extended coverage to include the second largest business city in economies with a population of more than 100 million. Therefore, this year’s ranking included data from Lagos and to a much lesser extent, Kano.
The report incorporates improvements through a new conceptual framework that emphasises efficiency of regulation and is complemented by increased emphasis on quality.
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Nigeria showed substantial improvement in two pillars, a marginal decrease in six pillars, and no change in two pillars. Specifically, the ‘Starting a Business’ pillar improved nine places, ranking at Number 129 compared to 138 last year. The ‘Getting Credit’ pillar saw the most significant change, moving up 73 places to 52 from 125 in 2014
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