Nigeria has moved up 24 places to 145th in the World Bank’s ‘Doing Business’ report published today, and for the first time the country is recognized as one of the top 10 most improved economies in the world.
The World Bank Doing Business project provides objective measures of business regulations and their enforcement across 190 economies worldwide.
Vice President Yemi Osinbajo welcomed Nigeria’s “improved performance.”
“We are one of the top ten reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the Government recorded a modest increase. This year, Mr President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal,” he said.
“Improving the business environment is at the heart of the Buhari Administration’s reform agenda,” Osinbajo noted.
“For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria.”
At least five reforms make it easier to do business in Lagos and Kano, two cities covered by the report last year.
- Starting a Business,
- Dealing with Construction Permits
- Registering Property
- Getting Credit, and
- Paying Taxes.
Corporate Affairs Commission now offers online registration and has introduced features as electronic stamping of registration documents. It enables businesses register within at least 48 hours.
Getting construction permits and registering property in both Lagos and Kano States have become more transparent and easier for businesses with the online publication of all relevant regulations, fee schedules and pre-application requirements online.
Nigeria ranks 6th globally among countries where access to credit is easy.
Two legislations, the Secured Transactions in Movable Assets Act 2017 and the Credit Reporting Act 2017, have helped strengthen the legal framework for access to credit for small and medium scale businesses in the country.
Finally, it has become easier to pay taxes in Nigeria because taxpayers can file tax returns at the nearest Federal Inland Revenue Service (FIRS) office, and electronic payment and filing are gradually gaining acceptance.
“Our focus remains firmly on ensuring that SMEs operating in Nigeria find it easier to do business,” Osinbajo continued.
“Our ultimate success will be the testimonials received from businesses all across the country. However, this report endorses the direction that we have been taking to improve the ease of doing business in Nigeria over the last 12-18 months. Although we are beginning to get some positive feedback, we still have a lot of work to do before the full impact of our reforms are felt by all Nigerians.”
