For the first in its history, Nigeria has been recognised as one of the top 10 most improved economies in the world by the World Bank.
Nigeria has also moved up 24 places to 145th position in the World Bank’s ‘Doing Business’ report which was published today, October 31.
The World Bank Doing Business project provides objective measures of business regulations and their enforcement across 190 economies worldwide.
The World Bank in its just-released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs,” on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018 The World Bank.
The report indicated that Nigeria had moved up by 24 points from the 169th position in the 2017 ranking and also the 170th position in the 2016 ranking to 145 in the World Bank’s 2018 report.
According to the World Bank, Nigeria alongside El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 improved countries worldwide, after carrying out numerous reforms to improve their business environments.
The report said, “These economies together implemented 53 business regulation reforms across 10 of the areas measured by doing business. Overall, the 10 top improvers implemented the most regulatory reforms in the area of getting credit, starting a business, dealing with construction permits and paying taxes.”
According to the report, Nigeria also moved from 180th position in terms of getting electricity in 2017, to 172nd position in 2018 ranking.
Similarly, on the Registration of Property ranking, the country moved from the 182nd position in 2017 ranking to 179 in the 2018 ranking.
The World Bank also stated that Nigeria made the greatest stride in improving access to Getting Credit.
On Paying Taxes ranking, Nigeria moved from the 182nd position in 2017 to 171 in 2018 and on Enforcing Contracts, it moved from 139th to 96th position in 2018.