Nigeria Ranked Among 10 Best Countries On Credit Policies by Unblockable: 6:32am On Oct 30, 2013 |
The International Finance Corporation, IFC, and World Bank yesterday released the latest Doing Business 2014 report which indicated that Nigeria ranked better on global good practices in business regulations. With this Nigeria is also among the 10 economies that made biggest improvements in getting credit since 2009.
Despite the improved ratings which reflected Nigeria’s improved regulatory environment for business between June 2012 and June 2013 than it did four years prior the review period, the country was still not among the first 10 countries top with the most business friendly regulations.
While noting that Nigeria is closer to the good practices in business regulations than any time since 2009, the report stated that in the period between June 2012 and June 2013, the country had had positive developments in such areas as trading across borders, where the time to export and import had been reduced following implemented reform efforts.
According to the Bretton Woods Institution’s ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises,’ Nigeria was reported to be implementing some of the global good practices in the areas of Doing Business.
It added that the country allows a general description of collateral, which makes it easy for local entrepreneurs to get credit. Specifically, the report noted that since 2005 Nigeria had implemented 10 business regulatory reforms which made it easier for local entrepreneurs to do business and that the biggest impact of the initiatives was noticeable in the area of getting credit, where the country improved its credit information system through a Central Bank guideline defining the licensing, operational and regulatory requirements for a privately owned credit bureau.
These initiatives, according to the report, shot Nigeria up to the list of 10 economies in the world that made the biggest improvement in getting credit since 2009. Reflecting on the country’s improved performance, Director, Global Indicators and Analysis, World Bank Group, Augusto Lopez-Claros, said the “business regulatory environment requires strong and sustained actions,” and that he looks “forward to Nigeria’s continued commitment to make the regulatory environment easier for the local entrepreneurs in the coming years”.
The top 10 economies on the global ranking on the ease of doing business and with the most businessfriendly regulations are Singapore which came first followed by Hong Kong SAR, China, New Zealand, the United States, Denmark, Malaysia, the Republic of Korea, Georgia, Norway and the United Kingdom. In addition to the global rankings, every year Doing Business reports the economies that have improved the most on the indicators since the previous year.
The 10 economies topping that list this year, in order of improvement, are Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Côte d’Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala.
The report noted that despite the improvements recorded in the 10 countries, challenges still persisted in five of this year’s top improvers namely, Burundi, Côte d’Ivoire, Djibouti, the Philippines, and Ukraine which were still in the bottom half of the global ranking on the ease of doing business. SOURCE |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by Jeel: 7:31am On Oct 30, 2013 |
GEJ is working |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by Nobody: 7:44am On Oct 30, 2013 |
The country always maintain a good economic reputation internationally while locally you can't say the same |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by ballabriggs: 7:53am On Oct 30, 2013 |
Another shallow news report probably from another agbataeke journalist. The shallow reporter tactically left the most important part which is the ease of doing business rank.
Nigeria ranks a pathetic 147 below countries like Yemen and Uganda. No disrespect to these countries, all disrespect to the rogues who seek to spread propaganda without tackling the main issues facing businesses and entrepreneurs in Nigeria. 2 Likes |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by nikkytruth(f): 8:10am On Oct 30, 2013 |
Kudos to mr President! The first time Nigeria is ranked among the best (positively). |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by biafranqueen: 8:15am On Oct 30, 2013 |
When the FG pays 18% interest on loans that is not a good policy come on people! |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by nameo: 10:44am On Oct 30, 2013 |
GREAT. It seem that the focused work of the Minister for Trade and Investment, Minister for Finance, CBN Governor and Others are beginning to yield real substainable results |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by Tolexander: 10:52am On Oct 30, 2013 |
Jeel: GEJ is working nikky truth: Kudos to mr President! The first time Nigeria is ranked among the best (positively).
nameo: GREAT. It seem that the focused work of the Minister for Trade and Investment, Minister for Finance, CBN Governor and Others are beginning to yield real substainable results
all of you, check this out; [b]The World Bank has ranked Nigeria 147th among the best places for doing business. It also ranked the country as the 122nd for best countries to start a business. The report released, yesterday, said Nigeria’s low ranking is mainly caused by electricity problems, where the country is ranked 185th out of 189 countries evaluated. The first African country on the list is Rwanda, ranked 32nd. The report said in Africa, 66 per cent of countries enacted at least one reform last year, against 33 per cent in 2005, adding that nine African countries make up the top 20 most improved in terms of business regulations since 2009: Benin, Burundi, Cote d’Ivoire, Ghana, Guinea-Bissau, Liberia, Rwanda, Sierra Leone, and Togo. The report said economies are ranked on their ease of doing business, from 1 – 189. A high ranking on the ease of doing business index means the regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country’s percentile rankings on 10 topics, made up of a variety of indicators, giving equal weight to each topic. The rankings for all economies are bench-marked to June 2013.[/b] http://www.vanguardngr.com/2013/10/world-bank-ranks-nigeria-122nd-best-place-business/ |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by nameo: 11:24am On Oct 30, 2013 |
Tolexander:
all of you, check this out;
http://www.vanguardngr.com/2013/10/world-bank-ranks-nigeria-122nd-best-place-business/ Yeah, I have seen the Report. The Ease of Doing Business Index is measured using about 10 Criteria, I think. Nigeria did VERY WELL on some of those criteria, and was even amongst 10 most improved countries in the world in some of these areas, eg Access to Credit, Credit Regulation, Ease of Import and Export in Ports, Ease of Registering businesses, etc; BUT did not do well in some other areas like Infrastructure for businesses esp Electricity, Insecurity, Multiple taxation, Judicial protection of Contracts, Corruption, etc. The Report for instance, emphasized Electricity concerns and Multiple Taxation as great obstacles to businesses in Nigeria Yet acknowledged the Depths of the Reforms in the Electricity Sector in the country and hopes that the Results would begin to affect businesses positively soon; we also note the very recent moves by the Finance Minister through NEC to regulate Multiple taxation in the Federal, State and Local levels. It is this Acknowledgement of significant progress with results in some areas and some other areas without results yet, that is been noted by us here. And it clearly means that unlike before, some persons are working and Nigeria would continue to progress if we keep at doing things we are currently doing while changing others. |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by freezy(m): 11:32am On Oct 30, 2013 |
This report did not rank us 10th. It says we are amongst the 10 that made the biggest improvement since 2009. We could be amongst the countries with big improvements but not amongst the actual top 10 with best policies. |
Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by AbuMikey(m): 11:33am On Oct 30, 2013 |
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Re: Nigeria Ranked Among 10 Best Countries On Credit Policies by nameo: 7:59pm On Oct 30, 2013 |
Nigeria is one of the ten economies globally that made the biggest improvement in getting credit since 2009, according to a new 2014 ‘Doing Business’ report of the International Finance Corporation (IFC) and the World Bank.
But the country ranked 147 among 189 economies measured in the report entitled ‘Understanding Regulations for Small and Medium-size Enterprises’ and released on Tuesday.
The country is also not listed among those governments in sub-Saharan Africa that significantly stepped up their pace of improving business regulations and encouraging smaller businesses to thrive last year.
Rather, the World Bank’s report seen by BusinessDay listed Benin, Burundi, Côte d’Ivoire, Guinea, Guinea-Bissau, Liberia, Rwanda, Sierra Leone, and Togo among the 20 global economies that it found to have most improved business regulation since 2009.
The report, however, finds that since 2005, Nigeria implemented 10 business regulatory reforms, making it easier for local entrepreneurs to do business.
Interestingly, it also finds that in the year from June 2012 to June 2013, Nigeria is closer to the global good practices in business regulations than any time since 2009.
“In the past year, Nigeria has had positive developments in such areas as trading across borders, where the time to export and import has been cut thanks to continued impact this year from previously implemented reform efforts”, the report says.
It further finds that Nigeria already implements some of the global good practices in the areas of Doing Business. For example, Nigeria, it says allows a general description of collateral, which makes it easy for local entrepreneurs to get credit.
“The biggest impact was in the area of getting credit, where Nigeria improved its credit information system through a central bank guideline defining the licensing, operational and regulatory requirements for a privately owned credit bureau. Thanks to this, Nigeria is among the ten economies in the world that made the biggest improvement in gettingcredit since 2009”, the report notes.
Doing Business 2014 is the 11th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it.
It presents quantitative indicators on business regulations affecting eleven areas of the life of a business that can be compared across 189 economies in the world.
The eleven areas include starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers. The employing workers data are not included in this year’s ranking on the ease of doing business. http://businessdayonline.com/2013/10/nigeria-among-10-most-improved-economies-in-accessing-credit/ |