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.

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

[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]

Tolexander:

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all of you, check this out;

http://www.vanguardngr.com/2013/10/world-bank-ranks-nigeria-122nd-best-place-business/

Tolexander:

---

all of you, check this out;

http://www.vanguardngr.com/2013/10/world-bank-ranks-nigeria-122nd-best-place-business/

Why Evils

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.