World Bank Named Nigeria Among Top 10 Most Improved Economies

Nigeria has moved up 24 places to 145th in the World Bank’s ‘Doing Business’ report published Tuesday, 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.

In a reaction to the cheery report, Vice President, Prof. Yemi Osinbajo, SAN, said: “I welcome 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.

“Improving the business environment is at the heart of the Buhari Administration’s reform agenda. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally.

“For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria. I commend all stakeholders who worked with us to achieve this significant result, particularly the National Assembly, Lagos and Kano State Governments, and the private sector.”

The World Bank highlighted five reforms making it easier to do business in Kano and Lagos, the two cities covered by the report in Nigeria over the course of last year: They are Starting a Business, Dealing with Construction Permits,  Registering Property, Getting Credit and Paying Taxes.