It Is Easier To Do Business In Nigeria Now – World Bank

It has become easier to do business in Nigeria, according to a new report by the World Bank Group.

The report, Doing Business 2015: Going Beyond Efficiency noted that Nigeria and other economies across sub-Saharan Africa have focused on making the business environment on the region more conducive, adding that the region was responsible for the highest number of business regulatory reforms globally in 2013/14.

Nigeria put in place 10 reforms to ensure that the private sector is more involved in the country’s economy.

“Sub-Saharan African economies have come a long way in reducing burdensome business regulations,” said Melissa Johns, Advisor, Global Indicators Group, Development Economics, World Bank Group.

According to Johns, the Group’s data show that the region accounts for the largest number of regulatory reforms making it easier to do business in the past year. 75 of the 230 documented reforms worldwide came from sub-Saharan Africa.

Since 2005, all countries in the region, but one (South Sudan), have improved the business regulatory environment for small and medium-size businesses, with Rwanda implementing the most reforms, followed by Mauritius and Sierra Leone, the Group noted.

Nigeria, Africa’s largest economy ranked 38th among the African countries on the ease of doing business list, and 170th globally, moving up five places from last year’s 175th. The report however finds that Nigeria ranks among the top five economies in Sub-Saharan Africa in two areas – the ease of getting credit and the strength of minority investor protections.

“… despite broad regulatory reform agendas, challenges persist in the region, where business incorporation continues to be costlier and more complex on average than in any other region.”

To register a new business and reserve a unique company name in Nigeria it takes an average of five days and another 11 days to register at the Corporate Affairs Commission and Pay the fees at the bank desk of CAC, the World Bank Group report noted.

Nigeria is therefore expected to work towards making business incorporation in the country easier, among other things needed for the business climate to improve.

by Greenstarnetwork admin..