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Nigeria Drops On Ease Of Doing Business Ranking

02 November, 2018, 18:01 | Author: Sara Gill
  • A view of Nairobi at night

The rest of the top 10 performers are Singapore (85.24), Denmark (84.64), Hong Kong (84.22), Korea (84.14), Georgia (83.28), United States (82.75), United Kingdom (82.65), and Macedonia (81.55).

"The country performs best in the areas of enforcing contracts, with a global rank of 19, and protecting minority investors [26th place]".

The new ranking marks the fifth year-on-year improvement in the country's overall ranking since 2014 (under Jubilee Administration), moving 75 places from position 136 to position 61.

"It shows the UAE has best regulatory practices - such as construction permits, registration, trading across borders, getting electricity permits, getting credit and tax payment mechanism etc. - when it comes to doing business". It said that the report should have also covered other credit bureaus such as the TransUnion Information Solutions, Inc., and Microfinance Information Data Sharing Inc., which holds the information of 13.7 million debtors. Jaitley also said the impact of GST has not been entirely accounted for in the ranking due to an early cut off date.

The report is themed: "Doing Business 2019: Training for Reform". Enforcing Contracts and Getting Electricity saw milestone reforms, with 49 and 26, respectively.

Meanwhile, China's score increased by 8.64 points compared with previous year, and it is one of the economies with the greatest improvement in the business environment.

The Confederation of Indian Industry, meanwhile, said in a statement: "We look forward to the continued momentum of business reforms and to supporting the government in its endeavour to make India among the top investment destinations". It also improved building quality control by introducing decennial liability and insurance.

In the last two or three years, "all the large emerging markets - such as China, India, Nigeria, South Africa, Indonesia, Russia - have taken on this agenda", according to Sylvia Solf, head of the World Bank Group's Reform Advisory Unit. It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies.

Kenya also made resolving insolvency easier by facilitating the continuation of the debtor's business during insolvency proceedings, providing for equal treatment of creditors in reorganization proceedings and granting creditors greater participation in the insolvency proceedings. The country has moved over 60 places under the current government.

But the report advised Rwanda to improve its process of dealing with construction permits, an area where it ranked 106 globally. Further, India reduced the time and cost of export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, it said.

Nigeria was ranked 145 in the 2017 report, however, this year, the country score went up by 1.37.



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