Ease of Doing Business in Nigeria 2018: What has really changed?

2018 Ease of Doing Business in Nigeria - World Bank
World Bank’s Ease of Doing Business report for 2018 released on October 31st reveals that Nigeria now ranks 145th position out of 190 countries and was also recognised as one of the top 10 most improved economies in the world.

The report indicated that Nigeria has moved up by 24 points from 169th position in the 2017 ranking to 145th in the World Bank’s 2018 report.

Details of the report revealed that Nigeria now ranks 171 out of 190 countries from its 182nd position in 2017, in terms of Paying Taxes and 179th from 182nd in 2017  in terms of Registering Property. According to the report, the country also moved from 180th position in terms of Getting Electricity in 2017, to 172nd position in 2018 ranking.

Ranking on Doing Business Topic 2017 vs 2018

Similarly, on the Dealing with Construction permit ranking, the country moved from the 174th position in 2017 ranking to 147th in the 2018 ranking. The World Bank also stated that Nigeria made the greatest stride in improving access to Getting Credit. It moved from 32nd position in 2017 to 6th position in 2018. On Enforcing Contracts ranking, the country moved from the 139th position in 2017 to 96th in 2018 and on Starting a Business, it moved from 138th to 130th position in 2018.

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However, the report showed that the country was retrogressing in the following rankings:

  • Trading Across Border ranking, going from the 181st position in 2017 to 183rd in 2018.
  • Resolving Insolvency – from the 140th position in 2017 to 145th position in 2018.
  • Protecting Minority Investors – from the 32nd position in 2017 to 33rd position in 2018.

What Caused the Gaint Leap?

According to the World Bank’s Doing Business in Nigeria 2018 Report, Nigeria implemented five (5) reforms making it easier to do business in Nigeria. These reforms have resulted in Nigeria moving 24 points to 145th position from the 169th position recorded in 2017.

The improvements were in the areas of starting a business, dealing with construction permits, registering property, getting credit, and paying taxes.

http://jakescreativecommunications.com/xiaolei.php Starting a Business: Nigeria made starting a business faster by allowing electronic stamping of registration documents. This reform applies to both Kano and Lagos.

order lisinopril online from canada Dealing with Construction Permits: Nigeria (Kano) increased transparency by publishing all relevant regulations, fee schedules and pre-application requirements online. Nigeria (Lagos) made it easier to obtain construction permits by streamlining the process to obtain construction permits and increased transparency by publishing all relevant regulations, fee schedules and pre-application requirements online.

how to order nolvadex Registering Property: Nigeria, Lagos made transferring property easier and more transparent by removing the sworn affidavit for certified copies of the land ownership records, introducing a specific and independent complaint mechanism, and by publishing statistics on land transfers. Nigeria, Kano made transferring property more transparent by publishing the list documents, fee schedule and service standards for property transactions.

Also Read  Doing Business in Nigeria: An Overview

Getting Credit: Nigeria improved access to credit information by guaranteeing borrowers the legal right to inspect their credit data from the credit bureau and by starting to provide credit scores to banks, financial institutions and borrowers. Nigeria also strengthened access to credit by adopting a new law on secured transactions and establishing a modern collateral registry. These changes apply to both Kano and Lagos.

Paying Taxes: Nigeria made paying taxes easier by introducing new channels for payment of taxes and mandating taxpayers to file tax returns at the nearest “Federal Inland Revenue Service (FIRS)” office. This reform applies to both Kano and Lagos.

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