Africa’s most populous nation – Nigeria was yesterday ranked 169th out of 190 countries by World Bank in on its Ease of Doing Business index for 2017.
The World Bank stated this in its Ease of Doing Business report titled, Doing Business 2017: Equal Opportunity for All”, published yesterday.
The report indicated that Nigeria moved up by one point from 170th position on the 2016 ranking to 169th position for the 2017 ranking.
The World Bank’s Doing Business ranking for 2017 covers 11 indicator sets and provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the sub-national and regional level.
The report also showed that the most improvement for Nigeria, came in the area of access to credit where the country moved up by 16th position.
Details of the report reveal that Nigeria ranked 138th position in terms of Starting a Business, 174th position in terms of Getting Construction Permit, 180th position in terms of Getting electricity, 182nd position in terms of Registering Property, 44th position in terms of Getting Credit, 32nd position in terms of Protecting minority investors, 182nd position in terms of Paying Taxes, 181st position in terms of Trading Across Borders, 139th position in terms of Enforcing Contracts, and 140th position in terms of Resolving insolvency According to the World Bank.
Just recently, the International Monetary Fund (IMF) affirmed Nigeria as the biggest economy in Africa — ahead of South Africa and Egypt, despite the country’s current economic recession.
In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP) but the recent report by IMF proves otherwise.
The IMF had also predicted a 0.6% growth for the country’s economy in 2017, which they say would effectively lift the country out of it officially declared recession.