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World Bank ranks Nigeria among ‘Top 20 Improvers’ in ease of doing business

World Bank ranks Nigeria among ‘Top 20 Improvers’ in ease of doing business

Nigeria has been named among the “top 20 improvers” in the World Bank’s Ease of Doing Business rankings for 2019.

Renowned Indian-American experts on strategy, globalisation, and entrepreneurship, Anil Gupta, disclosed this in Lagos on Tuesday.

The World Bank is expected to release the full report later this month. But Mr Gupta said a preliminary report showed Nigeria was ranked along with China and India among countries that recorded significant improvements in their systems towards ease of doing business.

Mr Gupta was one of the special guest speakers at the Platform, a biennial economic summit organised by the Covenant Christian Centre, Lagos to commemorate Nigeria’s 59th Independence anniversary celebrations.

He said the areas the World Bank report pointed out in which Nigeria has shown the most improvement in the last one year include creating new electronic platforms for taxes and corporate affairs for starting new businesses, registering property as well as the issuance of construction permits.

In 2018, Nigeria was ranked 146 out of 190 countries on the Ease of Doing Business globally. The country dropped by a spot from the 145th position in 2017 after moving 24 places from 169 in the previous year.

The philosopher ranked by Thinkers50 as one of the world’s “most influential living management thinkers” said Nigeria is making progress in economic development.

Apart from the official approval of the Bakassi Deep-seaport by the Federal Government, Mr Gupta also noted the Central Bank of Nigeria (CBN)’s push towards a cashless economy, describing it as a significant boost to the economy, particularly financial inclusion.

“Nigeria has come a long way. It has been a still democracy for many years. Today, it is Africa’s largest economy. It is the sixth in the world in terms of internet users, behind China, India, U.S., Brazil and Indonesia. Nigeria remains a role model for other countries in Africa,” he said.

He identified the gross domestic product (GDP) and the per capita income of the citizens as the most important economic measures that define the economic success or health of any society.

The GDP, which is the aggregate value of goods and services over a period, mirrors the employment levels of the economy, while the per capita income reflects the average income earned per person in an economy.

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