The World Bank has ranked Nigeria 147th among the best places for
doing business. It also ranked the country as the 122nd for best
countries to start a business.
The report released, yesterday,
said Nigeria’s low ranking is mainly caused by electricity problems,
where the country is ranked 185th out of 189 countries evaluated. The
first African country on the list is Rwanda, ranked 32nd.
The
report said in Africa, 66 per cent of countries enacted at least one
reform last year, against 33 per cent in 2005, adding that nine African
countries make up the top 20 most improved in terms of business
regulations since 2009: Benin, Burundi, Cote d’Ivoire, Ghana,
Guinea-Bissau, Liberia, Rwanda, Sierra Leone, and Togo.
The report
said economies are ranked on their ease of doing business, from 1 –
189. A high ranking on the ease of doing business index means the
regulatory environment is more conducive to the starting and operation
of a local firm.
This index averages the country’s percentile
rankings on 10 topics, made up of a variety of indicators, giving equal
weight to each topic. The rankings for all economies are bench-marked to
June 2013.
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