29 October 2014, Lagos – The World Bank has ranked 170 among 189 countries in terms of ease of doing business across the world.
In the report released on Wednesday, Singapore emerged the best country in the world to do business while Mauritius emerged the best in Africa with ranking 28.
Nigeria’s ranking for 2015 is slightly better than the ranking for 2014 which placed the country 175 out of 189 that were surveyed.
The annual World Bank Group Doing Business report analysis regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.
The aggregate ease of doing business rankings are based on the distance to frontier scores for 10 topics and cover 189 economies.
The bank, however, warned that the Doing Business report does not measure all aspects of the business environment that matter to firms and investors.
For example, it does not measure the quality of fiscal management, other aspects of macroeconomic stability, the level of skills in the labor force, or the resilience of financial systems.
Its findings have stimulated policy debates worldwide and enabled a growing body of research on how firm-level regulation relates to economic outcomes across economies, the bank said in a statement. This year’s report marks the 12th edition of the global Doing Business report series.
This year, for the first time, the Doing Business report analysed business regulations in Kano as well as Lagos. Nigeria is one of 11 economies with a population of more than 100 million where the report now covers two cities, providing new insights into the variability of business regulation within economies.
– The Punch