Nigeria has been ranked 170 out of 189 countries on how easy it is to do business according to the 2015 Ease of Doing Business Report of the World Bank released yesterday.
The latest ranking of 170th fared better compared to 175th position out of 189 which the country ranked in the 2014 report.
In the latest report, Singapore emerged the best country in the world to do business while Mauritius emerged the best in Africa by ranking 28th.
The annual World Bank Group Doing Business report analyzes 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 report showed that Nigeria fared poorly in getting electricity and registering a property, ranking 187th and 185th respectively. It also ranked ranked 129th in starting a business, 171st in dealing with construction permits and 179th in paying taxes.
The country, however, fared well in the ease of getting credit and protecting minority investors ranking 52nd and 62nd respectively. Nigeria also ranked 159th, 140th,131st in ease of trading across borders, enforcing contracts and resolving insolvency respectively.
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.