An annual report published by the World Bank has listed Africa’s largest economy country, Nigeria, among the top 20 improvers in doing business.
World Bank has listed Nigeria, among the top 20 improvers in doing business.
The recent World Bank projection is for the year 2020.
Only five African countries – Nigeria, Togo, Zimbabwe, Djibouti and Kenya – made list.
The report is an annual publication that measures business regulations across 190 countries.
Nigeria made a giant leap of more than 100 positions as it was ranked 146 in 2018 report.
According to the report, the jump can be attributed to major improvement in significant parameters such as starting a business, dealing with construction permits, resolving insolvency, getting electricity, credit, among others.
The World Bank said Nigeria made improvements by operationalising a new electronic platform that integrates the tax authority and the Corporate Affairs Commission (CAC).
“The CAC also upgraded its name reservation platform and, in Kano, there is now an electronic platform for registering business premises online, eliminating the need to appear in person,” the report by the World Bank stated.
The full report on the top 20 reformers globally in Ease of Doing Business rankings will be released on October 24th.
The World Bank report also stated that Nigeria made getting electricity easier by allowing certified engineers to conduct inspections for new connections. Initiatives also made commercial litigation of smaller cases more efficient.
“The Chief Judges in Lagos and Kano issued practice directions for small claims courts introducing pre-trial conferences and limit adjournments.”
The report also said the “customs integrated more agencies into its electronic data interchange system, and port authorities launched an e-payment system, speeding up both exports and imports.”