Tuesday, 3 May 2016

Nigeria listed as one of the worst places to do business by Word Bank

Nigeria remains one of the worst places in the world to do business according to the World Bank Doing Business Report for 2016.

According to the report, Nigeria ranks 170th with 43.56 per cent points out of 189 countries that were surveyed with the country moving up one position from 169 in 2015 with 44.69 per cent points.

According to Premium Times, while Nigeria’s ranking for starting business dropped eight places from 131st position in 2015 to 139th; dealing with construction permits remained unchanged at 175th spot as last year. 

In the protecting minority investors ranking, Nigeria recorded the highest improvement of 13 steps up the ladder from the 33rd position last year to 20th in the current ranking. Paying taxes, trading across and borders enforcing contracts remained unchanged at 181st, 182nd and 143rd positions respectively. 

Singapore remained the easiest country to do business while Eritrea remained at the bottom of the ladder. At 32 and 62 respectively, Vanguard reports that Mauritius and Rwanda remained the best destinations for business in Africa at 32nd and 62nd respectively while Ghana led the West African park at 114. 

The World Bank said of Nigeria: “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,” the report read. 

“Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied. 

“According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people.” 

Following Singapore at the top are New Zealand, Denmark, Korea Republic, Hong Kong, SA China, United Kingdom and United States.

Source- Premium Times, Vanguard

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