Forex ranking

The World Bank’s Ease of Doing Business Report for 2018 has placed Nigeria in the 145th position. This is 24 positions better than the 169th position the nation forex ranking ranked in the 2017 report. According the report released by the World Bank on Tuesday, Nigeria is among the 10 top countries that improved on reforms.

New Zealand is first on the ease of doing business for the second consecutive year. The areas that Nigeria improved with reforms were in starting a business, dealing with construction permits, registering a property, getting credit and paying taxes. With the improved ranking, Nigeria is back to the 145th position that it attained in 2013. The ranking is also 24 places higher than the 169th position that it had ranked in the 2017 report. Nigeria made starting a business faster by allowing electronic stamping of registration documents.

This reform applies to both Kano and Lagos. Unlike in the 2016 and 2017 reports where the nation was reported to have initiated two reforms each, the 2018 report stated that Nigeria implemented reforms in five areas thereby, placing the nation among top reformers in the region. Mauritius, in 25th place in the Doing Business rankings, was the highest ranked economy in Sub-Saharan Africa. One of the areas where Nigeria performed poorly was in access to electricity. While the average number of procedures it required to get electricity in Sub-Saharan Africa was put at 5. 3, the number of procedures required in Nigeria was put at 10. The average length of time it would take to get electricity in Sub-Saharan Africa was put at 115.

3 while that of Nigeria was put 166 days. Sub-Saharan Africa was put at 0. Meanwhile, President Muhammadu Buhari on Tuesday commended the Presidential Enabling Business Environment Council chaired by Vice President Yemi Osinbajo over the improvement of Nigeria on the latest World Bank’s Ease of Doing Business ranking. In a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President commended the PEBEC team for a job well done, saying he was looking forward to even greater achievements for the nation.

President Muhammadu Buhari welcomes most heartily the phenomenal improvement of Nigeria on the World Bank’s Ease of Doing Business latest rankings released on Tuesday. Besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the top 10 reformers globally. The President congratulates all Nigerians on this very significant step forward, which symbolises the real success achieved by the Presidential Enabling Business Environment Council, the National Assembly and state governments in making it easy for people to register their businesses speedily, and obtain licences and approvals from government agencies without unnecessary bureaucratic bottlenecks. Buhari was also quoted as saying that the development reflected government’s efforts to make it easy for foreign business visitors to obtain visa on arrival, pass through airports and do their business with ease and speed.