Doing business: Nigeria ranked 108th out of 175
February 21st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Nigeria’s overall ranking on the World Bank hierarchy of doing business has improved marginally to the 108th position out of 175 countries. The breakdown of the ranking according to categories showed that the country ranked 118 out of 175 in the area of starting a business; 170 out of 175 in the area of registering property, 66 out of 175 in enforcing contracts; 72 out of 175 in closing business and 46 out of 175 in protecting investors among other categories. The corresponding rankings for 2005 in the categories listed above were 115, 171, 105, 72 and 43.
However, the World Bank said that the 2005 rankings had been recalculated to reflect changes to the 2006 methodology and the addition of 20 new countries.
According to the Lead Economist of World Bank in Nigeria, Mr. Volker Treichel, the recent growth performance of the country is due to the greater emphasis on the private sector leading growth and macroeconomic stability, increased support for the non-oil sectors, especially agriculture, and the big push for export-led growth.
Treichel noted that key reforms, like the consolidation of the banking sector, privatisation, improved registration and business licensing and trade liberalisation among others, had also gone a long way in creating a more conducive environment for private sector development.
He, however, said that for the good growth performance to be sustained, the growth constraints typical of the Nigerian business environment should be removed.
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