World Bank ranks Nigeria 122nd best place for business

The World Bank has ranked Nigeria 147th among
the best places for doing business. It also ranked
the country as the 122nd for best countries to
start a business. The report released, yesterday, said Nigeria’s low
ranking is mainly caused by electricity problems,
where the country is ranked 185th out of 189
countries evaluated. The first African country on
the list is Rwanda, ranked 32nd. The report said in Africa, 66 per cent of countries
enacted at least one reform last year, against 33
per cent in 2005, adding that nine African
countries make up the top 20 most improved in
terms of business regulations since 2009: Benin,
Burundi, Cote d’Ivoire, Ghana, Guinea-Bissau, Liberia, Rwanda, Sierra Leone, and Togo. The report said economies are ranked on their
ease of doing business, from 1 – 189. A high
ranking on the ease of doing business index
means the regulatory environment is more
conducive to the starting and operation of a local
firm. This index averages the country’s percentile
rankings on 10 topics, made up of a variety of
indicators, giving equal weight to each topic. The
rankings for all economies are bench-marked to
June 2013.