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News: Nigeria among 16 worst Nation to do business in
The World Bank has rated Nigeria among 16 worst nations in the world in the area of doing business.
A report by the bank specifically placed the nation in 170th position out of 185 world economies polled.
The ranking was obtained from the website by the ‘Ease of Doing Business and Distance to the Frontier’.
The report, however, showed that Nigeria
moved up by five points in the latest rating as against 175th position
out of 189 countries polled last year.
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It
gave some of the parameters used for the ranking as starting a
business; dealing with construction permits; getting electricity;
getting credit; protecting minority investors; paying taxes; trading
across borders; enforcing contracts and resolving insolvency.
Although there were different ratings for
all the categories, Nigeria ranked last in the world in terms of the
ease of registering property.
Nigeria emerged the third most difficult country for cross-border trade in the Economic Community of West African States region.
The report listed the parameters used for
the regional rating as the time and cost (excluding tariff) associated
with exporting and importing standardised cargo or goods by sea
transport; document preparation; Customs clearance and inspections;
inland transport and handling; as well as port and terminal handling.
The National Vice President of the
Nigerian Association of Chambers of Commerce, Industry, Mines and
Agriculture, Mr. Billy Harry described the report as accurate and
comprehensive.
He said, “If we want to make changes and
bring about improvement in the growth of Nigeria economically,
politically, the first step is to face reality. The report was very
frank; it has reviewed our tax system, contract procedures and penalties
for defaulting. It has also clearly shown that our power situation is
still abysmal and that corruption is also part of the problem that
prevents due process from being implemented in such a way that we can
apply best practices in every area of national life.
“What that report should do today is to
spur Nigerians and Nigeria’s regulatory bodies and those saddled with
the responsibility of growing the economy like NACCIMA to become
proactive.”
