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.

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.”