The World Bank’s Doing Business Report records a poor showing for a good number of African economies. Nigeria, as a case in point was only able to rise one position from last year to become number 169 with a 44.69 percent point on the scale of the world’s worst places to do business.
The doing business project considers objective measures of business regulations and enforcement of those regulations across 189 economies. Nigeria’s position does not speak well for a country that is widely considered as ‘Africa’s largest economy’. Even with the one position trade up the World Bank said that it was more difficult to do business in Nigeria in 2016 than it was last year.
To better understand how that could be possible, the entire document gives us a fuller picture where; Nigeria’s ranking for starting business dropped eight places from 131st position in 2015 to 139th and dealing with construction permits remained unchanged at 175th spot as last year.
The country also fell in ranking on the basis of getting electricity where it fell from 181st position to 182nd. Registering property improved in rankings rising to 181st from 185th but the new ranking is still not impressive. Paying taxes, trading across borders and enforcing contracts remained unchanged at 181st, 182nd and 143rd positions respectively.
The most improved ranking was the 13 step climb of protecting minority investors from 33rd position last year to 20th in the current ranking. Getting credit however experienced a seven place drop from 52nd ranking to 59th.
The best business destinations in Africa were Mauritius, ranked at 32nd, Rwanda at 62nd position, Botswana and South Africa at 72nd and 73rd respectively. In the West African region, Ghana emerged at the top with a ranking at 114th position on the scale. Eritrea remained at the bottom. Three African countries that implemented at least three reforms during the past year and moved up the rankings scale included; Uganda, Kenya and Benin.