Nigeria Moves Up 24 Places In World Bank ‘Ease Of Doing Business’ Report

Vice President Yemi Osinbajo has expressed delight over Nigeria’s improvement in the latest World Bank’s “Doing Business” report published on Tuesday.

Nigeria moved up 24 places to 145th and for the first time recognized as one of the top 10 most improved economies in the world.

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The World Bank highlighted five reforms making it easier to do business in Kano and Lagos, the two cities covered by the report in Nigeria over the course of last year.

They include Starting a Business; Dealing with Construction Permits; Registering Property; Getting Credit, and Paying Taxes.


In a statement by the Vice President’s Spokesman, Laolu Akande, Osinbajo congratulated all stakeholders who worked with the Federal Government to achieve the feat.

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He said, “I welcome Nigeria’s improved performance. We are one of the top 10 reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the Government recorded a modest increase.

“This year, Mr. President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal.

“Improving the business environment is at the heart of the Buhari Administration’s reform agenda. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan so businesses operating in Nigeria can thrive and be competitive globally.

“For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria.

“I commend all stakeholders who worked with us to achieve this significant result, particularly the National Assembly, Lagos and Kano State Governments, and the private sector.”

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Osinbajo said the present administration would continue to ensure that SMEs operating in Nigeria find it easier to do business.

“Some of our critical ongoing reforms include a new sub-national ‘ease of doing business’ project being implemented in conjunction with all the States and the FCT to replicate similar reforms across the country.

“We are again collaborating with the National Assembly to deliver an Omnibus Bill to jointly furnish a more business friendly legal framework for Nigerian businesses in the future.

“Furthermore, the Federal Executive Council has approved the concession of our major international airports, which will be fast tracked to enable easier movement of persons.

“We are also nearing the implementation stage of our National Trading Platform to ensure our cross-border trading is more efficient, while collaborating with other countries to safeguard our security.

“This policy will also be supported by ongoing reform efforts to simplify trading within Nigeria, whether that be the ease of trade in goods, regulatory approvals or the protection of intellectual property.”

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In July 2016, President Muhammadu Buhari established the Presidential Enabling Business Environment Council (PEBEC), chaired by Vice President Yemi Osinbajo.

PEBEC was established with a mandate to sustainably and progressively make Nigeria an easier place to do business.

PEBEC membership includes Minister of Trade and Investment, Okechukwu Enelamah, (Vice Chair), 10 Ministers, Head of Civil Service of the Federation, Winifred Oyo-Ita and Governor of the Central Bank of Nigeria, Godwin Emefiele.

The Enabling Business Environment Secretariat (EBES), supports PEBEC in implementing its reform mandate.

In April 2017, PEBEC implemented a 60-day National Action Plan (NAP 60) as short-term intervention targeted at accelerating specific reforms

On September 27, the second 60-day National Action Plan was approved. The plan has over 60 priority initiatives targeted to be attained by December 1, 2017.

The plan covers 11 areas this time, including new areas such as Enforcing Contracts, Simplifying the Procurement Process, and Trading Within Nigeria.

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