Nigeria may be the largest economy in Africa but it is one of the hardest places to do business.
According to the World Bank Group, in its Doing Business report, Nigeria ranks 170th out of 189 countries on the ease of doing business list released by the lender.
However, there was an improvement of 2.9 percent on the 175 position the country occupied last year.
Also, Nigeria was ranked 129 on the ease of starting a business (138 last year), on dealing with construction permits it was ranked 171 as against 168 last year. On registering property it remained 185th as it was the previous year.
The country improved immensely on access to credit ranking as it moved from 125 in 2014 to 52nd position in the current ranking. However, it fell by one basis point on protecting minority investors ranking as it moved from the 61st position last year to the 62nd position this year. On paying taxes, Nigeria was ranked 179 as against 177 in 2014.
The report showed that Singapore was the best country in the world to do business, while Mauritius remained the best in Africa with a ranking of 28.
Haiti, Angola, Venezuela, Afghanistan, Congo DR, Chad South Sudan, Central African Republic, Libya and Eritrea were ranked the top 10 worst places to do business on the planet.
The annual World Bank Group Doing Business report analyses regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.
The aggregate ease of doing business rankings are based on the distance to frontier scores for 10 topics and covers 189 economies.