Vice President, Yemi Osibajo and President Muhammadu Buhari
Nigeria is being ranked as 131st position in the latest World Bank’s Ease of doing business ranking.
According to a release by the World Bank, the ranking shows that Nigeria moved up by places from the 146 position it was ranked in 2019.
‘’Only two Sub-Saharan African economies rank in the top 50 on the case of doing business rankings while most of the lowest 20 economies in the global rankings are from the region. Compared to other parts of the world, Sub-Saharan Africa still underperforms in several areas. In getting electricity, for example, businesses must pay more than 3,100% per cent of income per capita to connect to the grid compared to just over 400% in the Middle East and North Africa or 272% per cent in Europe and Central Asia.
When it comes to trading across borders and paying taxes, businesses spend about 96 hours to comply with documentary requirements to import, versus 3.4 hours in OECD high-income economies and small and medium-sized businesses in their second year of operation need to pay taxes more than 36 times a year, compared to an average of 23 times globally’’.