Skip to main content

World bank: It's harder to do business in Nigeria now than in 2015

t is harder to do business in Nigeria now than it was in 2015, the World Bank Group’s ‘Doing Business Report’ has revealed. According to the report, Nigeria went up the ease of doing business ranking, yet doing business actually just got harder in the largest economy in Africa. In 2015, Nigeria ranked 170 of 189 countries, with a distance to frontier (DTF) or ease of doing business score of 47.33, against Singapore’s 88.27 and Eritrea’s 33.16. In the 2016 version of the report, Nigeria climbed one rung of the ladder to the 169 position, but its ease of doing business score fell to 44.69. Singapore remained the easiest country to do business in, with a DTF of 87.34, while Eritrea remained at the bottom of the ladder, plunging further to 27.61 from 33.16 in 2015. At 32 and 62 respectively, Mauritius and Rwanda remained the best destinations for business in Africa, while Ghana led the West African park at 114 of 189 countries. Commenting on issues regarding businesses in Nigeria, the World Bank said informal construction and bad building affect the public and businesses in Nigeria. “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,” the report read. “Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied. “According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people.” Power generation was also identified by the global financial institution as one of the reasons why unemployment is high in Nigeria and why multinationals leave Nigeria. “Industry is a core sector for the generation of national wealth and employment in Nigeria, but faced with an electricity sector hampered by poorly utilized generation capacity, high transmission losses and frequent outages, companies turn to self-provision of electricity. “This raises their production costs, reducing their competitiveness and thus their demand for labor. The erratic and inadequate power supply in Nigeria has often been cited as the main reason forcing multinationals to relocate production lines to other countries. Power outages also affect output levels.” On reforms carried out so far, World Bank said: “Nigeria made transferring property in Lagos less costly by reducing fees for property transactions. “Nigeria strengthened minority investor protections by requiring that related-party transactions be subject to external review and to approval by disinterested shareholders. This reform applies to both Kano and Lagos.”

Comments

Post a Comment

Popular posts from this blog

How My Daughter Seduced Me To Have Sex With Her – John Awah

“I became attracted to my daughter, when I saw her. And I told her I wanted to show her true love… Actually, she was the person that started it by always changing her cloths in front of me and this attracted me” – Says John Awah, who claimed that the multiple rounds of sex he had with his daughter was ‘consensual’ It sounds bizarre, untrue, and squeamish, but it’s the whole truth. Yes, it actually took place in Nigeria, Lagos, a city where everything seems possible. When Chinyere, 18, decided to leave her mother in Abia State and pay her father, John Awah, a visit in Lagos, she must have been longing for a tender loving care, which fathers give their children. But she surely did not bargain for what she eventually ended up with – steamy sex sessions with her father. Upon her arrival, her father was shocked to his bone marrow that his daughter who left him when she was a year old, had suddenly grown to a full girl, and he suddenly fell in love with her. Awah said: “I became attracted ...
57 comments
Read more

Former Super Eagles Coach, Stephen Keshi, Is Dead

One of the most iconic captains of the Nigerian national football team, the Super Eagles, and former coach of the team, Stephen Okechukwu Keshi, is dead, his family has announced. He was 54. Emmanuel Ado a brother to the late coach said the 54-year-old died of Cardiac arrest in the early hours of Today Wednesday, June 8. “With thanksgiving to God, the Ogbuenyi Fredrick Keshi family of Illah in Oshimili North Local Government Area of Delta State, announces the death of Mr. Stephen Okechukwu Chinedu Keshi,” Mr. Ado said in a statement. He continued “Our son, brother, father, father-in-law, brother-in-law, has gone to be with his wife of 35 years (Nkem ), Mrs. Kate Keshi, who passed on on the 9th December 2015. “Since her death, Keshi has been in mourning. He came back to Nigeria to be with her. He had planned to fly back today Wednesday, before he suffered a cardiac arrest. He has found rest.” Though deeply mourning the shock exit, Mr. Ado said the family remained grateful to God for th...
Post a Comment
Read more

Emmanuel Babayaro’s Séxcapade With Actress, Biola Ige, At Oriental Hotel

According to what Aproko247 reported; Emmanuel Babayaro may not be too popular like his other brother, Celestine Babayaro, a former player of Chelsea FC of England and ex-Nigerian international, but he is very popular with the entertainment industry where he is also a player. Emmanuel can also not be forgotten because of his role in the golden days of the Nigerian football where he was part of the team that won gold medal for Nigeria at the Atlanta 96 Olympics Games held in the United States of America where he was as a goalkeeper along with Dosu Joseph who manned the poles for Nigeria for most of the matches played. As a singer and actor himself, one cannot but agree that he is also a player in the entertainment industry even though he may not be a major player there. What one of our correspondents authoritatively got from sources within popular hotel in Lekki, Lagos, Oriental Hotel, which is thought to be owned by former Lagos State governor, Chief Bola Tinubu, is that Emmanuel and ...
Post a Comment
Read more