Nigeria aims for sub 100 ranking in 2020 world bank ease of doing business report
A great goal!
Yes, Nigeria has set a target to improve its ranking in the World Bank's Ease of Doing Business (EDB) report to below 100 by 2020. This is a significant goal, considering that Nigeria currently ranks 146th out of 190 economies in the 2019 EDB report.
The Nigerian government has been working to improve the business environment and reduce bureaucratic hurdles to attract more foreign investment and stimulate economic growth. Some of the key reforms aimed at achieving this goal include:
- Simplification of business registration processes: The government has introduced an online platform for business registration, reducing the time and cost associated with registering a business.
- Streamlining of regulatory processes: The government has established a single window for regulatory approvals, reducing the number of agencies involved in the approval process and increasing transparency.
- Improvements in tax administration: The government has introduced a new tax system, which aims to reduce the complexity and cost of tax compliance.
- Enhancements in infrastructure: The government has invested in improving infrastructure, including roads, ports, and energy supply, to reduce the cost and complexity of doing business.
- Increased transparency and accountability: The government has introduced measures to increase transparency and accountability, including the publication of business registration data and the establishment of a whistleblower protection policy.
To achieve its goal, Nigeria has also been working with the World Bank and other international organizations to identify areas for improvement and provide technical assistance to support the implementation of reforms.
While there are still challenges to overcome, Nigeria's efforts to improve its business environment are promising, and the country is expected to continue to make progress in the coming years.