Nigeria is one of world’s worst business destinations — World Bank

I keep hearing these negative news about Nigeria, yet the population of South Africans,Brits,Americans even from the Balkans and Baltic trooping here with empty brief cases and leaving with Truckloads is alarming....smh Despite improving five steps on its ranking last year, Nigeria emerged one of the worst business destinations, the 2015 World Bank’s Ease of Doing Business ranking has showed. Nigeria ranked 170 among 189 economies covered in the 2015 edition, released on Thursday.The improvement, which showed a 3.61 percent improvement from 43.72 percent points in 2014 to 47.33 percent points in 2015, reflected the country’s movement from the 175th position in 2014 to its current this year. In sub-Saharan Africa, the report showed that Nigeria ranked 36 out of 47, barely above other struggling economies like Zimbabwe, Liberia, Mauritania, Congo Republic, Guinea Bissau, Angola, Congo Democratic Republic, Chad, South Sudan, Central African Republic and Eritrea.The thrust of the report showed that entrepreneurs in 123 economies saw improvements in their local regulatory framework in 2014. Between June 2013 and June 2014, the report documented 230 business reforms, with 145 reforms aimed at reducing the complexity and cost of complying with business regulation. About 85 reforms aimed at strengthening legal institutions – with sub-Saharan Africa accounting for the largest number of such reforms, took place during the year.The report identified Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland and the United Arab Emirates as the economies that improved the most during the year in areas tracked by Doing Business. These 10 top improving economies, the report noted, had implemented 40 regulatory reforms making it easier to do business in their respective environments.The case studies highlighted good practices in eight of the areas measured by Doing Business indicators. These included the growing efficiency of company registries in starting a business; zoning and urban planning in dealing with construction permits; measuring quality of land administration in registering property, and importance of registries in getting credit. It also included going beyond related-party transactions in protecting minority investors; trends before and after the financial crisis in paying taxes; judicial efficiency supporting freedom of contract in enforcing contracts; and measuring strength of insolvency laws in resolving insolvency.