Nigeria ranked 170 in ease of doing business worldwide…SEE THE TOP 10

Nigeria has been ranked 170 out of 189 countries in terms of the ease of doing business across the world. The country ranked 175 last year. The latest ranking was part of a report released on Wednesday by the World Bank.

According to the ease of doing business report, Mauritius is the best in Africa, ranking 28 while the worst three are Central Africa Republic, Libya and Eritrea who ranked 187, 188 and 189 respectively.

Singapore is the best country in the world to do business followed by New Zealand, Hong Kong SAR, china, Denmark and Korea Republic which all ranked 2, 3, 4 and 5 respectively.

The top ten countries in order of  their ranks are: 
1. Singapore
2. New Zealand
3. Hong Kong/ China
4. Denmark
5. Republic of Korea
6. Norway
7. United States
8. United Kingdom
9. Finland
10. Australia

The ranking was based on 10 parameters include Starting a Business; Dealing with Construction Permits; Getting Electricity; Registering Property; Getting Credit; Protecting Minority Investors; Paying Taxes; Trading Across Borders; Enforcing Contracts and Resolving Insolvency.

This year’s report marks the 12th edition of the global Doing Business report series.

This year too, for the first time, Nigeria was among 10 countries where the Doing Business report analysis was done in two cities – Kano and Lagos.

According to the World Bank, “the 2015 report also includes data from two cities rather than one for 11 countries with more than 100 million people (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation, and the United States). In most cases, the report did not find significant differences between the two cities in terms of business climate.

“The 10 economies that have improved the most since the previous year are Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland, and the United Arab Emirates”.