World Banks rates Nigeria 146 on ease of doing business

The World Bank has ranked Nigeria 146 among countries with the right environment to

This was contained in World Bank’s latest Ease of Doing Business ranking released on Wednesday, October 31, 2018.

Nigeria was ranked 145 in 2017.

Tagged ‘, World Bank President, Jim Yong Kim, said it tracked 314 reforms by 128 governments across the world.

“Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive,” Kim said in a statement.

“Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world.”

“Nigeria carried out four reforms which included making Starting a Business easier in Kano and Lagos, the two cities covered by Doing Business.

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“Getting Electricity and Trading Across Borders also saw reforms in the two cities. In addition, Lagos made Enforcing Contracts easier by issuing new rules of civil procedure for small claims courts, while Kano, in a negative move, made property registration less transparent by no longer publishing online the fee schedule and list of documents necessary to transfer a property.”

TraderMoni

Meanwhile, the Federal Government has introduced the TraderMoni scheme to provide soft loans for small scale business people in Nigeria.

According to Vice President Yemi Osinbajo, TraderMoni was designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans of at least N10,000.