By SundiataPOST, Abuja
A new study by the International Finance Corporation (IFC) and World Bank has revealed that from June 2012 to June 2013, Nigeria came closer to the global good practices in business regulations than any time since 2009.
In a statement made available to SundiataPOST, the World Bank said Nigeria has had positive developments in such areas as trading across borders, where the time to export and import has been cut thanks to continued impact this year from previously implemented reform efforts.According to the report, ‘Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises’ finds that Nigeria already implements some of the global good practices in the areas of Dong Business. For example, Nigeria allows a general description of collateral, which makes it easy for local entrepreneurs to get credit. It said since 2005 Nigeria implemented 10 business regulatory reforms making it easier for local entrepreneurs to do business. “The biggest impact was in the area of getting credit, where Nigeria improved its credit information system through a central bank guideline defining the licensing, operational and regulatory requirements for a privately owned credit bureau. Thanks to this, Nigeria is among the ten economies in the world that made the biggest improvement in getting credit since 2009”, the report further said. The statement quoted Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group as saying “Business regulatory environment requires strong and sustained actions. I look forward to Nigeria’s continued commitment to make the regulatory environment easier for the local entrepreneurs in the coming years.”The report noted that Singapore tops the global ranking on the ease of doing business. Other countries on list of the top 10 economies with the most business-friendly regulations are Hong Kong SAR, China; New Zealand; the United States; Denmark; Malaysia; the Republic of Korea; Georgia; Norway; and the United Kingdom, according to the report.In addition to the global rankings, every year Doing Business reports the economies that have improved the most on the indicators since the previous year. The 10 economies topping that list this year are (in order of improvement) Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Côte d’Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala.
The study however, noted that challenges persist: five of this year’s top improvers—Burundi, Côte d’Ivoire, Djibouti, the Philippines, and Ukraine—are still in the bottom half of the global ranking on the ease of doing business.