The World Bank and the International Finance Corporation (IFC) Wednesday revealed that Nigeria retained its 133rd in their 2012 annual 'Doing Business' report out of a total of 183 countries surveyed.
The report sub-titled: "doing business in a more transparent world," obtained by THISDAY, also compared regulation for domestic firms in the 183 economies sampled.
The country's perennial epileptic power system was also affirmed in the report as the country ranked Nigeria 176th in getting electricity for local businesses. Nigeria also ranked 116th on the report's the 'ease of starting a business.'
Similarly, on the 'obtaining a construction permit,' the country was ranked 84th; 65th for 'protecting investors', 138th for paying taxes and 78th position in the 'getting credit' ranking.
On 'rankings on the ease of doing business,' Singapore, Hong Kong, New Zealand, United States and Denmark were the top most countries in that order, while Chad was the last as the country slipped from the 182 it was in 2011, to 183 this year. South Africa was the first emerged top in Africa as it was ranked 36. It was closely followed by Tunisia (40) and Ghana (63) in Africa.
Explaining how the top 20 economies manage business regulation, the report said: "The 20 economies with the most business friendly regulation as reflected in their ranking on the ease of doing business are Singapore; Hong Kong SAR, China; New Zealand; the United States; Denmark; Norway; the United Kingdom; the Republic of Korea; Iceland; Ireland; Finland; Saudi Arabia; Canada; Sweden; Australia; Georgia; Thailand; Malaysia; Germany; and Japan.
"An economy's ranking on the ease of doing business does not tell the whole story about its business environment. The underlying indicators do not account for all factors important to doing business, such as macroeconomic conditions, market size, workforce skills and security.
"But they do capture some key aspects of the regulatory and institutional environment that matter for firms. These 20 economies have implemented effective yet streamlined procedures for regulatory processes such as starting a business and dealing with construction permits as well as strong legal protections of property rights."
Continuing the 200-page report added: "They also periodically review and update business regulations as part of a broader competitiveness agenda and take advantage of new technologies through e-government initiatives.
"Only 2 decades ago some of these 20 economies faced challenges similar to those in many lower-income economies today."
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