Nigeria is One of The Countries Where it is Most Difficult to do Business, According to World Bank

The report “Doing Business” of the World Bank ranked 189 countries, the more business at less favorable. To achieve this ranking, the World Bank takes into account several indicators that measure the ease of starting and running a business.

Nigeria is one of the countries where it is more difficult to succeed in business

The most populous country in Africa is ranked 170th out of 189 countries, while it was ranked 147th in 2014. Eritrea is the country of the world where it is most difficult to do business.Among the parameters used to arrive at this ranking include the ease of obtaining a building permit, electricity, and credit financing. The report also takes into account the protection of investors, taxes, cross border treaties and export-import process.

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The report explains that in Nigeria there are wide disparities between cities. Resolve a commercial dispute takes 720 days in Kano, the second biggest city in the country, against 447 days in Lagos.


Wide disparities in import-export in West Africa

In West Africa, the ECOWAS area specifically, the Gambia is the country where it is easiest to do business. Overall Gambia is ranked 77th worldwide, Senegal and Cape Verde 79th 101st. While the export of goods takes 19 days and costs an average of 1040 dollars per container in Gambia, it takes 22.9 days in Nigeria and costs 1564 dollars per container. Import side, the Gambia, a container costs an average of $ 745 and is routed between 19 days after signing of six documents. In Nigeria, it takes on average 33 days, costing 1959.5 dollars and requires the signature of 13 documents.

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Singapore dominates the rankings

The second most dense country in the world dominates the rankings. It is followed by New Zealand, Hong Kong, Denmark, Korea and Norway.

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Written by PH

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