Nigeria has dropped a spot on the latest World Bank Ease of Doing Business ranking, now occupying the 146 position from 145 last year.
In a report entitled: ‘Doing Business 2019: A Year of Record Reforms, Rising’, which was released by the bank on Wednesday, the World Bank said it tracked 314 reforms by 128 governments across the world.
The President of the World Bank Group, Jim Yong Kim, said, “Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.
“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.”
According to the report, a total of 107 reforms were carried out in sub-Saharan Africa, a record for the region.
A statement by the bank read in part, “Nigeria carried out four reforms, which included making starting a business easier in Kano and Lagos, the two cities covered by Doing Business.”
Mali ranked ahead of Nigeria in the new report.