Sunday, October 21, 2018 2.00PM / World
Kaduna State emerged the easiest place to enforce a contract from the 4th Sub-National Doing Business report for Nigeria.
The report which is developed by the World Bank showed that in Kaduna State, resolving a standardized commercial dispute takes 307 days and costs 25.2% of the claim value.
It also disclosed that 28 states in Nigeria have made major improvements in starting a business since 2014, which was made possible with the use of an online platform, simplification of incorporation forms and establishment of new stamp duty forms.
From the Sub-National report it was also discovered that transferring property in Nigeria requires on average 12 procedures and costs more than 15% of the property value, making the process twice as cumbersome and expensive as in the average economy in Sub-Saharan Africa.
Jigawa State was the fastest in the process of implementing construction permits which takes 33 days, while Niger came out the easiest as it takes 11 procedures and 53 days, at a cost of 3.9% of warehouse value.
At the moment no single Nigerian state dominates the indicator rankings across all areas benchmarked. The results show that most states, if not all, have something to showcase and something to learn.
Most reforms were federally driven in the area of starting a business, and most were focused on the efficiency of processes rather than the quality of regulations.
An interesting part in the report revealed that Kaduna, Enugu, Abia, Lagos and Anambra states made the largest advance toward the global good practice frontier.
From the report , 29 Nigerian states in the last four years implemented 43 reforms across the four areas benchmarked namely;
The report covered the 36 States of the federation and the Federal Capital Territory (FCT)