The World Bank‘s Doing Business 2010 Report, released today, has excluded Nigeria from the world‘s top 10 reformers.
Our correspondent observed that the document titled ”IFC–World Bank Doing Business 2010 report” listed three African countries - Rwanda, Egypt and Liberia - among the top 10. Other countries in the top 10 are Kyrgyztan Republic, Macedonia, FYR, Belarus, United Arab Emirates, Moldova, Colombia and Tajikistan. Nigeria, which is Africa‘s second largest economy behind South Africa, was ranked 125th overall.
The report said, ”A record 131 economies around the globe reformed business regulation in 2008/09. That is more than 70 per cent of the 183 economies covered by the report, the largest share in any year since the annual report was first published in 2004 and this progress came against the backdrop of a global economic crisis.
”Reforms measured by Doing Business can play an important role in enabling countries to recover from the economic crisis. The financial and economic crisis has become a jobs crisis in developing countries, and SME growth offers the best prospects for job creation.”
Among the leading 10 countries, the report singled out Rwanda, a impoverished country in East Africa for special praise, saying, ”Three-quarters of low and lower-middle-income economies reformed, accounting for two-thirds of reforms recorded by Doing Business 2010. Among these, Rwanda is the star and the world’s top reformer of business regulation, making it easier to start businesses, register property, protect investors, trade across borders, and access credit. It marks the first time a sub-Saharan African economy is the top reformer.”
In sub-Saharan Africa, the report said, 29 of 46 economies reformed, implementing 67 reforms. Nearly half the reforms in the region focused on making it easier to start a business or trade across borders.
The indices of the report ranked Nigeria 13th in ease of doing business; 13th in starting a business; 36th in dealing with construction permits; fourth in employing workers; 46th in registring property; eighth in getting credit; eighth in protecting investors; 26th in paying taxes;23rd in trading across borders; 17th in enforcing contracts; and 13th in closing a business.