Improving the business regulatory environment across Nigeria will be key for the country’s economic growth. Nigeria’s heavy dependence on oil poses structural challenges that have made it difficult to achieve sustained growth, create jobs and reduce poverty. Over the past four years, the business regulatory reform agenda has taken on an inclusive approach with the involvement of the federal and state governments in the design and implementation of reform initiatives.
- Nigeria has moved up 39 places in the World Bank Doing Business rankings since 2016 and has improved 11 places in the World Economic Forum Global Competitiveness rankings within the same period. In the World Bank Doing Business 2020 report, Nigeria
moved up 15 places to 131st position and was named one of the top 10 most improved countries for the second time in three years. These improvements are indicative of the infrastructural, policy-based reforms and frameworks being implemented at the
national level. This has also served as the basis for much deeper business reforms at the subnational level, with improvements recorded in 32 Nigerian states – led by Kaduna, Enugu, Abia, Lagos, and Anambra states.
- To advance the progress made to date, the Presidential Enabling Business Environment Council (PEBEC) commissioned a subnational Ease of Doing Business Baseline Survey to map business environment conditions across the thirty-six states of the Federation and the Federal Capital Territory (FCT) to ascertain the impact of reforms on competitiveness and to develop an approach for regularly tracking challenges and improvements across the country.
Four homegrown indicators were developed for this assessment namely: Infrastructure
and Security, Transparency and Accessibility to Information, Regulatory Environment
and Skills and Labour.
For detailed information about the ease of doing business and other improvements aimed at achieving environmental friendly business, kindly read the attached documents and visit Business Made Easy for additional information.