World Bank Rates Nigeria High On Ease Of Doing Business

World Bank Rates Nigeria High On Ease Of Doing Business

BJP President Amit Shah today said it is a matter of pride that India has made another phenomenal jump in the World Bank Ease of Doing Business' rankings.

Observing that the two economies with the largest populations, China and India, demonstrated impressive reform agendas, the World Bank said India also focused on streamlining business processes.

During the past year, India made starting a business easier by fully integrating multiple application forms into a general incorporation form. "Improved ranking means business-friendly and corruption-free environment and lower transactions cost which will ultimately help to attract multinationals to invest in the UAE and attract more foreign investments", Gianchandani said.

The measures in the report released yesterday said Nigeria scored 52.89 higher than 51.52 which it scored in the 2017 report as it made improvements in ease of starting a business, getting electricity, trading across borders and enforcing contracts, ranking 146 out of 190 countries. India has also managed to increase quality control efforts, the World Bank stated.

The latest jump comes in an election year, as the government is under opposition attack for the rise in petrol prices, the fall of the rupee and the differences with the Reserve Bank of India.

The minister also highlighted that the cost of starting a business in Rwanda has reduced from 317 per cent of GDP per capita in 2005 to less than 15 per cent in 2018.

The instant licence and e-merchant, for example, are some of the most prominent initiatives the DED launched to ease as well as accelerate the procedures to start a business in the emirate of Dubai, Al Qamzi said. Malaysia made it easier to trade by strengthening infrastructure at Port Klang by opening a second gate with additional scanners, upgrading the management system, expanding two terminals.

However, compared to previous year, India saw its ranking dip on various other parameters, such as "registering property", "protecting minority investors", "paying taxes" and "resolving insolvency". Last year India was ranked 100 in the list.

However, the report found Malaysia to not have made significant headway in the ease of securing credit (32nd), contract enforcement (33rd), and tax payments (72nd).

The country fared particularly well in its protection of minority stakeholders, in which it was ranked second out of the 190 countries studied.

Four African economies - Togo, Cote d'Ivoire, Kenya and Rwanda - are among the top 10 most improved economies globally.

According to the report, among south Asian neighbours, Pakistan's regional average score stands at 56.71, with China at 73.6, India at 67.23, and Bangladesh at 41.97.

It also performs well in the area of registering property, with a global rank of 39, and at just five days, it is four times faster to register a property transfer in Turkey than in the region, according to the report.

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