World Bank’s business ranking report excites FG

By Wahab Akanji, Lagos

The Federal Government has stated that it is excited by Tuesday’s Ease of Doing Business Report of the World Bank which ranked the country 169 out of 189 countries of the world. Reacting to the findings, Vice President Yemi Osinbajo said the ranking was a confirmation that policies and programmers being implemented by the administration were yielding positive results.

 Osinbajo in a statement said “The (Muhammadu) Buhari led administration is gratified that the various reform initiatives put in place towards instituting a positive business environment is slowly but gradually yielding some dividends as Nigeria’s ranking in the World Bank’s Ease of Doing Business remains static, halting a falling trend in the past several years.

 “The latest World Bank’s Doing Business 2017 ranking report released on Tuesday, October 25th which ranked Nigeria 169 out of 189 countries in the overall Ease of Doing Business rank is a positive indication that the focus and tenacity of President Muhammadu Buhari to reposition the nation’s business and economic environment is working and on course.

He said “while Nigeria country’s position remain the same as last year on the index ranking, it is encouraging that Nigeria has recorded some positive outlooks in 4 critical areas of the ranking-namely:

“The areas captured in the rating include Starting a Business,

Dealing with Construction Permits, Registering Property and. Access to Credit.

“The objectivity and reliability of this report coming from an international development institution lends weight to the milestone recorded in particular on the distance to frontier (DTF) metric, where the country’s score improved slightly from 44.02 in Doing Business 2016 to 44.63 in Doing Business 2017.” He added

He said that the World Bank report’s improvements mean Nigeria’s last year business regulatory environment as captured by the Doing Business indicators improved slightly in absolute terms and the country is decreasing the gap with the global regulatory frontier.

This, he said, is a morale booster for stakeholders involved in the efforts aimed at removing existing bottlenecks in the business environment.

“This observation by the World Bank is indeed a recognition of the bold initiatives and untiring work of President Muhammadu Buhari-led administration, particularly through the Presidential Enabling Business Environment Council, PEBEC, chaired by the Vice President.

“The President in August had set-up PEBEC, which has an active collaboration with the private sector, including a Secretariat led by Mr. Seyi Bickersteth of KPMG, “to remove the bottlenecks that stifle businesses and create the right enabling environment and investment climate.” He added.

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