Nigeria has moved up by 15 places to 131 in the World Bank’s Ease of Doing Business ranking from the 146th position it was in 2018. This comes after the World Bank ranked the country in the top 10 economies where business climates improved the most some weeks ago.
According to the World Bank Group’s Doing Business 2020 study, governments of 115 economies around the world launched 294 reforms over the past year. The report explained that this made doing business easier for the domestic private sector in the countries, paving the way for more jobs, expanded commercial activity, and higher incomes for many.
World Bank President, David Malpass, said governments can foster market-oriented development and broad-based growth by creating rules that help businesses launch, hire, and expand. He added that removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which were necessary to reduce poverty and raise living standards.