Nigeria has been ranked as the 170th country as the easiest place to do business, out of total number of 189 economies.Th report which was released by Doing business 2015 revealed that the country move up 5 places from 175, of last year.

Doing business report (DB) is a study elaborated by the World Bank Group since 2003 every year that is aimed to measure the costs to firms of business regulations in 189 countries as at 2015. The study has become one of the flagship knowledge products of the World Bank Group in the field of private sector development, and is claimed to have motivated the design of several regulatory reforms in developing countries. The study presents every year a
detailed analysis of costs, requirements and procedures a specific type of private firm is subject in all countries, and then, creates rankings for every country. The study is also
backed up by broad communication efforts, and by creating rankings, the study spotlights countries and leaders that are promoting reforms.

This implies that the various policies implemented by immediate past administration brought about positive result in the business sector as it reflect it this years ranking.

The economic overview of Nigeria in the report are:

REGION: Sub-Saharan Africa
INCOME CATEGORY: Lower middle income
POPULATION: 173,615,345
WGNI PER CAPITA: (US$)2,760
CITY COVERED: Lagos, Kano

–Ranking for each indices used goes thus:

* Nigeria ranked 129th, in ” Starting up a business”, 9 places up from 138th of last year.

* In “Dealing with Construction Permits” Nigeria ranked 171th, 3 places up, compared to 168th of 2014.

* In “Getting Electricity”, Nigeria ranked 187th, I place down from 186th of last year

* In “Registration of Property”, Nigeria ranked 185th, which is the same position as last year.

* In “Getting Credit”, Nigeria did very well ranking 52th, 73 places up from 125th from previous year.

* In term of ” Paying Taxes”, Nigeria ranked 179th, 2 places down from 177th of last year.

Other indices used are as follows:

– Protecting Minority Investors 62th

– Trading Across Borders 159th

– Enforcing Contracts 140th

– Resolving Insolvency 131th

Source: http://olumoonline.com/2015/09/04/nigeria-ranks-170-out-of-189-economies-as-the-easiest-country-to-do-business/