Nigeria rose 15 places on the World Bank’s 2020 Doing Business Index, making it one of the best performers in the world over that period, an achievement that has been hailed by government and business. 

It is now ranked 131 out of 190 countries, up from 146 in 2019 and up 39 places since 2006. President Muhammadu Buhari says the government’s goal is to reach 70 by 2023, when he steps down. Kano in the north and Lagos were the centres of research for the index.

In an effort to improve the business climate, the president established the Presidential Enabling Business Environment Council (PEBEC) in 2016 to facilitate reforms and remove bureaucratic constraints to doing business. 

It has focused on easing requirements and the time taken to register a business, improving the entry and exit of goods and people, and ensuring government transparency in dealing with and providing information to the private sector. The council prioritised many issues analysed in the Doing Business report and has made great strides in access to credit, enforcing contracts, and protecting minority investors. 

However, it still fares poorly on key measures such as trading across borders, getting electricity and paying taxes, highlighting how much work still needs to be done. 

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