World Bank ranks Nigeria 122nd best place for business

The World Bank has ranked Nigeria 147th
among the best places for doing business. It
also ranked the country as the 122nd for best
countries to start a business.
The report released, yesterday, said Nigeria's
low ranking is mainly caused by electricity
problems, where the country is ranked 185th
out of 189 countries evaluated. The first
African country on the list is Rwanda, ranked
32nd.
The report said in Africa, 66 per cent of
countries enacted at least one reform last year,
against 33 per cent in 2005, adding that nine
African countries make up the top 20 most
improved in terms of business regulations
since 2009: Benin, Burundi, Cote d'Ivoire,
Ghana, Guinea-Bissau, Liberia, Rwanda, Sierra
Leone, and Togo.
The report said economies are ranked on their
ease of doing business, from 1 – 189. A high
ranking on the ease of doing business index
means the regulatory environment is more
conducive to the starting and operation of a
local firm.
This index averages the country's percentile
rankings on 10 topics, made up of a variety of
indicators, giving equal weight to each topic.
The rankings for all economies are bench-
marked to June 2013.