Nigeria remains difficult country for doing business —World Bank
The World Bank Group’s ‘Doing Business Report’ for 2016 released today has disclosed that it is difficult to do business in Nigeria now than it was in 2015.
The report also revealed that Singapore remained the easiest country to do business, with a distance to frontiers (DTF) of 87.34, even as Eritrea remained the most difficult place to doing business in the world. It plunged further to 27.61 from 33.16 in 2015.
Though Nigeria went up the ease of doing business ranking in 2016 compared with 2015, despite this doing business, according to the report, got harder in the country.
Details of the report shows that In 2015, Nigeria ranked 170 of 189 countries, with a distance to frontier (DTF) or ease of doing business score of 47.33, against Singapore’s 88.27 and Eritrea’s 33.16. In the 2016 version of the report, Nigeria climbed one rung of the ladder to 169 position, but its ease of doing business score fell to 44.69.
Mauritius and Rwanda at 32 and 62 respectively, remained the best destinations for business in Africa. Ghana, on the other hand, led the West African countries at 114 of 189 countries.
According to the World Bank, informal construction and bad building affect the public and businesses in Nigeria. “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,”
The report further said: “Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied. According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people.”
The problem of power generation was also identified by the World Bank as one of the reasons unemployment is high in Nigeria and why multinationals leave Nigeria. “Industry is a core sector for the generation of national wealth and employment in Nigeria, but faced with an electricity sector hampered by poorly utilized generation capacity, high transmission losses and frequent outages, companies turn to self-provision of electricity.
“This raises their production costs, reducing their competitiveness and thus their demand for labour. The erratic and inadequate power supply in Nigeria has often been cited as the main reason forcing multinationals to relocate production lines to other countries. Power outages also affect output levels.”
Equities add N276bn in bullish trading
The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization increased by 3.20%, while the Year-to-Date return stood at -9.69 per cent. The All Share Index closed at 25,865.50 against the previous close of 25,062.41 while Market Capitalization closed at ₦8.897 trillion against previous close of ₦8.621 trillion, translating to N276 billion value addition.
Volume traded decreased by 3.96 per cent from 229.192 million to 220.115 million, while the total value of stock traded decreased by 0.03 per cent from ₦1.502 billion to ₦1.502 billion in 3,474 deals.
The Financial Services sector led the activity chart with 188.637 million shares exchanged for ₦0.767 billion. Consumer Goods came next with 10.219 million shares traded for ₦0.447 billion, Conglomerates, Oil And Gas, Agriculture sectors followed in that order on the activity chart.
Access, FCMB, FBNH, Zenithbank and Fidelitybk were the most active stocks by volume. Nestle, Eterna, Tigerbrands, UBA and Dangcem emerged the highest price gainers on the chart, while FO, Fidelitybk, FCMB, Wemabank and Glaxosmith topped the losers chart.
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