The World Bank reports that Nigeria was inching closer to the international best practice in business regulations since 2009.
The report by the Bretton Woods institution and its member, the International Finance Corporation (IFC), observed there had been remarkable progress in efforts to comply with overall principles in the areas of doing business between June 2012 and June 2013. The report states “Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises,” emphasises that the country had already implemented some of the global good practices in the areas of Doing Business by allowing for a general description of collateral, which made it easy for local entrepreneurs to get credit.
It noted that Nigeria was among 10 economies in the world that made the biggest improvement in getting credit since 2009. The Director, Global Indicators and Analysis, World Bank Group, Augusto Lopez-Claros said: “Business regulatory environment requires strong and sustained actions. I look forward to Nigeria’s continued commitment to make the regulatory environment easier for the local entrepreneurs in the coming years.”