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Togo, Nigeria big winners in ease of doing business in Africa

Togo soars 40 places to 97 for introducing five new reforms.
Togo, Nigeria and the Ivory Coast make significant improvements and jumped most in the World Bank's rankings for introducing policies to enable more business. Image: Shutterstock

Regulatory reforms in Togo and Nigeria propelled the sub-Saharan African economies to among the most improved in the World Bank’s rankings for ease of doing business.

Togo rocketed 40 places to 97, according to the report released Wednesday in Washington. That’s after introducing five reforms, which included lowering electricity costs and fees for construction permits, and streamlining business- and property-registration processes. The West African nation secured its first credit assessments this year — S&P Global Ratings assigned it B, five levels below investment grade. Moody’s Investors Service rated it one step lower.

Nigeria, which vies with South Africa as continent’s biggest economy, rose to 131 from 146 after making improvements in six areas. These include cutting the time it takes to register a business, upgrading its electronic system for imports and exports, and enabling e-payments for trade fees. The continent’s most-populous nation closed its land borders in August in a bid to curb smuggling.

South Africa, the continent’s most industrialised nation fell two spots to 84, dealing a blow to President Cyril Ramaphosa’s reform agenda and his aim to secure a top-50 position within three years. In 13th position, the Indian Ocean island nation of Mauritius remains the easiest place to do business in the region.

Sub-Saharan African economies implemented 73 reforms during the year, down from a record high of 108, the bank said. The regional average score was 51.8 compared with a global average of 63, it said.

© 2019 Bloomberg L.P.

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Whoever wrote this article is clearly not even 50% normal. Nigeria is a corrupt inconsistent mess of a country to do business in. Look at MTNs tax dispute( Post RICA dispute), the SA companies that are leaving the place and Nigeria picking a fight with the oil majors.

Please -SA is light years ahead of Nigeria( despite all the nonsense here)

End of comments.

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