Nigeria ranks 182 out of 189 in World Bank ease-of- doing-business rating

Nigeria slumped backwards in the latest World Bank Ease-Of-Doing-Business chart, as the nation’s economy slumped to number 182 out of 189 economies in 2016; a figure that was 20 places worse off than what the nation polled in the last quarter of 2015 when she was ranked 169.out of the same number of economies. According to the World Bank Doing business-Trading across borders report 2016, Nigeria economy is just better than 6 economies globally in terms of ease of doing business across trade border. Parameters used in the latest World Bank report are Customs clearance and inspections; inspection by other agencies of government; port or border handling at most widely used port or border of the economy; obtaining, preparing and submitting documents during clearance, inspections and port or border handling amongst others. Shedding more light on why there is a lull in cargo throughput at the nations seaports and vessels are beign diverted to neighbouring ports, the World Bank document reveals that in Ghana, it will take an importer about 23 days (564 hours) to complete all necessary border and documentary compliance certificates to bring in goods into the country, while an exporter will spend 8 days (197 hours) to complete all necessary documents for export. However, in Nigeria, for trade across border, an importer will spend 55 days (1327 hours) to complete all necessary border and documentary compliance certificates to bring in goods into the country while an exporter will spend 12 days (290 hours) to complete all necessary documents for export. On the cost to importers in Ghana, the report stated that it will cost an importer $1027 US Dollars to import goods into the country while an exporter will spend $645 US Dollars to export goods out of the country. In Nigeria, the indicators reveal that it will cost an importer $471 US Dollars to import goods into the country while an exporter will spend $1036 US Dollars to export goods out of the country. The higher cost of exporting goods out of the country sums up the low level of participation in export exercises at the nations seaport. On the African continent, the report reveals that Swaziland is number one in terms of ease-of-doing- business across borders while Ghana ranks ahead of Nigeria in number 171.