The World Bank has again rated Nigeria low on the ease of doing business amongst countries. According to the World Bank, Nigeria presently ranks 169 out of 189 countries examined for trade index for the year 2015.
The World Bank’s trade index is a tool that measures the ease of doing business amongst other indicators in each country.
Other indicators are: Trading across border, access to credit, electricity supply, paying taxes, registering property and the ease of starting a business.
Meanwhile, in a bid to improve its poor ranking in the world’s trading Index, Nigeria, through the Nigerian Shippers’ Council (NSC) has concluded plans to endorse the Trade Facilitation Agreement, (TFA) with a vision to increase import and export trade in the nation’s ports.
Speaking in Lagos recently, Executive Secretary of the Council, Mr. Hassan Bello noted that trade was the single tool the government can use to reduce poverty and enhance national development.
He told the visiting World Bank officials that government was not pleased with the poor ranking of Nigeria in the World Trade Index trading
He added that the poor ranking of Nigeria in the trade Index was a great concern to the government adding that the government will do everything possible to improve the country’s ranking.
Bello explained that the implementation of the TFA in Nigeria when finally ratified will boost the nation’s ranking in years ahead.
He said: “We are going to change the way of doing business in Nigerian ports and increase the much needed revenue.”
He explained that the implementation of the TFA in Nigeria, when finally ratified, will boost the nation’s ranking in years ahead.
The Council boss also revealed that Nigeria was ready to approve the World Trade Agreement as an imperative for boosting the nation’s competitiveness and successfully integrating into the regional and global systems to enhance economic growth and development.
Bello noted that lack of capacity by governments and its agencies to drive the needed regulatory reforms were preventing developing countries from benefitting from the TFA.
Speaking further on the need to be fair and reasonable , leader of the visiting World Bank team, Ademola Adejuwon said Nigeria could not afford to be left behind in the implementation of the TFA, saying that once two-third of the members of the World Trade Organisation(WTO), signs the agreement, it becomes binding on everybody.
He explained that a global agreement has been negotiated and concluded by 162 countries adding that once the two-third of the critical mass of membership ratify, it becomes a legal document.
He added that Nigeria Customs Service had signified its readiness to implement the measures whenever they are approved.