The World Bank has ranked Nigeria among 16 worst nations to do business in the world.
A report by the bank specifically placed the nation in 170th position out of 185 world economies polled.
The ranking,however, showed that Nigeria moved up by five points in the latest rating as against 175th position out of 189 countries polled last year.
Some of the parameters used for the ranking include ease of starting a business; dealing with construction permits; getting electricity; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts and resolving insolvency.
Although there were different ratings for all the categories, Nigeria ranked last in the world in terms of the ease of registering property, while also emerging as the third most difficult country for cross-border trade in the Economic Community of West African States region.
The report listed the parameters used for the regional rating as the time and cost (excluding tariff) associated with exporting and importing standardised cargo or goods by sea transport; document preparation; Customs clearance and inspections; inland transport and handling; as well as port and terminal handling.
In the ECOWAS region, Burkina Faso was ranked the most difficult country for trade across borders at 174. Mali came second at 163 while Nigeria ranked third at 159.
Gambia was ranked the easiest country for trade across borders in the ECOWAS region at 77; Senegal came second at 79 while Cape Verde came third at 101.
