The Senate has commended Nigeria’s significant improvement in the World Bank Ease of Doing Business index for 2018.
According to the upper legislative chamber, its passage of the Secured Transactions in Movable Assets Act (otherwise known as Collateral Registry Act) and Credit Reporting Act, which was signed by then acting President Yemi Osinbajo, led to Nigeria’s giant leap in the global ranking.
Raising a Point of Order at Wednesday plenary, Deputy Senate Leader, Bala Ibn Na’Allah, who also represents the National Assembly at the Presidential Enabling Council, said the legislative body had every reason to celebrate.
“We should celebrate that our efforts are recognized by World Bank. The details of the report was largely due to two important decisions among the five decisions taken by the Senate.
“We have always said that we will cooperate and give the reform agenda of this government 100 percent. This has been exhibited in the report of the World Bank. We have to put it on record that this Senate has cause to rejoice that at least our humble efforts have been recognized”.
In his remarks, Deputy Senate President Ike Ekweremadu who presided over the session, harped on the need for synergy between the two arms of government.
This, he said, would translate into more foreign direct investments for the country.
In its annual report on Tuesday, the World Bank said Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018.
The report titled: ‘Doing Business 2018: Reforming to create jobs’, indicated that Nigeria had moved up by 24 points from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report.
According to the World Bank, Nigeria alongside El-Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 improved countries worldwide, after carrying out numerous reforms to improve their business environments.
