Nigeria is ranked 131 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Nigeria improved to 131 in 2019 from 146 in 2018.
Reeling out the challenges bedevilling the business environment of Nigeria, a report by the United Kingdom, UK, department of international trade states: “The Nigerian economy is characterised by extreme inequality and significant economic disparities between the North and the South, poor infrastructure, a complex and opaque regulatory environment, corruption and a fast-growing population.
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The latest IMF forecasts project that the economy is to grow by 2.7% in 2022 and is expected to grow between 2.6% and 2.7% over the 2022 to 2026 period, just barely above population growth estimates, and insufficient to create the scale of jobs required and to reduce poverty being experienced.
