Nigeria’s new rating by World Bank commendable – Analyst
Umegboro, a lawyer and Associate, Chartered Institute of Arbitrators, who gave the commendation in a statement in Abuja on Saturday, said Nigeria was now ranked 131 moving up 15 places from its last ranking by the World Bank.
News Agency of Nigeria (NAN) reports that the Word Bank Doing-Business 2020 appraisal, looked at most improved places to do business and which economies improved the most.
The results revealed that the 10 economies that improved the most in their ease of doing business were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
Umegboro said that the new rating would be insignificant compared to the future appraisals on account of robust policies on the ground which have made “business as usual” a thing of the past.
He added that President Buhari’s trip to Russia was equally raising the hopes of millions of the people that had lost hopes in the system following the reports so far released on the trip.
“The recent rating in the international arena which pushed Nigeria to a 15-point up on the World Bank 2020 Doing Business Index is encouraging and attesting to President Muhammadu Buhari’s doggedness to give the nation a good facelift in all areas.
“Equally, the Memorandum of Understanding (MoU) between Nigeria’s NNPC and Russia’s Lukeoil; the two nations oil giants towards expanding commercial relationship for upstream operations and to revamp Nigeria’s refineries will stimulate economic activities in the country, hence commendable.
“By these significant developments, the suffering masses will soon have cause to be proud of the country, following the envisaging impacts,” Umegboro said.
The analyst said improvements in public service since Buhari’s ‘change’ came had visibly brought sanity to a large extent in the three arms of government.
Umegboro said that presently, the judiciary had improved in service delivery, thereby restoring people’s confidence in the legal system and the excesses in the legislative arm.
He said that worthy of note was the executive critically pruning itself from wasteful spending by the recent cuts on travel expenditures and others.
President Buhari and his Russian counterpart, President Vladimir Lenin, recently signed a bilateral agreement to resuscitate Nigeria’s refineries in Sochi, Russia.
Buhari assured that his administration would ensure that the initiative is implemented within the shortest possible time, noting that Nigeria was prepared and willing to work with Russian to improve the efficiency of Nigeria’s oil and gas sector.
He added that the initiative would provide the much-needed capital to invest in security, infrastructure and economic diversification programmes.
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