By Peter Egwuatu
World Bank has said that governments around the world has set a new record in bureaucracy breaking efforts for the domestic private sector, implementing 314 reforms in a year as against the previous all-time high of 290 reforms two years ago.
The World Bank has said that private sector is key to creating sustainable economic growth and ending poverty in Nigeria and around the world.
The World Bank in its Reform Report on Doing Business 2019 released yesterday stated: “governments around the world set a new record in bureaucracy busting efforts for the domestic private sector, implementing 314 business reforms over the past year”.
The reforms, carried out in 128 economies, benefit small and medium enterprises as well as entrepreneurs, enabling job creation and stimulating private investment. “This year’s reforms surpass the previous all-time high of 290 reforms two years ago” the report stated.
Commenting on the report, World Bank Group President Jim Yong Kim: said “The private sector is key to creating sustainable economic growth and ending poverty around the world.
“Fair, efficient, and transparent rules, which Doing Business promotes, are the bedrock of a vibrant economy and entrepreneurship environment. It’s critical for governments to accelerate efforts to create the conditions for private enterprise to thrive and communities to prosper.”