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Nigeria not Good for Business – World Bank

The World Bank Group’s Doing Business Report 2016, has delivered a damning report which would further scare away investors from Nigeria. It said that Nigeria is no longer a good business environment.
Comparatively, the 2015 report saw Nigeria ranking 170 point of 189 in the world, with a Distance To Frontier (DTF) or Ease of Doing Business Score of 47.33, against Singapore’s 88.27 and Eritrea’s 33.16.
However, in the 2016 version of the report, Nigeria climbed one rung of the ladder to the 169 position, but sheds almost 3 percentage points to clock at 44.69.
Highlighted in the report as Nigeria’s Achilles heel in doing business are the unusually long number of steps it takes to register a business, the difficulty of building a warehouse, poor access to electricity and the administrative burden of complying with tax payments, among other lacunas.
According to data collected by Doing Business, starting a business in Nigeria requires 8.70 procedures, takes 30.80 days, costs 31.70 percent of income per capita and requires paid-in minimum capital of 0.00 percent of income per capita.
Globally, Nigeria stands at 139 in the ranking of 189 economies on the ease of starting a business.
Underlying the indicators for Nigeria, according to the report, is a set of specific procedures—the bureaucratic and legal steps that an entrepreneur must complete to incorporate and register a new firm.
According to data collected by Doing Business, dealing with construction permits requires 16.10 procedures, takes 106.30 days and costs 24.40 percent of the warehouse value.
Obtaining a new electricity connection in Nigeria requires 9.00 procedures, takes 181.20 days and costs 437.70 percent of income per capita.
Globally, Nigeria stands at 182 in the ranking of 189 economies on the ease of getting electricity.
The length of time it takes to transfer property is another setback for the country. According to data collected by Doing Business, registering property requires 12.10 procedures, takes 69.60 days and costs 10.50% of the property value.
Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of registering property.
The economy has a score of 6.00 on the depth of credit information index and a score of 6.00 on the strength of legal rights index. Higher scores indicate more credit information and stronger legal rights for borrowers and lenders.
Globally, Nigeria stands at 59 in the ranking of 189 economies on the ease of getting credit.
The economy has a score of 6.80 on the strength of minority investor protection index, with a higher score indicating stronger protections.
Globally, Nigeria stands at 20 in the ranking of 189 economies on the strength of minority investor.
The report observes that the administrative burden in paying taxes by companies leaves much to be desired.
On average, firms make 59.00 tax payments a year, spend 907.90 hours a year filing, preparing and paying taxes and pay total taxes amounting to 33.30 percent.
Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of paying taxes. The rankings for comparator economies and the regional average ranking provide other useful information for assessing the tax compliance burden for businesses in Nigeria.
Globally, Singapore keeps her place in the easiest country to do business in, with a DTF of 87.34, while Eritrea remained at the bottom of the ladder, plunging further to 27.61 from 33.16 in 2015.
The report, which chronicled enviable progress made since 1999 and the last few years of booming economy, categorically stated that doing business in Nigeria is far difficult than in 2015.
Nigeria has seen her stock plummet with a consistent fall in oil prices at the international market. Added to this grim environment has been lack of budget for almost a month fueling anxiety on the direction of the country.
Rwanda remained the best destination for business in Africa, invigorating new drives in the country long beset by political and ethnic violence. The two countries are 32 and 62 in Africa, respectively.
Nigeria’s West African neighbour Ghana came top in ECOWAS category clocking 114 of 189 countries. Ghana has innovative economic policies augmented by strong building of civil service, judiciary and curbing corruption, factors inhibiting Nigeria’s growth.
According to the World Bank, “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,” slaying into authority’s lack of policy direction.
“Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied.
“According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people,” the report pointed out.
Core to any nation’s stability and growth, the report decried the worsening power generation in the country pointing out that the “industry is a core sector for the generation of national wealth and employment in Nigeria, but faced with an electricity sector hampered by poorly utilized generation capacity, high transmission losses and frequent outages, companies turn to self-provision of electricity.”
Thus, “This raises their production costs, reducing their competitiveness and thus their demand for labour. The erratic and inadequate power supply in Nigeria has often been cited as the main reason forcing multinationals to relocate production lines to other countries. Power outages also affect output levels.”
On reforms, it said, “Nigeria made transferring property in Lagos less costly by reducing fees for property transactions.
“Nigeria strengthened minority investor protections by requiring that related-party transactions be subject to external review and to approval by disinterested shareholders. This reform applies to both Kano and Lagos.”
News
Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.
According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:
47% regularly coach elderly relatives and children on safe online practices
45% advise family members to adopt password manager solutions
42% encourage the use of multi-factor authentication (MFA)
An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts
Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.
As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.
The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.
According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.
For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.
The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.
“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.
“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.
News
The Nigeria Prize for Science & Innovation Records New Height as 2026 Edition Attracts 237 Entries

For the first time since it was established in 2004, the 2026 edition of The Nigeria Prize for Science and Innovation has recorded an historic milestone, attracting a record-breaking 237 entries.

The submissions were formally handed over to the Prize’s Advisory Board at a press conference in Lagos on Thursday, marking the start of the adjudication process.
The handover marks the beginning of the search for Nigeria’s most innovative scientific mind, under the theme “Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.” The theme was a deliberate retention from the 2025 edition, which concluded without a winner after no entry met the required standard for selection.
Speaking at the press conference, Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said the continued focus on digital technologies reflects both global trends and Nigeria’s development priorities. She noted that the Prize remains a platform for identifying solutions with real-world relevance.
“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” she said.
She added that global recognition for Nigerian innovation must be earned through stringent standards. “We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago”.
While acknowledging the level of interest the theme continues to attract, Horsfall maintained that expectations remain uncompromising, noting that only solutions demonstrating real impact and scalability will be considered. She added that the decision not to award a winner in 2025 reflects this commitment and sets the benchmark for the current adjudication process.
Receiving the entries, Chairman of the Advisory Board, Barth Nnaji, described the handover as a decisive stage in the Prize’s selection process, emphasising that its credibility is anchored on strict standards of excellence. He reaffirmed that the Prize remains focused on identifying innovations that translate scientific insight into tangible socio-economic outcomes.
“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.
He further clarified that the outcome of the 2025 edition, in which no winner was declared, should be viewed within the context of the Prize’s rigorous evaluation framework, which demands novelty, depth, relevance, and demonstrable impact. He emphasized that all entries will continue to be subjected to the same high level of intellectual and technical scrutiny.
Professor Nnaji added that the Prize seeks solutions that directly address Nigeria’s real-world challenges. “Our broader objective is to identify work that brings tangible impact to the challenges Nigeria faces, whether through digital health technologies that serve rural populations or the use of AI in preserving our cultural heritage and languages.”
Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The Nigeria Prize for Science and Innovation, now in its 22nd year, is valued at $100,000 and remains arguably Africa’s most prestigious science award. The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.
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FG, World Bank Launch $65m SPESSE Funding for 24,000 Nigerians

Federal government, in partnership with the World Bank, has launched a fresh $65 million funding phase of the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project aimed at benefiting more than 24,000 Nigerians through professional training and institutional capacity development.

The initiative, coordinated by the National Universities Commission (NUC), is designed to strengthen procurement systems, environmental management and social standards across public and private institutions, while promoting transparency, accountability and sustainable development practices nationwide.
Abdullahi Ribadu, executive secretary of the Commission, disclosed this in Abuja during the signing of performance contracts for the additional SPESSE financing. He explained that the intervention builds on the gains of the initial $80 million SPESSE project, which became effective in 2021.
According to Ribadu, the programme has significantly improved institutional frameworks and developed professional expertise in key governance sectors. He noted that the initiative was introduced to address the shortage of qualified professionals in procurement, environmental management and social standards within both public and private institutions.
He said: “With the support of the World Bank and under the coordination of the NUC, six centres of excellence were established across the six geopolitical zones to provide sustainable capacity building in these critical sectors”.
Ribadu stated that the participating universities were selected through a transparent and competitive process based on institutional readiness, quality assurance and sustainability.
He added that the institutions have continued to produce skilled manpower capable of advancing transparency, environmental responsibility and inclusive national development.
He described the contract signing ceremony as a renewed commitment to accountability, sustainability and institutional excellence, noting that the centres have recorded major achievements, including the introduction of specialised academic programmes ranging from short courses to undergraduate and postgraduate degrees.
The NUC boss further disclosed that three of the six centres have already commenced PhD programmes, while the remaining centres are expected to begin by July 2026.
He added that under the new funding phase, the Commission targets at least 60 PhD graduates, enrolment of 60 foreign students, staff internships and expanded student exchange programmes with international institutions.
Also speaking, Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), said the project has so far trained more than 2,700 officers from both the public and private sectors to improve procurement competence nationwide.
He said the next phase would support the rollout of Nigeria’s electronic procurement system and expand online capacity-building programmes for policymakers and small and medium-scale enterprises involved in managing public funds.
On his part, Ishtiak Siddique, World Bank Task Team Leader for SPESSE, revealed that more than 40,000 participants had benefited from training under the original project, with over 4,000 certified in procurement, environmental and social standards.
Siddique said the additional funding would focus on strengthening the capacity of federal, state and local government agencies to improve development outcomes and service delivery, stressing that sustainability remained central to ensuring continuity beyond donor support.
For her part, Prof. Folasade Ogunsola, Vice-Chancellor, University of Lagos, reaffirmed the institution’s commitment to advancing professional capacity development under the SPESSE framework through postgraduate training, institutional ownership and international collaborations.
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