Nigeria dropped by a spot in the latest World Bank’s Ease of Doing Business ranking, sliding marginally to the 146th position from the 145th it ranked last year.

The World Bank Group, in a report titled ‘Doing Business 2019: A Year of Record Reforms, Rising’, published Wednesday, stated that it tracked 314 reforms by 128 governments across the world.

Commenting on the latest report findings, the President of the World Bank Group, Jim Yong Kim, pointed out that “governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.

“Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world”, Kim added.

The report indicated that during the review period, a total of 107 reforms were carried out in sub-Saharan Africa, representing the highest number of reforms in any year for the region.

In the sub-Saharan Africa’s analysis, Mali and a few countries ranked higher than Nigeria based on the reform measures initiated by their various governments during the period under review.

A statement by the World Bank showed that “Nigeria carried out four reforms, which included making starting a business easier in Kano and Lagos, the two cities covered by Doing Business.”