The World Bank has ranked Nigeria 146 out of 190 countries on ease of doing business.
The report, which was released on Wednesday, showed that the country took a step backwards from her 145th position last year.
New Zealand, Singapore, Denmark, Hong Kong and Korea ranked top five in the world.
The ranking, which began in 2003, takes to account trading regulations, property rights, contract enforcement, investment laws and availability of credit
According to the report, a total of 107 reforms were carried out in sub-Saharan Africa, a record for the region.
A regional press release by the World Bank read: “Nigeria carried out four reforms which included making Starting a Business easier in Kano and Lagos, the two cities covered by Doing Business.
“Getting Electricity and Trading Across Borders also saw reforms in the two cities. In addition, Lagos made Enforcing Contracts easier by issuing new rules of civil procedure for small claims courts, while Kano, in a negative move, made property registration less transparent by no longer publishing online the fee schedule and list of documents necessary to transfer a property.”
The World Bank Group President, Jim Yong Kim, said governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.
He added: “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.”