Standards and Regulation in Nigeria

In 2011, Nigeria was given a ranking of 133 out of 183 countries in the Ease of Doing Business Index (International Financial Corporation). A high ranking means that the regulatory environment is conducive to the starting and operation of local firms. South Africa’s ranking was 35, Ghana’s was 63, Cameroon’s was 161 and Niger’s was 173. 

When broken down into the various factors which constitute Nigeria’s aggregate score, Nigeria does relatively well in terms of the protection of investors (65 out of the 183 countries) and in terms of access to credit (78). In terms of access to electricity and ease of registering property, Nigeria does less well.

Nigeria is a member of the International Organization for Standardization. The national standards body is the Standards Organisation of Nigeria. Other regulatory bodies in Nigeria include the Corporate Affairs Commission (for companies), the Nigerian Communications Commission (telecoms), the National Insurance Commission and the Securities and Exchange Commission (capital markets), the Economic and Financial Crimes Commission, the Nigerian Electricity Regulatory Commission, the Infrastructure Concession Regulatory Commission and the National Environmental Standards and Regulations Enforcement Agency.