Nigeria has been ranked 169 out of 189 countries surveyed by the World Bank in its 2016 annual ease of doing business.
According the global lender, the country moved from 170th position in 2015.
The World Bank explained that while other African countries have created a more enabling environment for businesses to thrive in the last 12 months, Nigeria continues to lag behind in this regard.
The report further indicates that rankings for sub-Saharan Africa showed the most room for improvement in getting electricity, trading across borders, and paying taxes.