World Bank Group says Nigeria is one of the most expensive and difficult places to register and acquire property for businesses in the world.

This was contained in the findings of Word Bank Group entitled Doing Business in Nigeria 2014  and subtitled Understanding Regulations for Small and Medium-Sized Enterprises which was launched yesterday in Abuja.

“In Nigeria, an entrepreneur has to go through 11 procedures over 78 days, and pay 15.8% of the value of the property to transfer a property, a situation which has earned her the position of one of the most difficult and expensive places to register property in the world.”

The report which examined 36 states and Federal Capital Territory, Abuja said registering property is easiest in Zamfara, where it takes nine procedures, 31 days, and 8.0% of the property value, unlike in Abia, where the same process takes 13 procedures, 108 days, and 15.9% of the property value.

Blaming the delays recorded, while trying to register property, on government bureaucracy, the report said, “The time is largely dependent on a single requirement: the state governor’s consent, which accounts for 65% of the total time, on average. The delay varies from four days in Gombe to six months in Anambra or Keffi.”

Findings also indicate that legal fees account for almost half of the total cost to register property apart from search fee, consent fee, registration fee and stamp duty.

It further stated that the registration fee varies from N2, 500 in Akwa Ibom to 5% of property value in Bauchi, Kano, Sokoto and Taraba.

Meanwhile, the report acknowledged considerable improvements in business environments of some states, with Ogun, Niger, Cross River, Ekiti and Rivers introducing “several high-powered reforms that narrowed the gap to best practices.”

“This year’s report recorded 34 improvements, of which 13 focused on starting a business, eight on dealing with construction permits, 10 on registering property, and three on enforcing contracts.”

Daily Trust