The WEF’s Global Competitiveness Report released on Tuesday revealed that it is the first time that Nigeria which occupied 127th position in last year’s ranking, has gone up since 2012.
The report, however, stated that the country’s macroeconomic conditions worsened, having gone 12 step-downward to 122nd position, as inflation in Nigeria, according to the report, is high at 15.7 per cent. On this, the country is ranked 131st.
The report put Nigeria’s budget deficit at 4.4 per cent and ranked the country 99th in this regards.
The report states;
“Institutions (in Nigeria) appear more fragile (125th, down seven), adding uncertainty to the business environment.
“Nigeria is struggling to adapt to lower commodity prices, with the potential for structural change impeded by low scores on infrastructure (132nd), technological readiness (112th, down seven), higher education (116th), and innovation capacity (112th).
“However, new prudential requirements have strengthened the banking sector’s soundness, and the Economic Recovery and Growth Plan (ERGP) for 2017–2020 contains much-needed reforms on transport and power infrastructure, the business environment, and education investment,” the report stated.
From the WEF ranking, Nigeria has only fared a little better than a few sub-Saharan African countries like Democratic Republic of Congo (126th), Burundi (129th), Sierra Leone (130th), Chad (135th) and Liberia (134th), while several other sub-Saharan African countries like Cameroon (116th), Ghana (111th), Gambia (117th), and Uganda (114th) are better off than Nigeria.
Mauritius and Rwanda, at 45th and 58th positions respectively, are ranked higher than South Africa (61th), while Switzerland maintains its number one spot as the most competitive economy in the world.
The 10 most competitive world’s economies are Switzerland, the U.S, Singapore, the Netherlands, Germany, Hong Kong, Sweden, the U.K, Japan, and Finland, while China and Russia are ranked 27th and 38th respectively.
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