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Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Nobody: 2:02pm On Sep 27, 2017 |
Nigeria has moved two steps upward among the
competitive economies in the world, according to
the latest ranking by the World Economic Forum,
WEF.
Nigeria is now 125th out of the 137 economies
that the ranking covers; it occupied 127th
position in last year’s ranking.
This is the first time the country’s ranking has
gone up since 2012, according to the WEF’s
Global Competitiveness Report released on
Tuesday.
The report, however, stated that the country’s
macroeconomic conditions worsened, having
gone 12 step-downward to 122nd position.
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.
“Institutions (in Nigeria) appear more fragile
(125th, down seven), adding uncertainty to the
business environment,” the report stated.
“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). 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. China and Russia are ranked 27th and 38th respectively. WEF said this year’s report came out in the context of recovering global growth, but that many countries were still facing challenges such as disruptive inequalities; rising protectionism and a backlash against globalisation; and the challenges and uncertainties of the Fourth Industrial Revolution, with its innovation and technological change. The report is produced annually from data obtained from leading international sources. |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Financialfree: 2:10pm On Sep 27, 2017 |
ftc |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Adamsberlin(m): 2:26pm On Sep 27, 2017 |
hehehe! Giant of Africa |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Saifullah01: 2:28pm On Sep 27, 2017 |
we will get there. Have you noticed the flury of companies employing these days, if they dont see growth opportunities they wont be expanding. slow and steady wins the race. |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Blackfire(m): 2:30pm On Sep 27, 2017 |
Chai see achievement. |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by Paperwhite(m): 2:43pm On Sep 27, 2017 |
And yet recession is still staring us in the eyes? |
Re: Nigeria Moves Up, Now 125th Among World’s Competitive Economies – Report by greatiyk4u(m): 3:46pm On Sep 27, 2017 |
Saifullah01: You are observant! |
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