Nigeria moved up 10 places in the
Global Competitiveness Report released by the World Economic Forum (WEF) on
Wednesday.
Africa’s largest economy moved
from its 2017 spot of 125 to 115.
According to the report, national
competitiveness is measured by the institutions, policies and factors that
determine the level of productivity of a country.
Nigeria had an overall score of
47.6 out of a total score of 100.
The report did its ranking based
on 98 indicators organised in 12 categories.
The categories are health,
skills, financial system, infrastructure, institutions, ICT adoption,
macroeconomic stability, product market, labour market, market size, business
dynamism and innovation capacity.
Nigeria scored 42 in the
institution indicator, 42 in infrastructure, 26 in ICT adoption, 56 in
macroeconomic stability, 51 in health and 40 in skills.
It also scored 52, 59, 44, 71, 55
and 31 in product market, labour market, financial system, market size,
business dynamism and innovation capacity respectively.
“Nigeria, Yemen, South Africa,
Pakistan and the Philippines are other countries with notable problems related
to violence, crime or terrorism, and where the police are considered
unreliable,” the report read.
“To date, Sub-Saharan Africa, with
an average score of 46.2, has the lowest GCI score among all regions and
demonstrates the weakest average regional performance on 10 out of the 12
pillars.
“After having benefitted from a
period of fast growth driven by strong foreign demand and high commodity
prices, economies in the region need to strengthen their fundamentals to become
more resilient to commodity price shocks and to compete successfully in the
technology-driven global economy.”
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