Thursday, November 02, 2017 01.20PM / WEF
Nigeria (125th) moves up two positions in the rankings
despite its score having fallen every year since 2012. This report was released
in September 2017 ahead of Tuesdays “Doing Business” report from the World Bank
that showed Nigeria
had moved up 24 places to 145 (near 2013 level).
The WEF report surmises’ that Nigeria’s macroeconomic
conditions are worsening (122nd, down 14), inflation (131st) is high at 15.7
percent, its budget deficit (99th) has reached 4.4 percent, and institutions
appear more fragile (125th, down seven), adding uncertainty to the business
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.
It is noteworthy that this report
was concluded before the increase in oil prices, and that it does not affect
the fundamental message in its findings.
Ten years on from the global financial crisis, the
prospects for a sustained economic recovery remain at risk due to a widespread
failure on the part of leaders and policy-makers to put in place reforms
necessary to underpin competitiveness and bring about much-needed increases in
productivity, according to data from the World Economic Forum’s Global Competitiveness Report 2017-2018.
Featuring the Global Competitiveness Index, the Report assesses the competitiveness landscape of 137 economies, providing unique insight into the drivers of their productivity and prosperity. Discover the 2017-2018 edition’s rankings, key findings, your economy’s scorecard, and much more.
14. Global Competitiveness Report 2014-2015 | World Economic Forum 21 Aug 2014