Doing Business in Nigeria | |
Doing Business in Nigeria | |
4503 VIEWS | |
![]() |
Monday, October 22, 2018 10.16AM / FSDH
Research / Picture credit - Cocreatit
The Global Competitive
Report (GCR) 2018 released by the World Economic Forum (WEF) on 16 October 2018
rates Nigeria’s overall score in 2018 at 48 points out of an optimal 100 points
Despite this low score,
FSDH Research observes that Nigeria has recorded improvements in some key
indicators over the previous year
However, the fact that
the overall score is below 50 points highlights that Nigeria needs more policy
measures to increase her competitive ranking
FSDH Research’s analysis
of the components of the rating system reveals some areas of improvement for
Nigeria and the strategy to increase the rating
Nigeria recorded the
lowest scores under the ICT Adoption and Innovation capacity
These two sectors have
certain things in common: they both require a certain level of entrepreneurial
mind-set, risk-taking and they have the capacity to stimulate growth and
enhance productivity needed for improved competitiveness
Some of the
initiatives that can change Nigeria’s narrative in these areas include:
restructuring of the educational system to provide Information and
Communications Technology (ICT) training for students, and provision of
financial support for innovation centres to incubate business ideas
Our analysis of the
performance of the pillars of competitiveness under different groupings shows
that Nigeria recorded the highest score in ‘Market size’, reflective of the
large market size and labour market in Nigeria
Governments at all levels
also need to prioritise investment in human capital in order to improve
Nigeria’s competiveness.
According to the US
Central Intelligence Agency (CIA), about 62% of the Nigerian population falls
between the ages of 0-24 years
This means that it is
essential for the country to invest in quality education that will equip her
workforce with the requisite skills that are needed for the fourth industrial
revolution, commonly referred to as ‘the digital revolution’
A functional heath
service delivery system in the country will not only fundamentally improve the
productivity of the workforce, but will also conserve hard-earned foreign
exchange.
Please click
here to download the full report.
Related News
1. 2018 Sub-National Doing
Business Report: Kaduna Is The Easiest Place to Enforce A Contract
2. 2018 WEF Global
Competitiveness Report Ranks Nigeria 115 Out Of 140 Countries
3. Executive Order 6 : Experts,
Groups React to Decision
4. PMB Bans 50 High-Profile
Nigerians From Travelling; Directs Implementation Of Executive Order No. 6
5. PMB Signs Executive Order No.8
Mandating Nigerians With Foreign Assets To Pay Tax
6. EBO Launched; Identifies 10
Areas For Private Sector and Govt Collaboration
7. CAC Reduces Cost of Business
Name Registration to N5,000 for 90 Days
8. The Nigerian Business
Ecosystem: Emerging Trends, Investment Opportunities, and Regulatory Reform
9. Business Confidence Index
Declines in July 2018; Indicates Less Optimism On The Economy
10. 2018 Making Business Work
Report In Nigeria – The Journey So Far
11. ACIOE Associates Publishes
Guide to Doing Business in Nigeria
12. 8th Presidential Quarterly
Business Forum: 4 Takeaways
13. Unconstitutional, Null And
Void - Legal Opinion On Preservation Of Suspicious Assets Order
14. Executive Order No. 6 On
Preservation Of Suspicious Assets And Related Schedules
15. Nigeria Automates Processing
Of Business Permits And Expatriate Quota