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Nigeria Ranked 125 Out of 137 Economies in the Global Competitiveness Report 2017–2018

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Thursday, November 02, 2017  01.20PM / WEF 

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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 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. 

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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. 

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Source: WEF
 

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