Wednesday, September 30, 2015 9:47 AM / News
The 2015/16 results of the World Economic Forum’s annual Global Competitiveness Index released today sees Nigeria inch up three spots 127 to 124 of 140 countries.
The Top 20 Economies in the world are:
The next 20 Economies in the world are:
Africa finally made a showing with Mauritius coming in at an impressive 46, followed by South Africa in 49.
For all the chest-beating about being the largest economy in Africa, it is certainly not the most efficient in benchmark indices as seen in this mini-African table, viz:
Nigeria improves by three places to 124th. Last year’s revision of GDP is reflected in an increase in market size (up by eight places to 25th), lower government deficit and debt, and decreased national savings.
Improvements in property rights, the efficiency of the legal framework to settle and challenge disputes, and the accountability of the private sector lift the country’s institutions up by five places, albeit remaining low overall (124th).
The picture is mixed on efficiency of the goods market (100th), where a less competitive domestic environment outweighs improvements to encourage foreign competition; the financial market (79th), where banks are rated as relatively sound but access to finance remains problematic; and the labor market, which is one of the region’s most flexible (18th) but is dragged down by an inefficient use of talent (68th) and a comparatively low female participation rate (87th).
Priorities include investment in infrastructure (ranking 133rd and singled out as the most problematic factor for doing business) and human capital, where poor health in the workforce (134th) and inefficient higher education (128th) holds the country back from fulfilling its potential.