Nigeria moves up, now 125th among world’s competitive economies – Report

Acting President Yemi Osinbajo during the swearing ceremony of the new ministers (Alh. Shehu Hassan and Prof. Stephen Ocheni) at FEC meeting, State House, Abuja. 26th July 2017. Photos: NOVO ISIORO.
Acting President Yemi Osinbajo during the swearing ceremony of the new ministers (Alh. Shehu Hassan and Prof. Stephen Ocheni) at FEC meeting, State House, Abuja. 26th July 2017. Photos: NOVO ISIORO.

Nigeria has moved two steps upward among the competitive economies in the world, according to the latest ranking by the World Economic Forum, WEF.

Nigeria is now 125th out of the 137 economies that the ranking covers; it occupied 127th position in last year’s ranking.

This is the first time the country’s ranking has gone up since 2012, according to the WEF’s Global Competitiveness Report released on Tuesday.

The report, however, stated that the country’s macroeconomic conditions worsened, having gone 12 step-downward to 122nd position.

Inflation in Nigeria, according to the report, is high at 15.7 per cent. On this, the country is ranked 131st.

The report put Nigeria’s budget deficit at 4.4 per cent and ranked the country 99th in this regards.

“Institutions (in Nigeria) appear more fragile (125th, down seven), adding uncertainty to the business environment,” the report stated.

“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,” the report stated.

From the WEF ranking, Nigeria has only fared a little better than a few sub-Saharan African countries like Democratic Republic of Congo (126th), Burundi (129th), Sierra Leone (130th), Chad (135th) and Liberia (134th), while several other sub-Saharan African countries like Cameroon (116th), Ghana (111th), Gambia (117th), and Uganda (114th) are better off than Nigeria.

Mauritius and Rwanda, at 45th and 58th positions respectively, are ranked higher than South Africa (61th).
Switzerland maintains its number one spot as the most competitive economy in the world.

The 10 most competitive world’s economies are Switzerland, the U.S, Singapore, the Netherlands, Germany, Hong Kong, Sweden, the U.K, Japan, and Finland.

China and Russia are ranked 27th and 38th respectively.

WEF said this year’s report came out in the context of recovering global growth, but that many countries were still facing challenges such as disruptive inequalities; rising protectionism and a backlash against globalisation; and the challenges and uncertainties of the Fourth Industrial Revolution, with its innovation and technological change.

The report is produced annually from data obtained from leading international sources.


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  • tundemash

    “This is the first time the country’s ranking has gone up since 2012, according to the WEF’s Global Competitiveness Report released on Tuesday.”

    And we were told then by the fraudulent govt in power that Nigeria’s economy was the biggest in the Africa and fastest growing in the world and the wailers were happy even though they couldn;t still afford a decent living.

    • 0tile

      Abubakar tundemash,
      Your naive comment shows that you don’t understand simple micro economics at all. What did you study during the 3 years you wasted at a beautiful university in Ile Ife? Pay us back our oil money wasted on you at Ife.

      There is nothing to celebrate for Nigeria ranking 125th out of the 137 economies. For your information 5th is higher and more desirable than 125th. The lower the digits the better the substance, in this case quality is better than quantity. You are rejoicing that Nigeria moved up 2 points, sorry massive Federal borrowing gave Nigerian economy that illusion. As a matter of fact Nigeria is worse off today than it was in 2012. Read the analysis well you will find that Nigeria is lagging in all the indexes. Nigerian economic team should be disbanded to save the country. This is outrageous.

      • Tonnero

        How can it be worse off when it was 2 places lower in 2012 after 16 years of PDP and surplus oil money? I agree that 2 places is noise but you would have been screaming if it went DOWN by two points. The key issue is to see how this is sustained and whether Osinbajo’s drive to improve it is paying off. Of course, in some ways especially in the economy, Nigeria is worse off than in 2012. Why would it not be? In 2012, oil price was 110/bbl and Jonathan had not yet worked his way to the bottom of the pot. Note that even in this low oil price environment, all local debts are being cleared up be they pensions (unpaid since 2012), JV cash calls ($7b owed), marketers debt (N600b owed), Electricity (N700b injected). States have been bailed out twice and they have received refunds on Paris debt. For those of you screaming debt, it may be a valid concern but what you do not say is that there are two choices when a country hits a revenue shortfall and has nothing in the bank: go austerity OR reflate the economy by borrowing. While none is palatable (no thanks to your poor fiscal condition before the oil price collapse), austerity would have been far worse than the slight contraction we saw and you, once again, would have been on the rooftops screaming. Since not everyone can be pleased, they should simply ignore you, do what they have to do and you can go vote in 2019 if you have not got Biafra by then.

        • OdeyPeter Odo

          I can not agree less with you on this submission.
          It just saddens some people that we are beginning to make progress after their heroes and heroines were chased out of power.

          • emmanuel

            Progress? Even Buhari and Osibande knows that Nigeria is fully liquidated by them. Only you and calamitous Kemi are making your contrived and imaginary progress.

          • OdeyPeter Odo

            Lol… only me, Kemi and perhaps the renowned body that did the ranking!!! Definitely not you and your likes that are still licking your wounds from the expulsion given your hero from Aso Rock, and also the recent Operation Python Dance, aka Sting!!!

        • 0tile

          See what I am talking about. You people base your prosperity and austerity on the price of crude oil nothing else. If Niger Delta oil flows well Nigeria prospers, if it falls Nigeria collapses. God forbid Imam invades the region and the land owners cripple oil supply, many Nigerians will perish. What has Buhari done to improve the economy, just to force peace in the Niger Delta so as to harvest abundance of oil, ba?

          I resent the your Nigerian economic model that if oil price did not collapse Nigeria would be the economic powerhouse of the world. Do something else to complement oil. You hear?

      • OdeyPeter Odo

        Sorry if it saddens you that we are beginning to make improvements. Yes 5th is better that 125th… but 125th is closer to 5th than 127th where we were in the times of oil boom which proceeds were massively stolen by some self serving heroes and heroines in political offices.
        And who told you that the borrowing you talked about were not put into consideration before arriving at this general conclusion?

      • Moses Stone

        Otile-the-mule. Until the day u learn to use your brain your reasoning is always daft.

        • 0tile

          What are you trying say? Yorotout, name calling is no substitute for good knowledge. Do you understand economics, do you understand statistics? If you did you would not be fat and happy for making two short sentences of insult in lieu of good analysis of this important economic analysis. Shame on you, tout.

    • Screw-em

      Has anyone heard from Lagrange of late or Madam headscarf ikweanla, the world Bank apologist since the so called “revered” MIT/Harvard Phd economist disappeared from sight after she was exposed as a fraudulent shame for an economic “expert”? …

      • 0tile

        Comment sensibly on this important economic analysis. Where are your points? You Yoruba touts think that insults, name calling, and ignorant generalizations are your panacea to every Nigerian problem. Make an intelligent contribution let us see.

        • Screw-em

          My point is thus: Tunde repeated the shame we all know as Madam Headscarf. Were we really the fastest growing economy in the world or were we the biggest economy in Africa as we were made to believe by the all knowing “economist”.? I only have a primary 7 education and would rather seat on the sideline watching you burst your demented brain trying to “analyze” economic principles to laymen like us…

      • Mariam, LT, Col.

        You don’t need to hear from her when Kalamity herslf is now in charge of our economy.
        I wonder what she tells the cadaver about the Nigerian economy. All lies and nothing but sweet lies.

    • emmanuel

      You sure represent a bunch of broken and half used broom (APC); the type used by the witches for abstract travel. Nigerians trully open their eyes and allowed witches and wizards who use broom for flying to lead the country to death Only people low on intellect like you take this fake story for the value of a used toilet tissue paper.
      They can only excite your likes with fake news.
      What your people did was to inverse the fundamentals and give you the opposite. A dead economy moving position with all global indices and ratings on Nigeria that are negatives?
      I beg go drink small monkey tail make you see road.