Despite Nigeria’s current status as Africa’s largest economy, the country slumped in the global competitiveness ranking released on Tuesday.
Africa’s biggest oil producer fell by seven places to 127th position.
According to the 2014-15 Global Competitiveness Report, infrastructure (human and physical) continues to be Nigeria’s toughest challenges.
The report attributed the decline in Nigeria’s global competitiveness “to weakness in public finances (as a result of lower oil exports), continuing institutional frailty and deterioration in national security.”
The outcome, the report said “are similarly mixed for other middle-income countries in the region.
Lesotho (107th) and Cape Verde (114th) registered the largest improvements, while Botswana (74th), Namibia (88th), Zambia (96th), Ghana (111th), Senegal (112th) and Swaziland (123rd) are relatively stable.
Among the oil-exporting economies, Gabon is the highest-ranked economy (106th) followed by Cameroon (116th), Nigeria, Angola (140th) and Chad (143rd).
Among Africa’s low-income economies, Ethiopia recorded the biggest leap, rising nine places to 118th.
The report stated that only three sub-Saharan countries – Mauritius (39th); South Africa (56th) and Rwanda (62nd) are in the top half of the world’s most competitive economies. Click to signup for FREE news updates, latest information and hottest gists everyday
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Boko Haram does not want the progress of Nigeria and keep distracting the Government, so what do you expect?
ReplyDeleteHow can a corrupt nation prosper or compete. Nigeria is a waste of time on earth.
ReplyDeleteBoko Haram is not the one distracting Nigeria.. Nigeria government have focus and they are clueless..corruption in govt and in public place can not allow Nigeria to achieve anything..
ReplyDelete