World Economic Forum ranks Nigeria’s competitiveness   

23 October 2018 : The World Economic Forum (WEF) recently released its Global Competitiveness Report (GCR), rating Nigeria’s overall score in 2018 at 48 points (out of 100). This places the nation at 115th out of 140 countries, while South Africa received a score of 61. The GCR ranks the performance of countries using twelve criteria, such as infrastructure, macroeconomic stability, financial system, business dynamism among others. Nigeria recorded its lowest scores under ICT adoption (26 pts) and innovation capacity (31 pts) and scored its highest points under market size (71 pts) and labour market (59 pts). Analysts believe the score reflect the underutilization of Nigeria’s demographic dividend as well as the lack of adequate policy measures that could increase the country’s competitive ranking. The WEF has suggested some key initiatives for the country such as restructuring of the educational system, financial support for innovation centers to incubate business ideas and establishment of development finance institutions. 

Reporting for EasyKobo on Tuesday ,23 October 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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