Nigeria jumps 10 places in 2018 Global Competitiveness Index

Nigeria made significant progress in World Economic Forum’s (WEF) 2018 Global Competitiveness Index, ranking 115 out of 140 countries.

The country was moved up 10 places from the 125 out of 137 countries it was ranked in 2017.

The latest ranking showed that Nigeria improved in infrastructure, health, business dynamism and innovation capability out of the 12 ranking pillars.

Bismarck Rewane, Managing Director, Financial Derivatives Company, told Channel TV that Nigeria’s improvement in the Global Competitiveness Index was something to cheer.

“Our competitors actually declined, while we declined at a lower pace,” he explained.

According to him, the country’s inflation environment and high debt inhibited its performance in the ranking, although this was the first time Nigeria would be improving in the ease of doing business in the Global Competitiveness Index, underpinned on the implementation of the Economic and Recovery Growth Plan (ERGP), which has been helping to strengthen the country’s institutional framework.

The WEF currently uses institutions, macroeconomic environment, ICT Adoption, Skill and product market as part of its GCI ranking template. Other pillars include  labour market, financial system, market size, business dynamism and innovation capability.