Nigeria drops in global competitiveness ranking
… Now 127th in the world
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.
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