18 October 2018

Nigeria: Global Competitiveness Index - Nigeria Ranks 115 Out of 140 Countries

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The World Economic Forum (WEF) has ranked Nigeria 115 out of 140 countries in its 2018 Global Competitiveness Index.

In its annual report released on Tuesday, titled The Global Competitiveness index report 2018, Nigeria moved 10 places upward from its 2017/2018 ranking of 125 out of 137 countries.

According to the report, Nigeria's ranking improved in four of 12 ranking pillars, namely infrastructure, health, business dynamism and innovation capability.

"The current global competitiveness index ranking template has the following 12 as pillars for assessment. They are institutions, ICT adoption, macroeconomic environment, skill and product market.

"Others are labour market, financial system, market size, business dynamism and innovation capability," the report said.

The report added that the country would require improvement in the areas of institutions, ICT adoption, macro-economic environment, skill, market size among others.

The global competitiveness index provides a compass for policymakers and other stakeholders to help shape economic strategies and monitor progress.

Meanwhile, the public relations officer of the Nigeria Immigration Service (NIS), Sunday James, says the Federal Government's "Ease of Doing Business Economic and Trade Policy" is attracting high net worth investments.

This, Mr James said, was through liberalised Visa on Arrival (VoA), seamless and easy travelling through the airports and other entry ports.

He said the presidential enabling business environment council was tirelessly driving the machinery and manpower to make Nigeria a preferred destination.

Mr James noted that the Comptroller-General of NIS, Muhammad Babandede, recently directed the Murtala Muhammed International Airport command of the service to expand its operational capacity.

This, he said, was to ensure that the VoA facility accommodated more genuine business entities and investors into the country. (NAN)

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