23 October 2018

Nigeria: Global Competitiveness Report Validates Progress in Business Environment - Govt

The federal government said that the recently released 2018 Global Competitiveness Report (GCR) of the World Economic Forum (WEF) is a validation of improvement in the country's enabling business environment.

The GCR of the WEF is an annual ranking which compares the national competitiveness environment of 140 countries based on 12 pillars, four grouped under basic requirements, six under efficiency enhancers and two under innovation and sophistication factors.

The index is supplemented by an executive opinion survey of the local business community and organised private sector. The 2018 report ranked Nigeria as 115th out of 140 countries assessed.

Commenting on the report, in a statement made available toVanguard, Dr. Jumoke Oduwole, Senior Special Assistant to the President on Industry, Trade and Investment, said the global competitiveness report is a validation of the systematic work of the Presidential Enabling Business Environment Council (PEBEC) over the past 24 months, "a work of collaboration across many levels of government to progressively and sustainably make Nigeria an easier place in which to do business".

Oduwole who is also the Secretary of the PEBEC, stated: "The country improved in 3 out of 4 pillars classified as "Enabling Environment" pillars - i.e., Institutions, Infrastructure, ICT adoption and macro-stability pillars.

"This recognizes the enabling business environment reforms of the Federal Government in making Nigeria an easier place to do business in. The Report further acknowledges the positive perception of the private sector for the government's Doing Business reforms, by scoring improvements in the time and cost of starting a business in the country.

"The feedback from the private sector as surveyed by WEF ranks the "attitude of Nigerians for taking entrepreneurial risk" as the 13th in world among the likes of Israel and the USA, which are currently in first and second positions respectively.

This aligns with the broader private sector-led growth model of the Federal Government stemming from the Economic Recovery and Growth Plan (ERGP) launched in April 2017, which prioritises "investing in our people" and empowering them through various enterprise development initiatives and interventions.

"The report ranks the Nigerian market as 24th largest in the world. According to the National Investment Promotion Commission (NIPC), between 2017 and the first half of 2018, about 154 investment projects have been announced across the country with an estimated value of about $112 billion."

She added that the GCR 2018 is one of several globally accepted reports that have acknowledged the improvements in the Nigerian business environment.

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Nigeria Ranked 115 in Global Competitiveness Index

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

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