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Nigeria ranked 127 out of 144 in global competitivene

economy

The World Economic Forum, WEF, yesterday

released the 2015 Global Competitiveness Index,

GCI rankings, in which Nigeria ranked 127 of the

144 countries assessed.In a sharp and strongly-

worded reaction to the ranking, the National

Competitiveness Council of Nigeria, NCCN, said it

recognises the fundamental importance

of continuing in its mission to improve

Nigeria’s international

competitiveness and address constructive

portions highlighted in the ranking Index.

It contended that it is increasingly clear that a

perception gap exists between the way some

ranking agencies view Nigeria and the reality on

the ground of steadily improving trends. The

NCCN also said it has begun to take steps to

redress this misalignment between perception

and reality both internally and externally.

It said Nigeria’s foreign direct investment, FDI,

remains the largest in Africa, stating that a recent

Wall Street Journal list of multinational CEOs

ranked Nigeria first among emerging market

investment destinations.

The country also outperformed peers like South

Africa and Ghana in macroeconomic stability

reflected in stable exchange rates, single digit

inflation, fiscal restraint, low debt levels and lower

poverty levels.

The Forum report titled: Global Competitiveness

2014-2015, said the health of the global economy

is at risk, despite years of bold monetary policy,

as countries struggle to implement structural

reforms necessary to help economies grow.

In its annual assessment of the factors driving

countries’ productivity and prosperity, the report

identifies uneven implementation of structural

reforms across different regions and levels of

development as the biggest challenge to

sustaining global growth.

It also highlights talent and innovation as two

areas where leaders in the public and private

sectors need to collaborate more effectively in

order to achieve sustainable and inclusive

economic development.

According to the report’s Global Competitiveness

Index (GCI), the United States improves its

competitiveness position for the second

consecutive year, climbing two places to third on

the back of gains to its institutional framework

and innovation scores.

Elsewhere in the top five, Switzerland tops the

ranking for the sixth consecutive year, Singapore

remains second and Finland (4th) and Germany

(5th) both drop one place. They are followed by

Japan (6th), which climbs three places and Hong

Kong SAR (7th), which remains stable. Europe’s

open, service-based economies follow, with the

Netherlands (8th) also stable and the United

Kingdom (9th) going up one place. Sweden (10th)

rounds up the top-10 of the most competitive

economies in the world.

The leading economies in the index all possess a

track record in developing, accessing and utilising

available talent, as well as in making investments

that boost innovation.

These smart and targeted investments have been

possible thanks to a coordinated approach based

on strong collaboration between the public and

private sectors.

The report said that Sub-Saharan Africa continues

to register impressive growth rates close to 5 per

cent. Maintaining the momentum will require the

regio

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