Africa’s biggest economy has moved up by ten places ranking 115th position globally from its previous 125th position, according to the latest Global Competitiveness 4.0 2018 Report of the World Economic Forum (WEF) released today.
According to the WEF annual report that analyzed 140 countries, Nigeria scored 47.6 out of a total score of 100. The new Global Competitiveness Index 4.0 which measures national competitiveness, defined it as the set of institutions, policies, and factors that determine the level of productively of a nation.
The report looked at 98 indicators across 140 countries to determine the overall ranking and to signify how close an economy is to the ideal state or “frontier” of competitiveness.
The indicators which were then organized into 12 pillars are health, skills, financial system, infrastructure, institutions, ICT adoption, macroeconomic stability, product market, labour market, , market size, business dynamism, and innovation capacity.
Nigeria scored 42 in the institution indicator, 42 in infrastructure, 26 in ICT adoption, 56 in macroeconomic stability, 51 in health and 40 in skills.
In addition, it scored 52, 59, 44, 71, 55 and 31 in the product market, labour market, financial system, market size, business dynamism, and innovation capacity respectively.
The WEF, this year used a new methodology to fully capture the new emerging dynamics of what fuels the global economy, which means including some other indicators that were not included before, such as diversity, workers rights, re-skilling, and press freedom.
The new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution. It provides a much-needed compass for policy-makers and other stakeholders to help shape economic strategies and monitor progress.