Nigeria has been ranked as the 115th most competitive economy in the world and 16th most competitive economy in Africa on the World Economic Forum’s global competitiveness index for 2018, which was topped by the US in the global level and Mauritius in Africa.
Nigeria’s rank rose by 3 places from 2017. On the list of 140 economies, the US is followed by Singapore and Germany at the second and the third positions respectively.
Nigeria was ranked 115th most competitive countries in the world 6th in Africa with a score of 47.5 in the latest Global Competitiveness Report. Meanwhile, neighbouring Ghana was ranked at the 106th position in the overall list and 11th most competitive economy in Africa. They are also the most competitive in Africa.
According to the report, Mauritius ranks 49th globally. With a score of 63.7 out of 100 it achieves the best performance in Africa, in line with 2017.
While South Africa was ranked 67th globally—with a score of 60.8—and attains the second spot in Africa.
According to the report, Nigeria’s greatest competitive advantages include its market size, Labour market and business dynamism.
While the areas that the country needs to improve include, innovation capability, ICT adoption, enabling environment component, human capital component and infrastructure.
Countries in the top 5 most competitive African economies include, Mauritius (1st), South Africa (2nd), Seychelles (3rd), Morocco (4th), Tunisia (5th).
The World Economic Forum’s Global Competitiveness Index 4.0 is a composite indicator that assesses the set of factors that determine an economy’s level of productivity – widely considered as the most important determinant of long-term growth.
The GCI 4.0 framework is built around 12 main drivers of productivity — Institutions, Infrastructure; Technological readiness; Macroeconomic context; Health; Education and skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation.
See full Top 20 list below