Business Global Competitiveness: Nigeria Ranks 127 Out of 144 Countries



Nigeria ranked 127 of the 144 countries assessed in the 2015 Global Competitiveness Index, GCI rankings, as released by the World Economic Forum, WEF, yesterday.

Switzerland tops the ranking for the sixth consecutive year, Singapore remains second, the United States climb 2 places to claim 3rd place 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.

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, Vanguard reports.

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.

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