Nigeria ranks 127th in World Economic Forum Competitive Index
The Nigerian economy has been ranked 127th out of 138 economies globally by the World Economic Forum Competitive Index, making the country one of the world’s least competitive. This was contained in the 2016-2017 ranking released at the weekend.
In the 2015-2016 edition of the Global Competitive Index, Nigeria ranked 124th out of 140 countries. By this latest ranking, Nigeria slipped five places when measured by the relative number of countries each year.
The current ranking shows that Mauritius, which was ranked 45th leads sub-Saharan African countries, followed by South Africa and Rwanda, ranked 47th and 52nd, respectively.
The report classifies Botswana as one of the fastest rising economies, in league with India, Jamaica, and Mexico.
The country moved seven steps upward, from the 71st position it occupied in 2015 to 64th position in the latest ranking, while India moved up 16 steps from 55th to 39th.
Botswana, the world’s largest producer of diamonds, is reputed to be one of the most stable countries in Africa while Ghana, is ranked 114.
Côte d’Ivoire, 99th; Gabon, Cape Verde, 110th; 108th; Senegal, 112nd; Gambia, 123rd; Benin Republic, 124th; and Mali, 125th, these are West African countries that are ranked higher than Nigeria.
Nigeria only ranked higher than a few African countries like Madagascar (128th), Congo Democratic Republic (129th), Liberia (131th), and Chad (136th).
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