Nigeria rank 126

World Bank, yesterday, said Nigeria recorded
slight improvement in Global Competitiveness

Index ranking, GCI, from 127 to 124.
President Muhammadu Buhari and Vice President
Yemi Osinbajo at the opening of a 2-day National
Economic Council Retreat at the Statehouse
Conference Centre on 21st March 2016.
The report also attributed 16th position of the
bottom 20 economies in the Global
Competitiveness Index, GCI, to sub-Saharan
African.
The World Bank Group Governance Specialist and
co-author, African Competitive report, Mr. Barak
Hoffman, made this known at the Nigerian
Economic Summit Group and World Bank
workshop on Economic competitiveness in
Nigeria in Lagos.
According to the report, “Nigeria, as at 2005, was
ranked 94; but further dropped to 124 out of the
140 countries in the Global Competitiveness
Index, GCI, in 2015/2016, between Gambia and
Zimbabwe.
"The country rose from 127 in 2014/ 2015, as
Mauritius remains the region’s most competitive
economy rated 46, while Côte d’Ivoire at 91 is
the most improved country in Sub-Saharan
Africa, followed by Ethiopia ranked 109.”
He listed institutions, policies, and factors of
production to determine the level of productivity
of a country.
He explained that Nigeria performed well on
market size, macroeconomic environment, and
labour market efficiency, but had challenges in
health, primary education, higher education,
training and infrastructure.
Challenges
He said: “Poor infrastruc-ture, corruption and
access to financing are the most problematic
factors for doing business in Nigeria. Tax rates
and complexity, and crime are not very
problematic, by contrast.”