The World Economic Forum has released its 2012-2013 Global Competitiveness Report (GCP) ranking Nigeria, out of 144 countries assessed, as 115th, behind Ghana, Kenya and Cameroun.
Ghana ranked 103rd, Kenya 106th and Cameroun took the 112th positions, while Benin Republic trailed Nigeria at 119th.
Africa’s biggest economy South Africa, was rated in the report to be the 52nd most competitive, globally, assuming the position of the most competitive in Africa.
According to the GCP report, the country’s ratings rose on the substantial development of the financial market which by the way was rated 3rd, indicating international confidence in South Africa’s financial market.
Many other key performance indicators contributing to the competitiveness of the country’s economy where assessed. Globally, it rated an outstandingly as 2nd on the private institution accountability, 20th on intellectual property protection, 26th on property rights, 25th on market size pillar, among others.
Nigeria climbed to the 115th position in the current report due to improved macroeconomic policies which although are not trickling down to the microeconomies.
The report cited Nigeria’s worsening security challenge has hindrances to competitiveness in the economy. Overbearing government influence and inefficiencies, insecurity of property rights, underexploited ICT penetration, ethics and corruption were also strong factors undermining competition in the economy.
Of the 144 listed nations, Nigeria’s health and primary education levels ranked a bashful 142ndwhen its infrastructure ranked 130th.
The Global Competitiveness Report Index annually assesses the competitiveness landscape of economies, providing insight into the drivers of their productivity and prosperity.