Archive WEF Ranks Nigerian Economy amongst Least Competitive Nations

WEF Ranks Nigerian Economy amongst Least Competitive Nations

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Abiodun Busari

The latest report of the World Economic Forum (WEF) Report has placed Nigeria in 127th position out of 138 countries surveyed for Global Competitiveness Index.

The survey which was released on October 5, 2016 revealed that the country dropped from the previous 124th position on the index.

The disturbing report substantively attests the current recession facing the most populous black nation as it showed that Nigeria ranked lowest in health and primary education, and was adversely affected by a weaker macroeconomic environment.

“Nigeria is among the African economies hardest hit by the reduction in commodity in prices, falling three places to 127th overall, 0 almost entirely due to its weaker macroeconomic environment (down 27 places) and financial sector (down 10 places)” the report submitted.

WEF, a Swiss non-profit organization based in Cologny, Geneva, slightly positioned Nigeria above eleven war – torn and crisis ridden nations, which include Madagascar, Yemen, Venezuela, Congo Democratic Republic, Liberia, Sierra Leone, Burundi, Mozambique, Chad, Mauritania, and Malawi. This only underlined that the internal wars Nigeria is fighting which are Boko Haram terrorism, Niger Delta militancy and crisis such as fall in fuel price have compounded the economic woes of this country.

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