Africa’s Largest Economy, Nigeria, Drops InGlobal Competitiveness Ranking

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Africa’s Largest Economy, Nigeria, Drops InGlobal Competitiveness Ranking

… Now 127th in the world

Despite Nigeria’s current status as Africa’s largest
economy, the country slumped in the global
competitiveness ranking released on Tuesday.
Africa’s biggest oil producer fell by seven places to
127th position.
According to the 2014-15 Global Competitiveness
Report, infrastructure (human and physical)
continues to be Nigeria’s toughest challenges.
The report attributed the decline in Nigeria’s
global competitiveness “to weakness in public
finances (as a result of lower oil exports),
continuing institutional frailty and deterioration in
national security.”
The outcome, the report said “are similarly mixed
for other middle-income countries in the region.
Lesotho (107th) and Cape Verde (114th)
registered the largest improvements, while
Botswana (74th), Namibia (88th), Zambia (96th),
Ghana (111th), Senegal (112th) and Swaziland
(123rd) are relatively stable.
Among the oil-exporting economies, Gabon is the
highest-ranked economy (106th) followed by
Cameroon (116th), Nigeria, Angola (140th) and
Chad (143rd).
Among Africa’s low-income economies, Ethiopia
recorded the biggest leap, rising nine places to
118th.
The report stated that only three sub-Saharan
countries – Mauritius (39th); South Africa (56th)
and Rwanda (62nd) are in the top half of the
world’s most competitive economies.