Nigeria has moved two steps upward among the competitive economies in the world, according to the latest ranking by the World Economic Forum, WEF.
Nigeria is now 125th out of the 137 economies that the ranking covers; it occupied the 127th position in last year’s ranking.
This is the first time the country’s ranking has gone up since 2012, according to the WEF’s Global Competitiveness Report released on Tuesday. The report, however, stated that the country’s macroeconomic conditions worsened, having gone 12 step-downward to 122nd position.
Inflation in Nigeria, according to the report, is high at 15.7 percent. On this, the country is ranked 131st. The report put Nigeria’s budget deficit at 4.4 percent and ranked the country 99th in this regards.
Mauritius and Rwanda, at 45th and 58th positions respectively, are ranked higher than South Africa (61th). Switzerland maintains its number one spot as the most competitive economy in the world. China and Russia are ranked 27th and 38th respectively.
From the WEF ranking, Nigeria has only fared a little better than a few sub-Saharan African countries like Democratic Republic of Congo (126th), Burundi (129th), Sierra Leone (130th), Chad (135th) and Liberia (134th), while several other sub-Saharan African countries like Cameroon (116th), Ghana (111th), Gambia (117th), and Uganda (114th) are better off than Nigeria.
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