Nigeria Drops to 127th Place on the Global Competitive Index 2015
Nigeria, Africa’s largest economy, continued its downward spiral on the Global Competitive Index (GCI) as the country fell seven places to 127th position this year, from the 120th position it was last year.
The development was largely attributed to what the World Economic Forum’s (WEF) Global Competitiveness Report (GCR) 2014-2015, which was made available exclusively to THISDAY by WEF, described as the country’s weakened public finances as a result of lower oil exports.
But commenting on the GCR, the Chief Executive Officer, National Competitiveness Council of Nigeria (NCCN), Mr. Chika Mordi, who spoke to THISDAY, faulted the rankings, pointing out that the report, which referred to Nigeria as Africa’s largest economy, used the old GDP figures in its calculations. This, according to him, worsened the nation’s position.