NCCN Analysis of Global Competitiveness Index 2017-18
The Global Competitiveness Index 2017-2018 measures and ranks competitiveness of 137 economies. Nigeria’s ranking moves up from 127th in 2016-2017 to 125th in 2017-2018. This two place improvement occurs despite the GCI score deteriorating consistently since 2012 to a low of 3.30. The drop in ranking is attributed to two core pillars, the macroeconomic and infrastructure. Nigeria’s macro-economic pillar worsened from 108 in previous year‘s report to 122, down by 14 places. Micro pillars inflation position dropped to 131 from 125 the previous year with a score of 15.1 compared to 9.0 in the previous year. This situation is further deepened by the country’s budget deficit rank and score going from 86 -4.0 in 2016-17 to 98 -4.4 in 2017-18. Institutions pillar’s score remains the same despite a fall in rank from 118 to 125th, down by 7 places, this factors add uncertainty to the business environment of Nigeria.
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