Nigeria ranks 115th in universal competitiveness

The 2018 Universal Competitiveness Report (UCR) of the World Economic Forum (WEF) has ranked Nigeria 115th out of 140 countries evaluated.

A statement issued by the Senior Special Assistant to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole, said the report showed better performance across key enabling business environment indicators.

The UCR is an annual ranking, which compares the national competitiveness environment of 140 countries.

Based on 12 columns, four was grouped under basic requirements, six under competence enhancers and two under innovation and factors.

Based on the 12 pillars, Dr Oduwole said: “Nigeria improved in the area of Enabling Environment.

The country also improved in three out of four pillars classified as Enabling Environment pillars which are – Institutions, Infrastructure, ICT adoption pillars.

Dr Oduwole further said: “Nigeria’s competitive environment is one of the most entrepreneurial in the world.

Oduwole, who is also the Secretary of the Presidential Enabling Business Environment Council (PEBEC), said Nigeria’s market size remains an increasing source of competitive advantage in the global economy, adding that the report ranked the Nigerian market as 24th largest in the world.

Arierhi Odjirigho
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