Weak public finance, lower oil exports dim Nigeria’s global competitiveness

Nigeria, now Africa’s largest economy, continued its downward trend and fell by seven places to 127th this year on the latest World Economic Forum (WEF) Global Competitiveness report 2014-2015, largely on the back of weakened public finances as a result of lower oil exports.

According to the report, Nigerian institutions remain weak (129th) with insufficiently protected property rights, high corruption, and undue influence.

In addition, the security situation remains dire, with Nigeria ranking 139th out of 144 countries ranked this year.

“Nigeria must continue to upgrade its infrastructure (134th) as well as improve its health and primary education (143rd). Furthermore, the country is

Nigeria faces surge in competition for oil investments from African peers

The development of new oilfields across Africa look set to bring competition to Nigeria, Africa’s largest oil producer.

The West African region has traditionally been an oil hotspot in the global market, given the presence of Nigeria, Angola, Equatorial Guinea and Gabon.

The discovery of further oil and gas fields along the west coast looks set to bring competition over the next decade for the experienced players, as new producers come on board.

So promising are these prospects that analysts have begun to talk of a new oil province that hugs the coast of four countries: Ghana, Ivory Coast, Liberia and Sierra Leone.

With oil accounting for around 80 percent of government revenue and 95 percent of foreign exchange reserves, Nigeria, Africa’s largest economy, is vulnerable to

World Bank unveils new strategy for growth, poverty reduction

The World Bank Group has launched the new Country Partnership Strategy, CPS, aimed at helping the Federal and State Governments boost development and reduce poverty.

world-bankThe World Bank said the new strategy was deemed necessary, following the recent Gross Domestic Products, GDP, rebasing exercise in which now puts Nigeria as Africa’s largest economy.

It added that the new strategy came at an opportune time just as Nigeria is redoubling efforts to tackle critical development challenges.

And is committing itself to lift major constraints that are hindering it from achieving broad-based, inclusive economic growth and poverty reduction goals.

According to the bank,