National Competitiveness Council of Nigeria (NCCN) Challenges WEF competitiveness ranking

The World Economic Forum (WEF) 2015 Global Competitiveness Index (GCI) rankings which placed Nigeria 127 of the 144 countries assessed is based on lagging indicators, according to the National Competitiveness Council of Nigeria (NCCN).

“The underlying analytical framework of the GCI is based upon lagging indicators that do not reflect one of the most fundamental changes for Nigeria: the rebasing of our economy,” said Chika Mordi, CEO of the NCCN, in a statement made available to BusinessDay.

“It is instructive to note that Nigeria’s rebased GDP, which the WEF report declared as Africa’s largest economy, was not used in their computations, with negative consequences for our scores,” said Mordi.

Nigeria rebased her GDP statistics earlier this year, showing it had

Nigeria generates N5.2bn in mining royalties, records geometric growth

The Federal Government generated N5.2 billion between 2009 and 2013 from royalties in mining, Dauda Awojobi, Acting Director of Mines Inspectorate, Federal Ministry of Mines and Steel Development, has said.

Awojobi made the disclosure in Abuja, Sunday, during an interview with the News Agency of Nigeria (NAN). He said that N736. 92 million was generated in 2009; N889, 46 million was generated in 2010, while N970. 78 million was generated in 2011.

He added that N1.12 billion was generated in 2012, while N1. 45 billion was generated in 2013, all of which he describes as significant “as the increment is in geometrical progression.”

Awojobi said

Telecoms sector not included in GDP rebasing, says Nigerian-British chambers

The Nigerian-British Chamber of Commerce, NBCC, has said that following the rebasing of the Nigeria’s GDP figures, the telecommunication sector, which has grown exponentially in the past 10 years and one of the fastest growing in the world, was not included in the country’s GDP.

In his welcome remark at the opening ceremony of the 2014 NBCC trade mission to the UK, at the London Chamber of Commerce, President of NBCC, Prince Adeyemi Adefulu, recalled on the 6th of April, the Nigerian National Bureau of Statistics announced a rebasing of the Nigeria’s GDP figures.

“The justification for the exercise was the need to