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

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

World Economic Forum: UK moves up global economic list

The UK has edged up the global rankings in a major annual economic survey by the World Economic Forum (WEF).

Its Global Competitiveness Report sees the UK rise one spot to ninth on the list, while Switzerland and Singapore retain first and second place.

The US improved its competitiveness position for the second consecutive year, climbing two places to third.

But the WEF warns that the global economy's health is at risk, despite years of monetary stimulus and reforms.

Each year, the WEF, best known for its annual Davos economic meeting, benchmarks countries against 12 factors, including infrastructure, education and training, labour market efficiency, technological readiness and innovation.

The aim is to