The new Global Competitiveness Index 4.0 which measures national competitiveness, stated that Africa’s biggest economy has ranked from 115th position globally from its previous 125th position, which defines the set of institutions, policies and factors that determine the level of productively of a nation
This Report was released by the World Economic Forum (WEF).
According to WEF, during its analysis, says that 98 indicators across 140 countries, reported that Nigeria scored 47.6 out of a total score of 100.
The indicators which were then organized into 12 pillars are health, skills, financial system, infrastructure, institutions, ICT adoption, macroeconomic stability, product market, labour market, ,market size, business dynamism and innovation capacity.
BusinssDay Media reported that Nigeria scored 42 in the institution indicator, 42 in infrastructure, 26 in ICT adoption, 56 in macroeconomic stability, 51 in health and 40 in skil
It further stated that,Nigeria scored 52, 59, 44, 71, 55 and 31 in product market, labour market, financial system, market size , business dynamism and innovation capacity respectively.
The WEF ,this year used a new methodology to fully capture the new emerging dynamics of what fuels the global economy, which means including some other indicators that were not included before, such as diversity, workers rights, re-skilling, and press freedom.
The new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution. It provides a much-needed compass for policy-makers and other stakeholders to help shape economic strategies and monitor progress.