TheCable

Oby Ezekwesili, presidential candidate of the Allied Congress Party of Nigeria (ACPP), says Nigeria must do better in global competitiveness ranking.

Ezekwesili said this on Saturday while reacting to the recently released global competitiveness report which ranked Nigeria 115 out of 140 profiled countries.

The former vice-president of the World Bank for Africa said Nigeria’s move from its previous position of 125 was a positive development.

She added that a lot needs to be done in making Nigeria’s socio-economic environment more globally competitive.

“Moving 10 places on the Index is positive news for the country, but I must say that Nigeria has no business being in the lower rungs of the ladder as regards global competitiveness. With the right policies, resources at our disposal, and especially commitment from government, we can take a giant leap up the index and create a better life for majority of our citizens,” Ezekwesili said.

“We will move higher on the index if the macroeconomic outlook, critical non-oil sectors, and institutions are strengthened so as to bring about the desired competitive advantage the country inherently possesses.

“Our macroeconomic outlook is currently in a crisis with multiple exchange rate regimes, fixed interest rate and cyclical inflation rate over the years – that has all had negative effects on the financial market and led to little or no investor confidence.”

Developed by the World Economic Forum, the global competitiveness index assesses the competitiveness landscape of 140 economies. It sheds light on an emerging set of drivers of productivity and long-term growth in the era of the fourth industrial revolution, and provides a much-needed compass for policy makers and other stakeholders to help shape economic strategies and monitor progress.