Presidential candidate of the Allied Congress Party of Nigeria, Obiageli ‘Oby’ Ezekwesili has reacted to the recently released Global Competitiveness report, which ranks Nigeria 115th out of 140 profiled countries.
Ezekwesili, who is a former vice president of the World Bank for Africa, said on Saturday that Nigeria’s move from its previous position of 125 was a positive development. She, however, urged 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 the majority of our citizens,” Ezekwesili said.
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.
“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 have all had negative effects on the financial market and led to little or no investor confidence,” she added.
As Senior Economic Advisor, Africa Economic Development Policy Initiative at Open Society Foundation, Ezekwesili advised nine reform-committed African heads of states on their economic development strategy, policies, and implementation. She is the frontline female candidate in the lead up to the 2019 presidential elections scheduled to take place in February.