Global competitiveness report validates progress in business environment — FG

By Yinka Kolawole

The federal government said the recently published Global Competitiveness Report (GCR) in 2018 of the World Economic Forum (WEF) is evidence of the improvement in the country's favorable business environment.

Bukhari
President Muhammad Bukhari

The WEF GCR is an annual ranking that compares the national competitiveness environment of 140 countries based on 12 pillars, four grouped by basic requirements, six by efficiency gains, and two by innovative and complex factors.

The index is complemented by a review of the executive views of the local business community and the organized private sector. In the 2018 report, Nigeria was ranked 115th out of 140 countries.

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Commenting on the report, in his speech made by Dr. Jumoka Oduvola, Senior Special Assistant to the President for Industry, Trade and Investment, the Global Competitiveness Report confirms the systematic work of the Council for the Promotion of the Business Environment (PEBEC) during the last 24 months, working at many levels of government to gradually transform Nigeria into an easier place to do business. ”

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Oduwole, who is also the secretary of PEBEC, said: “The country has improved in 3 of 4 pillars, classified as“ favorable environmental conditions, ”that is, institutions, infrastructure, ICT adoption and macro-sustainability.

“It recognizes the favorable economic reforms of the federal government to make Nigeria an easier place to do business. The report further recognizes the positive perception of the private sector for government reforms in the field of business, by increasing the success and time of starting a business in the country.

“The private sector responses surveyed by WEF assess the“ attitude of Nigerians to entrepreneurial risk ”as the 13th place in the world among people like Israel and the United States who currently occupy the first and second positions respectively.

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This is consistent with the broader private sector-oriented growth model of the federal government, which stems from the Economic Recovery and Growth Plan (ERGP), launched in April 2017, which prioritizes “investing in our people” and expands their opportunities through various initiatives and events. on the development of entrepreneurship.

“The report takes the Nigerian market as the 24th largest in the world. According to the National Investment Promotion Commission (NIPC), in the period from 2017 to the first half of 2018, about 154 investment projects were announced in the country with an estimated value of about 112 billion dollars. ”

She added that the GCR 2018 is one of several publicly available reports that recognized improvements in the Nigerian business environment.

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