The World Economic Forum’s Global Competitiveness Index has ranked Nigeria as one of the most difficult place to do business, despite efforts by the federal government to make it easier for companies and individuals to do business in the country. The organisation ranked Nigeria 125th out of the 136th countries survey despite effort by the government to create enabling environment for businesses to thrive.
According to WEF the measures taken by government to improve ease of doing business are yet to make a meaningful impact. Nigeria only managed to perform better on the GCI than economically depressed countries like Congo Democratic Republic Venezuela and Haiti.
WEF noted that the country “has failed to increase its overall score since 2012”. It listed some of the challenges hindering the country’s improvement on the index to include its macroeconomic environment (down 14 to 122) and institutional strength (down 7 to 125).
Others considered as barriers in the face of efforts to kick-start economic recovery included poor infrastructure (132) and Health and Primary Education (136).
