Nigeria with an overall score of 47.6 out of a total score of 100 placed 115th out of 140 countries analysed in the GCI report.
The Philippines was strongest in market size (32nd), labor market (36th), financial system (39th) and business dynamism (39th). Likewise nor can we dismiss the efforts of the current administration: "if 70% of the report's weighting comes from hard data, the remaining 30% represents the views of America's business leaders: "if they are positive about America's competitiveness then their views will be very much based on the here and now", the Forum explained. The indicators were grouped into 12 different pillars in which each of the 140 countries were scored out of 100.
WEF says that its Macroeconomic stability pillar measures the key factors impacting a country's competitiveness through its investment decision channel. Nigeria recorded her lowest score of 26 in ICT Adoption to place 123rd. The country also scored 51 in Health, 40 in Skills, 52 in product Market and 59 out of 100 in Labour Market.
Prevalent issues like weak Infrastructures like inadequate power supply, health, education, poor transport network etc.More news: New Ad Hits Ted Cruz For Liking White Castle Instead of Whataburger
It stated that under the institutions pillar, the country ranked low in terrorism incidence (136th), organized crime (120th), regulating conflict of interest in institutions (121st), and the reliability of police service (123rd).
Overall, the United States scored an average of 85.6 points when the almost 100 indicators were measured on a scale of 0 to 100, and was followed by Singapore and Germany. Singapore also moved one place upward to second position with a score of 83.5 while Germany ranked third with 82.8 to push 2017 world number one, Switzerland, to fourth position with 82.6 points.
In the Association of Southeast Asian Nations, Singapore ranked the most competitive and also the second globally.
"But there were several areas which showed it still has more to do", the report added, noting that the US economy "drops behind other advanced economies in the health pillar, with a life expectancy of 67.7 years, putting it in 46th place".