Govt must move quick on infrastructure, healthcare, education says WEF

The World Economic Forum (WEF) says Nigeria must quickly build its institutions, improve critical public infrastructure and expand access to good quality healthcare and education if the country is to be put on a sustainable path to long-term growth.

Africa’s largest economy languishes at 127th position globally and 22nd in Africa in the 2015 global competitiveness report showcased at last week’s meetings of WEF in Cape Town, South Africa.

Nigeria was not represented at the government level in Cape Town after Vice President Yemi Osinbajo suddenly canceled his planned trip to South Africa to stay back and handle urgent matters in the absence of the president who was on a visit to neighbouring Niger and Chad.

WEF listed the five major obstacles to economic growth in Nigeria to include infrastructure, corruption, access to finance, policy instability, as well as red tape.

The report said “economies that consistently rank high in the competitiveness rankings are those that are able to develop, attract and retain talent, and constantly introduce new and higher value added products and services into the market.”

It added that, “smart investment in skills and innovation is key to enhanced productivity and competitiveness.”

According to WEF, “effective collaboration between business, government and civil society is a necessary prerequisite if reforms and investment are to raise productivity and competitiveness.

“This calls for strong public and private leadership, a clear vision and effective and on going communication to build trust between all parties. It is therefore crucial to create mechanisms and to promote dialogue.”

Strong institutions in a country help to protect property rights, ensure efficiency and transparency of public administration as well as the independence of the judiciary, while promoting business ethics and corporate governance. On the other hand, infrastructure relates to the quality and availability of transport, electricity and communication services in a given country.

Nigeria was also found wanting in the areas of public health and basic education including on job training.

The ten most competitive countries in Africa in the 2015 ranking were listed as Mauritius, South Africa, Rwanda, Botswana, Namibia, Kenya, Seychelles, Zambia, Gabon, and Lesotho with Ghana in the 11th position.

By our reporter