LCCI lauds Nigeria’s improved ranking in Global Competitiveness Index

The Lagos Chamber of Commerce and Industry (LCCI), says Nigeria’s improved ranking in the Global Competitiveness Index will ensure strategic business partnerships and inflow of Direct Foreign Investments (FDIs) into the economy.

The Director-General of LCCI, Mr Muda Yusuf expressed the optimism in an interview with our reporter on Monday in Lagos.

It was reported that the World Economic Forum (WEF) on Oct.16 ranked Nigeria 115 out of 140 countries in its 2018 Global Competitiveness Index report.

The report said that Nigeria moved 10 places upward from its 2017/2018 ranking of 125 out of 137 countries.

The report said that Nigeria’s ranking improved in four of 12 ranking pillars, namely infrastructure, health, business dynamism and innovation capability.

He noted that the improved ranking was good for the economy and also an indication that the efforts of government in the areas of the “Ease of Doing Business’’ were yielding positive results.

“We should acknowledge every progress that we are making, even though, there is still a lot of challenges in the investment climate, but the improved performance is a step forward.

“What remains is for the Presidential Enabling Business Environment Council (PEBEC) office to step up its activities so that we can achieve even better outcomes than what we have now,” he said.

Yusuf said that states in the federation had a role to play in the issue of competitiveness, as there were some critical elements of the enabling environment that were issued by states, for instance construction permit and land title.

The LCCI boss urged the Federal Government to improve investment in infrastructure, health and education to make the environment business friendly and its citizens globally competitive.