Nigeria is now at number 115 out of 140 profiled nations in the 2018 Global Competitiveness Index of the World Economic Forum (WEF).

The ranking was published on WEF's website.

According to the report, Nigeria moved 10 places upward from its 2017/2018 ranking of 125 of 137 countries.

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

The current Global Competitiveness Index ranking template has the following 12 as pillars for assessment -  institutions, ICT adoption, macro-economic environment, skill and product market.

Others are: labour market, financial system, market size, business dynamism and innovation capability.

The report added that Nigeria would require improvement in the areas of institutions, ICT adoption, macro-economic environment, skill, market size among others.

The Global Competitiveness Index 4.0 provides a compass for policy makers and other stakeholders to help shape economic strategies and monitor progress.

It assesses the micro-economic and macroeconomic foundations of national competitiveness, which is defined as the set of institutions, policies, and factors that determine the level of productivity of a country, WEF said. 

Addressing reporters on the new report, the spokesman for the Nigeria Immigration Service (NIS), Mr Sunday James, said the Federal Government’s “Ease of Doing Business Economic and Trade Policy” is attracting high net worth investments.

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This, James said, was through liberalised Visa on Arrival (VoA), seamless and easy travelling through the airports and other entry ports.

He said the presidential enabling business environment council was tirelessly driving the machineries and manpower to make Nigeria a preferred destination.

James noted that the Comptroller-General of NIS, Muhammad Babandede, recently directed the Murtala Muhammed International Airport command of the service to expand its operational capacity.

This, he said, was to ensure that the VoA facility accommodated more genuine business entities and investors into the country.

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