Nigeria climbed up from third place in Africa, overtaking Egypt and ranks at number 38 globally. The west African state has climbed 35 places in the past decade on global rankings.
According to the report Nigeria could possibly replace South Africa as top of the investment list in Africa within the next 5 years if the South African economy continues to stagnate. Nigeria’s growth rate forecast stands at 6% to 7% a year for the next 5 years, while South Africa’s is a measly 2% to 3%. Nigeria is also helped by its 162.5 million population, which is triple that of South Africa’s.
This comes after South Africa fell one place from 52nd to 53rd out of 148 on the WEF global competitiveness list, as Mauritius jumped ahead by one.
Labour discord, a failing education system and poor healthcare were all cited for South Africa’s lower ranking.
Source: www.sabreakingnews.co.za Posted by: Staff Reporter Posted date: September 10, 2013
Image Source: Wikimedia Commons, Lagos Island