Nigeria has been ranked 39 in macroeconomic stability out of 144 countries assessed in the African competitiveness report released yesterday by the world economic forum.
The report which assessed Africa’s competitiveness in an international contest attributed Nigeria’s performance on its macro-economic environment pillar to a better fiscal position that results from strong resource revenues and market size by a wide margin.
With Gabon and Algeria leading Nigeria on the table, the report maintained that resource-abundant countries register considerably stronger fiscal positions.
These economies need to ensure that windfall revenues are managed and re-invested wisely, the report advised.
On a biennial basis, the Africa competitiveness report highlights areas requiring policy action and investment to ensure Africa lays the foundation for inclusive and sustained growth.