We are not thinking about the foundational building blocks of a robust economy—we are taking measures that will only enslave us the more in the years to come
Just this year alone – we have had almost 11 poor ratings from continental and Global ratings – they all signify the failure of the “know how “ and “how to” in running things to obtain results
Below are the ratings enumerated below…..
1. Annual Corruption Perception Index
Nigeria’s corruption perception worsened between 2016 and 2017 according to the annual Corruption Perception Index, CPI, by Transparency International. Nigeria slipped by 12 positions in the country rankings, from 136 in 2016 to 148 in 2017. The rankings are from 1 to 180, with 180 indicating the country having the worst perception of corruption.
2. International Press Freedom Index
Nigeria’s ranking in the international press freedom index has witnessed steady declined since 2015. The country is currently ranked 122 out of 180 countries according to the 2017 edition of the annual survey. The country fell from 111 in 2015 to 116 in 2016 and has fallen again to 122 in 2017, entering the “red zone” for press freedom.
3. Rule of Law Index
Nigeria was downgraded by the World Justice Project (WJP) 2017/2018 Rule of Law Index. The country currently ranks 97 out of 113 countries, dropping one position from the previous ranking. The index measures the adherence to rule of law across 113 countries worldwide.
4. RMB’s Africa Investment Attractiveness Index
Nigeria has fallen from the top 10 in the Where to Invest in Africa 2018, Rand Merchant Bank’s (RMB) Investment Attractiveness Index. Nigeria fell from No 6 on the list to number 13. The Investment Attractiveness Index balances economic activity against the relative ease of doing business.
5. Global Retail Development Index
Nigeria’s global ranking in retail development dropped from the 19th position recorded in 2016 to 27 out of 30 countries surveyed in 2017. Nigeria’s total sales from the retail sector dropped from $125bn in 2016 to $109bn in 2017. The Global Retail Development Index measures retail investments based on all relevant macroeconomic and retail-specific variables in developing countries.
6. World Economic Forum Networked Readiness Index
Nigeria dropped seven places to rank 119 in the Networked Readiness Index ranking conducted by the World Economic Forum. The NRI is an indicator that measures a country’s ICT development by its ability to implement and take full advantage of ICTs.
7. Global Competitiveness Index (GCI)
Nigeria’s ranking dropped to 127th in 2016 GCI analysis. Nigeria deteriorated by 3 places from 124th in 2015-2016 to 127th in 2016-2017 ranking released by the World Economic Forum (WEF). The GCI index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity. The drop in ranking is attributed to two core pillars, the macroeconomic and financial market efficiency.
8. Ernst and Young’s Africa Attractiveness Index
Nigeria declined to the 17th position on Ernst and Young’s Africa Attractiveness Index (AAI) 2017. This is a two step decline from the AAI 2016 ranking. The 2017 report revealed that the number of new FDI projects in Nigeria declined to 51 in 2016 from 53 in 2015.
9. World Internal Security and Police Index
Nigeria Police ranked bottom in Africa and 127th in the world, making the country with the worst police in the world according to the 2016 World Internal Security and Police Index (WISPI) released by the International Police Science Association (IPSA) and the Institute for Economics and Peace (IEP). Nigeria was followed by countries like the Democratic Republic of the Congo, Kenya, Uganda, and Pakistan and the report attributed Nigeria’s low rank to the rising cases of terrorism, corruption and low number of police. The WISPI ranks the police based on 16 indicators around their ability to address internal security issues in their countries across four domains – capacity, process, legitimacy and outcomes.
10. Worst Electricity Supply
Nigeria was ranked the second worst nation in electricity supply according to a World Economic Forum report released by The Spectator Index on the 15th of January, 2018. Nigeria suffered a power to 3,851 megawatts according to the ranking which puts only Yemen ahead of other countries like Nigeria, Haiti, Lebanon and Malawi.
11. Nigeria Ranked Low on Budget Transparency Index
Nigeria slipped into 90th place behind Zimbabwe and Afghanistan in the global Open Budget index released on Thursday. Nigeria’s score on the open budget index dipped from 24 in 2015 to 17. In Africa, Nigeria currently ranks 23 behind Rwanda, Zimbabwe and Liberia. Among the African countries, South Africa led on the index and was closely followed by Uganda, Senegal, Ghana, Namibia, Kenya, Morocco, and Egypt, in that order.
The Open Budget Index assesses the comprehensiveness and timeliness of budget information that governments make publicly available.
According to BudgIT, the federal government of Nigeria provides her citizens with insufficient budget information making it difficult for taxpayers to understand how elected officials utilise available resources. In addition, it argued that the country’s budget process takes very little feedback from the public, and the final budget document does not reveal how the meagre feedbacks are used “Nigeria’s low rank can be connected to the failure of the federal government to produce the mid-year review.
Also, the Medium Term Expenditure Framework (MTEF) and the Budget Implementation Reports were published late while the content of all budget documents produced in Nigeria falls short on the minimum acceptable global standards as itemised in the Global Initiative for Fiscal Transparency Framework,
..Culled from Asonumaka George Wakama
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