Nigeria has emerged as Africa’s best-performing economy in the International Institute for Management Development (IMD) World Competitiveness Ranking 2026, recording the highest score among assessed African countries in economic performance.
South Africa followed with a score of 36.27, while the other African countries assessed recorded lower scores.
Despite leading the continent in economic performance, Nigeria dropped one place in the overall global competitiveness ranking, moving from 67th position in 2025 to 68th out of 70 economies in 2026.
The report identified weak infrastructure, economic instability and institutional challenges as major factors affecting Nigeria’s competitiveness.
Nigeria’s infrastructure ranking was listed as its weakest area, placing 70th globally.
The IMD report also revealed that Nigerian business leaders identified high borrowing costs, exchange rate fluctuations and inflation as some of the biggest challenges facing businesses.
According to the report, 67.6 per cent of business leaders highlighted high borrowing costs as a major obstacle, while 67.3 per cent pointed to exchange rate volatility and 61.2 per cent cited inflation.
Other challenges mentioned include insecurity, unreliable electricity supply and transportation difficulties.
However, the report highlighted some areas where Nigeria performed strongly, ranking 16th globally in public finance, 15th in tax policy and 22nd in labour market performance.
The IMD concluded that while Nigeria currently leads Africa in economic performance, improving infrastructure, strengthening institutions and reducing the cost of doing business will be crucial for the country to improve its global competitiveness ranking.
Post a Comment