By Faridat Salifu
Nigeria has ranked 145th on the Global Sustainable Competitiveness Index (GSCI) 2024.
This ranking highlights the significant challenges the country faces in achieving sustainable economic development.
Released on, Friday, December 20, the latest report paints a stark picture of Nigeria’s position in relation to global sustainability efforts, with the country far behind leading nations in key areas such as social capital, resource efficiency, and governance.
The Global Sustainable Competitiveness Index, which has been published annually since 2012, measures the sustainable competitiveness of nations using 216 quantitative indicators sourced from international bodies like the World Bank, IMF, and various UN agencies.
These indicators are grouped into six categories: Natural Capital, Resource Capital, Social Capital, Intellectual Capital & Innovation, Economic Sustainability, and Governance Performance.
While Northern European countries, particularly Scandinavian nations, dominate the top rankings with Sweden topping the list for the third consecutive year, Nigeria’s position reflects broader challenges faced by many African nations.
The index emphasizes the importance of building inclusive wealth and improving the efficiency of resources without compromising the ability to sustain future growth.
Nigeria’s performance on the GSCI is largely hindered by factors such as poor governance, limited social capital, and low resource efficiency.
Related Posts
Despite being Africa’s largest economy and most populous nation, these shortcomings place Nigeria significantly behind other emerging economies like Brazil (52nd) and India (90th), and far from the higher rankings of developed countries such as Germany (9th) and France (8th).
Some insights from the report show that several less-developed countries, like Vietnam, Colombia, and Peru, have outperformed their GDP rankings due to better governance and resource management practices.
In contrast, countries plagued by violent conflicts such as Sudan, Yemen and Afghanistan, rank near the bottom of the index, underscoring how political instability hampers sustainable development.
The report also highlights the global gap to achieving a perfect sustainable world, currently standing at 56.1 points, showing that the path to an inclusive, circular economy is still a distant goal.
The role of cultural and political conflicts, tribalism, and struggles for power in many regions including Nigeria was identified as a key barrier to implementing effective, efficient solutions.
Nigeria’s low ranking on the GSCI underscores the need for more robust policies to improve governance, social capital, and resource efficiency.
However, the index also reveals significant untapped potential for the country, particularly in the areas of innovation and efficiency improvements, which could drive positive changes across all dimensions of sustainability.
As the world shifts toward more sustainable and inclusive growth models, Nigeria’s ability to address these foundational issues will be crucial in improving its global competitiveness.
While the country faces immense challenges, the potential for growth and reform remains, especially with stronger leadership and commitment to sustainability.
