The Nexus Between Global Competitiveness and Nigeria’s Vision 20:2020

Abstract

This paper analyses the nexus between global competitiveness and the attainment of the Vision 20:2020 agenda of the Federal Government of Nigeria. In doing this, the paper reviews the key elements of Vision 20/2020, the pillars of global competitiveness and the ranking of Nigeria on global indicators of competitiveness (GCI), size (GDP) and living standards (PCI). The goal is to assess the challenges Nigeria must overcome to achieve Vision 20:2020, given the significance of global competitiveness in determining national productivity and living standards, and the significance of economic growth and growth in exports. The assessment of the Vision’s targets against the background of Nigeria’s performances on global rankings indicates that realizing the Vision 20:2020 would be challenging though, not impossible. Nigeria’s political elite must recognize that achieving global competitiveness is a necessary condition for attaining the goals of Vision 20:2020. They must also be willing to deploy greater political commitment, sound knowledge and good judgment, and improve governance by reducing corruption and raising the ethical standards in the management of the economy.

JEL Classification: O1, O14, O21, O24, O40, O47