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GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
GCI OPEC Economy & Nigeria
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GCI OPEC Economy & Nigeria

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OPEC economies and Nigeria using the Global Competitive Index scores

OPEC economies and Nigeria using the Global Competitive Index scores

Published in: Business, News & Politics
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  • 1. OPEC GCI:Nigeria & OPEC Economies StatiSense ® - Wale Micaiah ©
  • 2. OPEC GCI: Nigeria & Organization of thePetroleum Exporting Countries
  • 3. Nature in its fairness has blessed some with theriches of the earth – crude oil – all that is required isfor conversion into useful products for the benefits ofthe Citizens. But how well has this natural endowmentbeen utilized to better the economies of those insupply of it? “It is absolutely crucial for OPEC member countries to continue and increase investment in their own countries in the coming years. The economies of these countries are dominated by oil export revenues. Although this revenue willcontinue to increase in the future, there is a point where oil will run out, and all the money that is generated by oil will disappear with it. This is why these investments need to be implemented immediately. Investments made into oil and gas projects that stretch beyond maintenance and productionexpansion would significantly benefit these natural resource heavy economies. Of equal importance is investment in social capital; education transportation education, transportation, telecommunications, healthcare, telecommunications healthcare etc. If these investments are made while oil revenues are steadily increasing, OPEC member countries will benefit socially and economically in the future”. (Rick Yang)
  • 4. How is Nigeria economy fairing compared to theOPEC?This study concentrate on oil producing countriesthat are current OPEC members; with data from TheWorld Economic Forum – Global CompetitivenessIndex (GCI) report of 2011 – 2012, these countriescompetitive indexes are compared with that ofNigeria economy GCI with the hope of findingsimilarities and disparities, so as to know where theNational Technical Working Groups (NTWGs) canconcentrate efforts to measure up in the next 8years.
  • 5. Methodology of Study:The World Economic Forum (WEF); havingidentified some 12 Pillars as metrics to measurecountries/economies competitiveness, theaverage of each pillar for the OPEC economieswill be compared to that of Nigeria in order tofind:- How competitive is Nigeria economy among OPEC- Where do we need to improve and measure up?- Any possible alliance with other OPEC for economic development & competitiveness?
  • 6. The 12 Pillars of GCI Institutions Infrastructure BASIC REQUIREMENTS Macroeconomic Environment Health and Primary Education Higher Education & Training Goods Market Efficiency Labor Market Efficiency EFFICIENCY Financial Market Development ENHANCERS Technological Readiness Market Size Business Sophistication INNOVATION & SOPHISTICATION Innovation FACTORS
  • 7. OPEC Statistics: Population Production Country Region (million) Capacity (1,000 b/d)* GDP per capita ($) Algeria Africa 36.3 1,190 4,488 Angola Africa 19.05 1,691 4,478 Ecuador South America 14.31 476 3,984 Iran Middle East 75.35 3,544 4,741 Iraq Middle East 32.44 2,358 3,881 Kuwait Middle East 3.57 2,312 36,820 Libya Africa 6.56 1,487 11,314 Nigeria Africa 159.64 2,048 1,213 Qatar Middle East 1.7 733 75,643 Saudi Arabia Middle East 26.11 8,166 16,996 UAE Middle East 4.74 2,324 56,812 Venezuela South America 28.95 2,854 10,223 Africa = 33% | South America = 17% | Middle East = 50% Highest Population, lowest GDP! *b/d - barrels per day
  • 8. GCI of OPEC Primary Education Higher Education Financial MarketScore Macroeconomic Goods Market Sophistication Infrastructure Labor Market Technological Development Rank 2012 EnvironmentIndex Market Size Institutions Health and Innovation & Training Readiness Efficiency Efficiency Business(2012)CountryQatar 14 5.39 5.17 6.4 6.28 4.62 5.04 4.86 4.96 4.74 3.86 5.27 4.69Saudi Arabia 17 5.47 5.31 6.09 5.78 4.81 5.25 4.57 5.06 4.33 4.92 5.11 4.16UAE 27 5.21 5.97 6.14 6.06 4.84 5.17 4.79 4.61 4.88 4.42 4.91 3.96Kuwait 34 4.35 4.45 6.59 5.6 3.83 4.34 4.44 4.17 3.69 3.84 4.02 3Iran 62 3.79 3.96 5.56 5.91 3.86 3.91 3.34 3.28 3.09 5.06 3.59 3.15Algeria 87 3.11 3.43 5.72 5.5 3.51 3.38 3.41 2.64 2.83 4.35 2.93 2.37Ecuador 101 3.11 3.39 5.21 5.68 3.85 3.57 3.37 3.47 3.1 3.84 3.57 2.77Venezuela 124 2.42 2.72 3.85 5.48 4.17 2.89 2.88 3.11 3.36 4.46 3.15 2.5Angola 139 2.91 1.89 4.23 2.89 1.91 3.21 3.96 2.67 2.65 3.83 2.42 2.05 Average Index 3.97 4.03 5.53 5.46 3.93 4.08 3.96 3.77 3.63 4.29 3.89 3.18Nigeria 127 3.31 2.21 3.96 3.28 3.18 4.18 4.36 3.89 3.08 4.59 3.96 3.01 Infrastructure & Health!
  • 9. The Most Competitive OPEC Economy: Primary Education Higher Education Financial Market Macroeconomic Goods Market% Growth Sophistication Infrastructure Labor Market Technological Development Rank 2012 Environment Market Size Institutions Health and Innovation2011 - 2012 & Training Readiness Efficiency Efficiency BusinessCountryQatar 14 -2.88% -1.34% 12.08% -2.33% -4.55% -1.18% -3.38% 1.02% 6.76% 2.93% 8.66% 14.11%Saudi Arabia 17 4.79% 4.73% 13.83% 2.48% 5.71% 2.74% 3.39% 4.76% 3.84% -1.01% 4.07% 6.12%UAE 27 -0.76% -4.63% 8.67% -1.30% 0.83% -0.96% -0.42% -1.07% -5.97% 3.76% 1.45% 1.28%Kuwait 34 -2.25% 8.27% 2.65% -1.41% -1.03% 0.46% -0.22% -1.18% 6.65% -1.03% -2.43% -0.99%Iran 62 1.34% 5.60% 12.10% 0.34% 1.58% 1.56% -0.89% -0.30% -3.13% -0.59% 0.84% 1.29%Algeria 87 -10.12% -1.72% 20.42% -1.08% -2.23% -5.32% -8.82% -6.38% -5.03% 2.11% -12.01% -13.82%Ecuador 101 1.97% 6.60% 9.45% 1.25% 5.48% 6.25% 4.01% 1.46% 4.38% 0.79% 6.89% 13.99%Venezuela 124 -0.41% -3.55% -1.28% 0.18% 1.71% 2.12% -1.03% 6.14% 2.75% -1.11% 2.94% -1.19% < < < < N i g e r i a > > > >Angola 139 -9.63% 0.53% 17.17% 8.65% -10.33% -3.60% -6.16% -7.29% 2.32% 1.86% -8.33% -13.14%Libya - - - - - - - - - - - - -Nigeria 127 4.09% 9.41% -6.82% 9.33% 6.35% 5.29% 0.23% -2.51% 1.32% -1.29% 4.49% 4.88% No entry for Libya due to 2011 political unrest ….is Qatar! Iraq has no data from WEF
  • 10. Possible Alliances Two countries from the OPEC made the Top20 Economy List; they are Qatar & Saudi Arabia. The top rated OPEC economies are all from the Middle East. The countries with most probable alliance are Saudi Arabia and Qatar. Saudi Arabia achieved positive growth in 10 of the 12 Pillars while Qatar achieved 5. On the other hand, Nigeria could partner with individual country based on their area of competitive advantage; Institutions – Saudi Arabia, Infrastructure – Kuwait, Macroeconomic Environment – Algeria, Health and Primary Education – Saudi Arabia, Higher Education & Training – Saudi Arabia, Goods Market Efficiency – Ecuador, Labor Market Efficiency – Ecuador, Financial Market Development – Venezuela, Technological Readiness – Qatar, Market Size – UAE, Business Sophistication – Qatar, Innovation – Qatar.
  • 11. Data source:- The World Economic Forum https://www.weforum.org/- WEF_GlobalCompetitivenessReport_2011 – 2012- WEF_GlobalCompetitivenessReport_2010-11- WEF_GlobalCompetitivenessReport_2009-2010fullreport- OPEC: An Analysis of Future Economies and Aid – Rick Yang- Organization of the Petroleum Exporting Countries http://www.opec.org/Freely share, freely use and freely acknowledge the source – © Wale Micaiah Analysis by: Wale Micaiah e: walegate@yahoo.com m: 08078001800 b: walemicaiah.blog.com w. www.statisense.info StatiSense ® - Wale Micaiah ©

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