Nigeria ranked 120th in global competitiveness - The World Economic Forum has ranked Nigeria 120th out of 148 countries in its latest report on global competitiveness.
This was revealed in a paper delivered
by the Chief Executive Officer, Institute of Certified Public
Accountants, Ireland, Mr. Eamonn Siggins, in Abuja at the 18th annual
conference of the Association of National Accountants of Nigeria.
A statement by the ANAN on Monday quoted
Siggins as also saying that the World Bank in its report, which
measured the ease of doing business in up to 185 countries, ranked
Nigeria at 131.
He said, “There appears to be a scope
for improvement in the ease of doing business in Nigeria. The ranking by
the WEF was also an evidence to support the view that Nigeria could do
more in terms of being competitive. The WEF also takes a view, which is
survey-based; that the three most problematic factors for doing business
in Nigeria are: inadequate supply of infrastructure; corruption and
access to financing.”
The CPA boss said that some of the more
relevant factors might be irregular payments and bribery; ethical
behaviour of firms; strength of auditing and reporting standards; and
efficiency of corporate boards.
Siggins said that ANAN and its members
could play a significant role in moving Nigeria to a higher ranking in
the WEF report by strengthening the application of auditing and
reporting standards.
He, however, acknowledged that ANAN and
the accountancy profession were playing a significant part, globally, in
developing a sound financial infrastructure and had a suite of global
standards in areas such as – International Financial Reporting
Standards; International Auditing Standards; International Ethical
Standards and International Education Standards.
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