Tuesday, November 12, 2013

Nigeria ranked 120th in global competitiveness

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.


Post a Comment