Nigeria – Africa’s most populous nation – ranks 145 on the Global Sustainable Competitiveness Index 2024 released on Friday, December 20.
With Sweden emerging as number 1 (of the top 5 spots, 4 are Scandinavian), Northern European countries dominate the top 20 rankings, and Asian nations (South Korea, Japan, Singapore, and China) lead the Intellectual Capital Index – the basis of innovation.
First published in 2012, the Global Sustainable Competitiveness Index (GSCI) measures sustainable competitiveness based on 216 quantitative indicators derived from international organisations (World Bank, IMF, various UN Agencies).
The indicators are grouped into six foundations of competitiveness of a nation-economy: Natural Capital Index, Resource Capital Index, Social Capital Index, Intellectual Capital & Innovation Index, Economic Sustainability, and Governance Performance Index.
Sustainable competitiveness is the ability to generate and sustain inclusive wealth without diminishing the future capability of sustaining or increasing current wealth levels.
Key insights from the Global Sustainable Competitiveness Index 2024 indicate:
- China is ranked 28, excelling in Intellectual Capital but lags in Natural Capital and Resource Efficiency, albeit with encouraging signs of efficiency improvements;
- The US is ranked 35, performing comparatively poor in resource efficiency and social capital, reflecting a decline that could potentially undermine the global status of the US in the future;
- Germany ranks 9, France 8, and the UK 14 while of the emerging economies Brazil ranks 52 and India 90;
- Some of the least developed nations have a considerable higher GSCI ranking than their GDP would suggest (e.g. Vietnam, Colombia, Peru, Nepal, Bhutan, Bolivia, …);
- Countries savaged by violent conflicts (Sudan, Yemen, Eritrea, Libya, Somalia, Afghanistan) are at the bottom of the GSCI;
- The global gap to a perfect sustainable competitive World is 56.1. We are far from an inclusive and circular society that lives in equilibrium with the natural environment;
- Tribalism, distracting cultural wars, struggles for perceived personal power, and armed conflict are complicating (if not preventing) the implementation of simple, efficient, profitable and readily available solution;
- There is immense untapped potential. Policies geared to maximise efficiency improvements could lead to significant positive developments throughout all dimensions;
- Asian nations (South Korea, Japan, Singapore, and China) lead the Intellectual Capital Index – the basis of innovation;
- The Social Capital Index ranking is headed by Northern European (Scandinavian) countries, the result of economic growth combined with a commonly accepted social consensus.
