Positioning Nigeria For Global Competitiveness In The 21st Century: The Policy Imperatives

Abstract

A competitive economy is one where the productivity level determines the rate of return investors can obtain in it. It is the one economy that is likely to sustain economic growth and development, enhance the productivity of nations for the general well-being of the citizenry. In the course of analyzing the Nigerian economy for the 21st century, several factors have shown that the economy is not globally competitive. Among the reasons for the poor competitiveness status of the economy include: macroeconomic instability, infrastructural failure, weak public institutions, poor quality of manpower, and slow pace of technological development among others. The paper concluded that there has to be some sort of structured national efforts directed at building institutions, enacting sustainable policies and restructuring the Nigerian economy in the light of emerging domestic and global challenges. The paper recommended immediate development of Agriculture, Solid Minerals, Tourism and the Service sectors of the economy. The paper also suggested that the private sector should be supported to develop as the engine of growth to drive the economy. Specifically, Nigerian government must invest heavily to upgrade infrastructure, reduce corruption, and develop the capacity to acquire modern technology through emphasis on science/technical education, and other knowledge resources required to meet the challenges of the 21st century.