Nigeria Ranked 114 Across The Globe In Innovation

https://promonaija.com/nigeria-ranked-114-across-the-globe-in-innovation-1030

The Global Innovation Index report released on Wednesday indicated that among the underperforming, low-middle income countries in the creation of innovations, the nation Nigeria was included.

Africa’s largest economy performed below expectations compared with the level of economic development in the country, the study indicated.

Ghana, Zambia, El Salvador, Bolivia, and Nicaragua were also amongst the underperformers in the low-middle income group.

The Global Innovation Index measures innovation performance in countries globally.

Nigeria moved up four places to 114 out of 129 economies ranked in the 2019 Global Innovation Index from the 118th position it attained in 2018.

South Africa, Kenya and Mauritius were the top three economies in terms of innovation in sub-Saharan Africa.

Nigeria was missing among the innovation achievers in Africa, but five countries, which emerged in terms of innovation relative to their level of development, from the sub-Saharan Africa are Kenya, Rwanda, Mozambique, Malawi and Madagascar.

Indications from the Index revealed that large emerging economies like Nigeria, China, India, Mexico, Viet Nam, Indonesia and South Africa recorded significant medical innovations as demand for improved health services rises.

“The innovation capacity in emerging markets is also growing, with increasing R&D, patents, and investment in these countries. Accordingly, pharmaceutical companies based in emerging economies have shown strong growth in recent years.”

The report on innovation ranking stated that Nigeria performed poorly in the areas of political and operational stability, government effectiveness, ease of resolving insolvency, general infrastructure.

The country, however, performed well in areas such as ease of getting credit, ease of protecting minority investors, microfinance gross loans as a percentage of GDP, intensity of local competition, domestic market scale, knowledge-intensive employment, intellectual property payments, citable documents and national feature films.

Switzerland retained its top position for the ninth consecutive year, with political stability and safety, ICT use, presence of global research and development firms, high market capitalisation, business sophistication and university/industrial research collaboration identified as some of its strengths.

Other countries in the top 10 innovation category are Sweden, the United States, Netherlands, United Kingdom, Germany, Singapore, Finland, Denmark and Israel.

The Global Innovation Index commended Rwanda and Kenya for making “a real difference in the global innovation landscape.”

“In an environment dominated by uncertainty, the role of policymakers remains central in ensuring that this does not weaken Research and Development investments. It will take time and persistence, sometimes over decades, for the above-mentioned innovation policy ambitions to trickle down and make a true dent in the global innovation landscape,” the report added.

The Global Innovation Index urged policymakers to take an active interest in promoting local, frugal, and inclusive by innovation drawing on local riches, crafts, and skill sets.

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