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Thursday, 25 July 2019

Nigeria Moves up by Four Places to 114 in Global Innovation Index

Nigeria moved up by four places - from 118th position in 2018 to 114 in the 2019 Global Innovation Index launch in New Delhi, India, on Wednesday, July 24, 2019. Thanks to a steady growth in the Nigerian tech ecosystem. However, there is still a long way to go for Africa’s largest economy.

President Muhammadu Buhari
Other underperformers in the low-middle income group are Ghana, Zambia, El Salvador, Bolivia, and Nicaragua.

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 sub-Saharan Africa are Kenya, Rwanda, Mozambique, Malawi and Madagascar.

According to the Index, 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.

Global Innovation Index

“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,” it added.

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.

Other areas of weaknesses are domestic credit to the private sector, Wikipedia edits, creative goods export, high-tech net exports, ISO 9001 quality certificates, patents by origin and university/industry research collaboration

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, the intensity of local competition, domestic market scale, knowledge-intensive employment, intellectual property payments, citable documents and national feature films.

Globally, Switzerland retained its top position for the ninth consecutive year as the most innovative country in the world, 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.

According to the Global Innovation Index 2019, the world’s innovation leaders: Switzerland, Sweden, U.S., Netherlands, U.K., Finland, Denmark, Singapore, Germany and Israel.

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

The GII 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.

Click here for the full report.

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