OPEC economies and Nigeria using the Global Competitive Index scores

1. OPEC GCI:
Nigeria & OPEC
Economies
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2. OPEC GCI:
Nigeria & Organization of the
Petroleum Exporting Countries

3. Nature in its fairness has blessed some with the
riches of the earth – crude oil – all that is required is
for conversion into useful products for the benefits of
the Citizens. But how well has this natural endowment
been utilized to better the economies of those in
supply of it?
“It is absolutely crucial for OPEC member countries to continue and increase
investment in their own countries in the coming years. The economies of these
countries are dominated by oil export revenues. Although this revenue will
continue to increase in the future, there is a point where oil will run out, and all the
money that is generated by oil will disappear with it.
This is why these investments need to be implemented immediately. Investments
made into oil and gas projects that stretch beyond maintenance and production
expansion would significantly benefit these natural resource heavy economies. Of
equal importance is investment in social capital; education transportation
education, transportation,
telecommunications, healthcare,
telecommunications healthcare etc. If these investments are made while oil
revenues are steadily increasing, OPEC member countries will benefit socially
and economically in the future”. (Rick Yang)

4. How is Nigeria economy fairing compared to the
OPEC?
This study concentrate on oil producing countries
that are current OPEC members; with data from The
World Economic Forum – Global Competitiveness
Index (GCI) report of 2011 – 2012, these countries
competitive indexes are compared with that of
Nigeria economy GCI with the hope of finding
similarities and disparities, so as to know where the
National Technical Working Groups (NTWGs) can
concentrate efforts to measure up in the next 8years.

5. Methodology of Study:
The World Economic Forum (WEF); having
identified some 12 Pillars as metrics to measure
countries/economies competitiveness, the
average of each pillar for the OPEC economies
will be compared to that of Nigeria in order to
find:
- How competitive is Nigeria economy among OPEC
- Where do we need to improve and measure up?
- Any possible alliance with other OPEC for
economic development & competitiveness?

6. The 12 Pillars of GCI
Institutions
Infrastructure BASIC
REQUIREMENTS
Macroeconomic Environment
Health and Primary Education
Higher Education & Training
Goods Market Efficiency
Labor Market Efficiency EFFICIENCY
Financial Market Development ENHANCERS
Technological Readiness
Market Size
Business Sophistication INNOVATION &
SOPHISTICATION
Innovation FACTORS

7. OPEC Statistics:
Population Production
Country Region (million) Capacity (1,000 b/d)*
GDP per capita ($)
Algeria Africa 36.3 1,190 4,488
Angola Africa 19.05 1,691 4,478
Ecuador South America 14.31 476 3,984
Iran Middle East 75.35 3,544 4,741
Iraq Middle East 32.44 2,358 3,881
Kuwait Middle East 3.57 2,312 36,820
Libya Africa 6.56 1,487 11,314
Nigeria Africa 159.64 2,048 1,213
Qatar Middle East 1.7 733 75,643
Saudi Arabia Middle East 26.11 8,166 16,996
UAE Middle East 4.74 2,324 56,812
Venezuela South America 28.95 2,854 10,223
Africa = 33% | South America = 17% | Middle East = 50%
Highest Population, lowest GDP!
*b/d - barrels per day

8. GCI of OPEC
Primary Education
Higher Education
Financial Market
Score
Macroeconomic
Goods Market
Sophistication
Infrastructure
Labor Market
Technological
Development
Rank 2012
Environment
Index
Market Size
Institutions
Health and
Innovation
& Training
Readiness
Efficiency
Efficiency
Business
(2012)
Country
Qatar 14 5.39 5.17 6.4 6.28 4.62 5.04 4.86 4.96 4.74 3.86 5.27 4.69
Saudi Arabia 17 5.47 5.31 6.09 5.78 4.81 5.25 4.57 5.06 4.33 4.92 5.11 4.16
UAE 27 5.21 5.97 6.14 6.06 4.84 5.17 4.79 4.61 4.88 4.42 4.91 3.96
Kuwait 34 4.35 4.45 6.59 5.6 3.83 4.34 4.44 4.17 3.69 3.84 4.02 3
Iran 62 3.79 3.96 5.56 5.91 3.86 3.91 3.34 3.28 3.09 5.06 3.59 3.15
Algeria 87 3.11 3.43 5.72 5.5 3.51 3.38 3.41 2.64 2.83 4.35 2.93 2.37
Ecuador 101 3.11 3.39 5.21 5.68 3.85 3.57 3.37 3.47 3.1 3.84 3.57 2.77
Venezuela 124 2.42 2.72 3.85 5.48 4.17 2.89 2.88 3.11 3.36 4.46 3.15 2.5
Angola 139 2.91 1.89 4.23 2.89 1.91 3.21 3.96 2.67 2.65 3.83 2.42 2.05
Average Index 3.97 4.03 5.53 5.46 3.93 4.08 3.96 3.77 3.63 4.29 3.89 3.18
Nigeria 127 3.31 2.21 3.96 3.28 3.18 4.18 4.36 3.89 3.08 4.59 3.96 3.01
Infrastructure & Health!

9. The Most Competitive OPEC Economy:
Primary Education
Higher Education
Financial Market
Macroeconomic
Goods Market
% Growth
Sophistication
Infrastructure
Labor Market
Technological
Development
Rank 2012
Environment
Market Size
Institutions
Health and
Innovation
2011 - 2012
& Training
Readiness
Efficiency
Efficiency
Business
Country
Qatar 14 -2.88% -1.34% 12.08% -2.33% -4.55% -1.18% -3.38% 1.02% 6.76% 2.93% 8.66% 14.11%
Saudi Arabia 17 4.79% 4.73% 13.83% 2.48% 5.71% 2.74% 3.39% 4.76% 3.84% -1.01% 4.07% 6.12%
UAE 27 -0.76% -4.63% 8.67% -1.30% 0.83% -0.96% -0.42% -1.07% -5.97% 3.76% 1.45% 1.28%
Kuwait 34 -2.25% 8.27% 2.65% -1.41% -1.03% 0.46% -0.22% -1.18% 6.65% -1.03% -2.43% -0.99%
Iran 62 1.34% 5.60% 12.10% 0.34% 1.58% 1.56% -0.89% -0.30% -3.13% -0.59% 0.84% 1.29%
Algeria 87 -10.12% -1.72% 20.42% -1.08% -2.23% -5.32% -8.82% -6.38% -5.03% 2.11% -12.01% -13.82%
Ecuador 101 1.97% 6.60% 9.45% 1.25% 5.48% 6.25% 4.01% 1.46% 4.38% 0.79% 6.89% 13.99%
Venezuela 124 -0.41% -3.55% -1.28% 0.18% 1.71% 2.12% -1.03% 6.14% 2.75% -1.11% 2.94% -1.19%
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Angola 139 -9.63% 0.53% 17.17% 8.65% -10.33% -3.60% -6.16% -7.29% 2.32% 1.86% -8.33% -13.14%
Libya - - - - - - - - - - - - -
Nigeria 127 4.09% 9.41% -6.82% 9.33% 6.35% 5.29% 0.23% -2.51% 1.32% -1.29% 4.49% 4.88%
No entry for Libya due to 2011 political unrest
….is Qatar! Iraq has no data from WEF

10. Possible Alliances
Two countries from the OPEC made the Top20 Economy
List; they are Qatar & Saudi Arabia.
The top rated OPEC economies are all from the Middle
East.
The countries with most probable alliance are Saudi
Arabia and Qatar. Saudi Arabia achieved positive growth
in 10 of the 12 Pillars while Qatar achieved 5.
On the other hand, Nigeria could partner with individual
country based on their area of competitive advantage;
Institutions – Saudi Arabia, Infrastructure – Kuwait, Macroeconomic Environment –
Algeria, Health and Primary Education – Saudi Arabia, Higher Education & Training –
Saudi Arabia, Goods Market Efficiency – Ecuador, Labor Market Efficiency – Ecuador,
Financial Market Development – Venezuela, Technological Readiness – Qatar, Market
Size – UAE, Business Sophistication – Qatar, Innovation – Qatar.

11. Data source:
- The World Economic Forum https://www.weforum.org/
- WEF_GlobalCompetitivenessReport_2011 – 2012
- WEF_GlobalCompetitivenessReport_2010-11
- WEF_GlobalCompetitivenessReport_2009-2010fullreport
- OPEC: An Analysis of Future Economies and Aid – Rick Yang
- Organization of the Petroleum Exporting Countries
http://www.opec.org/
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Analysis by: Wale Micaiah
e: walegate@yahoo.com
m: 08078001800
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StatiSense ® - Wale Micaiah ©