StatiSense ® - Wale Micaiah ©

OPEC GCI:OPEC GCI:OPEC GCI:OPEC GCI:Nigeria & Nigeria & Nigeria & Nigeria & OPEC OPEC OPEC OPEC

EconomiesEconomiesEconomiesEconomies

OPEC GCI:OPEC GCI:OPEC GCI:OPEC GCI:Nigeria & Nigeria & Nigeria & Nigeria & Organization of the Organization of the Organization of the Organization of the

Petroleum Exporting CountriesPetroleum Exporting CountriesPetroleum Exporting CountriesPetroleum Exporting Countries

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; educationeducationeducationeducation, transportationtransportationtransportationtransportation,

telecommunicationstelecommunicationstelecommunicationstelecommunications, healthcarehealthcarehealthcarehealthcare, etc. If these investments are made while oil

revenues are steadily increasing, OPEC member countries will benefit socially

and economically in the future”. (Rick (Rick (Rick (Rick Yang)Yang)Yang)Yang)

How is Nigeria economy fairing compared to the

OPEC?

This study concentrate on oil producing countries

that are current OPEC members; with data from TheTheTheThe

WorldWorldWorldWorld EconomicEconomicEconomicEconomic ForumForumForumForum – 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.

Methodology of Study:Methodology of Study:Methodology of Study: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?

The 12 Pillars of GCIThe 12 Pillars of GCIThe 12 Pillars of GCIThe 12 Pillars of GCI� Institutions

� Infrastructure

� Macroeconomic Environment

� Health and Primary Education

� Higher Education & Training

� Goods Market Efficiency

� Labor Market Efficiency

� Financial Market Development

� Technological Readiness

� Market Size

� Business Sophistication

� Innovation

BASIC

REQUIREMENTS

EFFICIENCY

ENHANCERS

INNOVATION &

SOPHISTICATION

FACTORS

OPEC Statistics:OPEC Statistics:OPEC Statistics:OPEC Statistics:

*b/d - barrels per day

Country RegionPopulation

(million)

Production

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!

GCI of OPECGCI of OPECGCI of OPECGCI of OPEC

Score

Index(2012)

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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!

No entry for Libya due to 2011 political unrest

Iraq has no data from WEF

% Growth2011 - 2012

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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%

< < < < N i g e r i a > > > >

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%

The Most Competitive OPEC Economy:The Most Competitive OPEC Economy:The Most Competitive OPEC Economy:The Most Competitive OPEC Economy:

….is Qatar!

Possible AlliancesPossible AlliancesPossible AlliancesPossible 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.

StatiSense ® - Wale Micaiah ©

Freely share, freely use and freely acknowledge the source – © Wale Micaiah

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/

Analysis by: WaleWaleWaleWale MicaiahMicaiahMicaiahMicaiah

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