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Nigeria Lags in DHL Global Connectedness Index
DHL released the fifth edition of the DHL Global Connectedness Index (GCI) this week – a detailed analysis of globalization, measured by international flows of trade, capital, information and people.
Mauritius emerges sub-Saharan Africa’s most connected country; Mozambique named as one of the countries where international flows most exceed expectations.
The new GCI report represents the first comprehensive assessment of developments in globalization across 169 countries and territories since the Brexit referendum in the United Kingdom and the 2016 presidential election in the United States.
In Sub Saharan Africa, the highest ranking country was Mauritius, which featured in 40th position, while South Africa was named the highest ranking country on the African continent itself, with an overall ranking of 56th place.
“As the world continues to globalize, there are still many opportunities for intercontinental & intra regional trade, particularly for emerging economies in Sub Saharan Africa,” says Hennie Heymans, CEO of DHL Express Sub Saharan Africa. “Globalization is a key driver for growth and fiscal security, which is evident in countries that have embraced it. We are confident about continued further growth in the region with new trade agreements coming into effect, to support regional collaboration.”
“Surprisingly, even after globalization’s recent gains, the world is still less connected than most people think it is,” commented GCI co-author Steven A. Altman, Senior Research Scholar at the NYU Stern School of Business and Executive Director of NYU Stern’s Center for the Globalization of Education and Management.
“This is important because, when people overestimate international flows, they tend to worry more about them. The facts in our report can help calm such fears and focus attention on real solutions to societal concerns about globalization.”
At the global level, the GCI shows, for example, that just about 20% of economic output around the world is exported, roughly 7% of phone call minutes (including calls over the internet) are international, and only 3% of people live outside the countries where they were born. The report also debunks the belief that distance is becoming irrelevant. Most countries are much more connected to their neighbors than to distant nations.
The GCI continues to reveal vast differences between levels of globalization in advanced versus emerging economies. Emerging economies trade almost as intensively as advanced economies, but advanced economies are more than three times as deeply integrated into international capital flows, five times for people flows, and almost nine times with respect to information flows.
Additionally, while leaders from large emerging markets have become major supporters of globalization on the world stage, emerging economies’ progress catching up in terms of global connectedness has stalled.
Mozambique beats expectations
Mozambique was named as one of the five countries where international flows exceed expectations the most. This is positive news for the region, because deeper global connectedness can help accelerate countries’ economic growth.
One cause for optimism regarding further growth potential for Sub Saharan Africa, is the signing of the African Continental Free Trade Agreement (AfCFTA), signed by 49 countries in March 2018. According to a study by the UN Economic Commission for Africa, full implementation of the AfCFTA could double intra-African trade and boost the whole continent’s global connectedness.
In spite of growing anti-globalization tensions in many countries, connectedness reached an all-time high in 2017, as the flows of trade, capital, information and people across national borders all intensified significantly for the first time since 2007. Strong economic growth boosted international flows while key policy changes such as US tariff increases had not yet been implemented.
The 2018 index measures the current state of globalization, as well as individual rankings for each country, based on the depth (intensity of international flows) and breadth (geographical distribution of flows) of countries’ international connections.
The world’s top five most globally connected countries in 2017 were the Netherlands, Singapore, Switzerland, Belgium and the United Arab Emirates. Eight of the top 10 most connected countries are located in Europe, helping make it the world’s most connected region, in particular for trade and people flows.
North America, the leader in capital and information flows, ranked second among world regions, followed by the Middle East and North Africa in third place.
Bosun Tijani, minister for Communication, Innovation and Digital Economy, has stated that the federal government is geared towards creating about one million technology jobs for teeming Nigerian youth.
Tijani stated this at the official opening of a solar-powered community ICT center built by the National Information Technology Development Agency (NITDA) in Abeokuta, as part of activities marking the 38th Lisabi festival.
The minister emphasised the commitment of President Bola Tinubu’s administration to invest in the digital economy, driving inclusive growth and empowering the country’s teeming youth population.
“The president made it very clear when I came into office, that he will spend efforts and resources in creating one million technology jobs. So, for anybody that is following the development in the world today you will see that there’s no world without technology.
“There is a strong shortage of technology workforce all over the world, and while a lot of the developed countries have ageing population, and not giving birth to kids, in Nigeria, the average age is 16.9, so our young people are being projected to be the workforce of the future, not only for Nigeria.
“This center here is one of many. In the next two months, we are launching about 30 of them all over the country. This center will be properly animated and we will put resources into ensuring that there are courses for young people to come and take here.
“We are also going to ensure that there are job opportunities that we can connect them to and if anyone wants to follow, follow the three million Technical Talent Program which we have started already in the country”, he said.
He therefore charged the youth to remain focus, and not be discouraged, adding that there is massive employment opportunities in technology as there is no enough people to work in technology all over the world.
“If you ask anyone that works in technology, the entry salary is between N350,000 to N500,000. Technology pays really well, so instead of worrying about things being hard, they should take advantage of centers like this, empower themselves and go for the opportunities the world has to offer them”, he added.
Speaking earlier, Oba Adedotun Are, Alake and Paramount ruler of Egbaland, lauded President Tinubu for approving the centre in Abeokuta, saying that this has no doubt marked another new dawn for the people of Egbaland, given rapid growth, development, and economic empowerment of the people.
National Institute for Policy and Strategic Studies (NIPSS) has predicted that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and other local refineries commence full operations.
Speaking on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo expressed optimism that fuel prices would fall once more refineries become operational.
He projected that petrol prices could drop to around N750 per litre before the end of the year with a more stable exchange rate.
“We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place.
Omotayo acknowledged the current economic hardships but insisted that the policy would benefit Nigerians in the long run.Traditional Nigerian cuisine
“The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians” he stated
U.S. President Donald Trump has stated that a deal for the sale of TikTok’s U.S. operations is expected to be finalized before the April 5 deadline.
U.S. President Donald Trump
The deadline, set by legislation passed in January, mandates TikTok’s Chinese parent company, ByteDance, to divest its U.S. assets or face a nationwide ban due to national security concerns.
Multiple non-Chinese firms have expressed interest in acquiring TikTok’s U.S. operations.
Private equity firm Blackstone is considering a minority investment, potentially joining existing non-Chinese shareholders such as Susquehanna International Group and General Atlantic.
In a strategic move to facilitate the sale, Trump suggested that he might consider a reduction in tariffs on China, acknowledging that Chinese regulatory approval may be required for the deal to proceed.
The White House has been actively involved in negotiations to ensure that TikTok remains operational in the U.S. while addressing national security risks.
With TikTok’s 170 million American users watching closely, the outcome of the sale is expected to have a major impact on the social media landscape and the broader tech industry.
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