Creativity, Innovation and Competitiveness in Nigeria: An Economic Exploration

Abstract

Creativity and innovation are important determinants of competitiveness, without which a nation or economy hardly becomes competitive. They are centeral to the development of any economy and as such a country must constantly keep abreast and adapt continuously to pave the way for significant improvement in contemporary times. This paper attempts an economic discourse of creativity, innovation and competitiveness using various indices for their measurements and examining critically where Nigeria (the country of interest) is positioned. The study reveals that Nigeria has a very low degree of creativity, innovation and competitiveness, when compared to other nations and this poses a threat to the diversification of the Nigerian economy championed by the present administration. The study recommends that Nigeria should take urgent concrete steps in addressing weaknesses in infrastructure, macroeconomic policy and security; while adequate investment should be made on human capital development.