Switzerland leads Most Innovative Countries, Nigeria ranks among lowest – WIPO Report

Switzerland has been ranked as the Most Innovative Country in the world in 2024, according to an index published on Tuesday by the World Intellectual Property Organisation (WIPO) in Geneva, reports Political Economist NG reports

Among the 133 countries ranked, Switzerland is ahead of Sweden and the United States, while China made the top ten for the first time. Nigeria ranked a dismal 113^th place and placed 12^th among African nations featured in the ranking.

Political Economist NG reports that Switzerland has topped the Global Innovation Index for well over a decade, out of more than 130 countries.

The top three are the same as a year ago, followed by South Korea, which has moved up two places, and Singapore, which has slipped back one place. Asian countries made a strong showing in the latest ranking underscoring good governance code inherent in those nations.

The report also showed a slowdown in investments in innovation within the period. WIPO Director General Daren Tang talks of “encouraging progress” and “challenges that remain”. He also called for innovation ecosystems to be supported and nurtured.

For instance, growth in research reportedly fell to 2.9%, the lowest in 15 years. Real business spending on research was only 1% due to inflation. But those active in new technologies increased their investment, WIPO report said.

Political Economist NG reports that Morocco ranked 66^th in the world and the best in Africa followed by South Africa at 69^th position. Tunisia (81), Egypt (86), Botswana (87), Carbo Verde (90), Senegal (92), Kenya (96), Ghana (101), Rwanda (104), Ivory Coast (112) are all ahead of Nigeria in the latest ranking.

According to WIPO, “the Global Innovation Tracker 2024 provides a comprehensive analysis of the current state of global innovation. Findings highlight progress as well as challenges across four key stages of the innovation cycle: science and innovation investment, technological progress, technology adoption, and the socioeconomic impact of innovation.”

The report said innovation investments witnessed a major downturn in 2023, a reversal of the 2020–2022 boom.