A competitive economy is one where the productivity level determines the rate of return investors can obtain in it. It is the one economy that is likely to sustain economic growth and development, enhance the productivity of nations for the general well-being of the citizenry. In the course of analyzing the Nigerian economy for the 21 st century, several factors have shown that the economy is not globally competitive. Among the reasons for the poor competitiveness status of the economy include: macroeconomic instability, infrastructural failure, weak public institutions, poor quality of manpower, and slow pace of technological development among others. The paper concluded that there has to be some sort of -structured national efforts‖ directed at building institutions, enacting sustainable policies and restructuring the Nigerian economy in the light of emerging domestic and global challenges. The paper recommended immediate development of Agriculture, Solid Minerals, Tourism and the Service sectors of the economy. The paper also suggested that the private sector should be supported to develop as the engine of growth to drive the economy. Specifically, Nigerian government must invest heavily to upgrade infrastructure, reduce corruption, and develop the capacity to acquire modern technology through emphasis on science/technical education, and other knowledge resources required to meet the challenges of the 21 st century.

Discourses on emerging markets have gained momentum in the literature as companies in slow-growing developed economies are intensifying their entrepreneurship and search for new growth opportunities in emerging economies. Emerging markets are countries that are restructuring their economies along market-oriented lines and offer a wealth of opportunities in trade, technology transfers and foreign direct investment (FDI). They serve as regional economic powerhouse, reminiscent of transitional societies undertaking political and economic reform, fast growing outward-oriented economies with efficient production for the domestic and export markets, political economy oriented towards entrepreneurship and free enterprise, market transparency, among others. After decades of economic turmoil, many African countries have started to make steady progress towards creating market-enabling institution. Based on a synthesis from the literature and using Nigeria as a context, this review paper argues that Nigeria has fallen short of most of the fundamental characteristics necessary to transition to an emerging economy categorization. This means that Nigeria is weakly adapted to the changed view of market-led development. Although the country is considered a regional economic powerhouse, she is only listed as a 'Frontier country' because of weak critical institutional characteristics, more evident in areas such as infrastructural development; privatization of state owned enterprises (SOEs); outward orientation; political and economic reforms and market transparency. The paper concludes, by arguing that for Nigeria to ascend a higher grade in the emerging market taxonomy, some important institutional refinements are necessary. These include: macroeconomic reform and development to drive exports; improved infrastructure, especially power supply; serious political reforms to ensure credible political leadership; and disciplined and ethical revolution to ensure credible corporate governance in both the private and public sectors of the economy.