Wednesday, 27 April 2016

Report: Nigeria not on the list of 15 fastest growing economies in Africa.

After years of being among the fastest growing economy globally, Nigeria have failed to make the top 15 list of fastest growing economies in Africa for 2016.

In 2014 and early 2015, Nigeria was named the third fastest growing economy in the world by CNNMoney, with China and Qatar, taking the lead at 7.3 percent, 7.1 percent gross domestic product (GDP) growth.

Following the 2015 election uncertainty, crash in crude oil price, and prolonged revelation of policy direction by the newly-inaugurated Muhammadu Buhari-led government, Nigeria’s GDP for 2015 crashed to 2.8 percent.

For 2016, however, the coast is cloudy, and Nigeria is nowhere near the fastest growing economies in Africa.

According to the International Monetary Funds (IMF) World Economic Outlook for 2016, as revised in April, the fastest growing economy in Africa for 2016 is Cote d’Ivoire and the slowest is Chad, which is expected to record negative growth.

Cote d’Ivoire is expected to experience an 8.5 percent rise in GDP, while Nigeria’s neighbour, Chad, would see a -0.4 percent growth.





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