NIGERIA DROPS FROM WORLD’S 3RD FASTEST GROWING ECONOMY TO 15TH IN AFRICA

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Having enjoyed blissful growth over the
past decade, Nigeria was one of the fastest
growing economies in the world, but it is not
one of the 15 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.
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.
Cote D’Ivoire (8.5%), Tanzania (6.9%), Senegal
(6.6%), Djibouti (6.5%), Rwanda (6.3%), Kenya
(6.0%), Mozambique (6.0%), Central African
Republic (5.7%), Sierra Leone (5.3%) Uganda