The situation of Nigeria’s economy is definitely not at its best as it has nosedived from ranking as 3rd fastest growing economy in Africa in 2015 to not even among the top 15 economies in 2016.
China and Qatar and Nigeria were the third fastest growing economy in 2014 and early 2015, according to CNNMoney.
However, Cote d’Ivoire has been ranked the fastest growing economy according to a review done in April 2016 by the International Monetary Funds (IMF) World Economic Outlook.
Chad was named the slowest economy for the year under review and it is expected to record negative growth of -0.4 percent.
The GDP growth of the countries under review were given as follows: Cote d’Ivoire 8.5 percent; Tanzania 6.9 percent; Senegal 6.6 percent; Djibouti 6.5 percent; Rwanda 6.3 percent; Kenya 6.0 percent; Mozambique 6.0 percent; Central African Republic 5.7 percent; Sierra Leone 5.3 percent; Uganda 5.3 percent; DR Congo 4.9 percent, Cameroon; 4.9 percent, Ethiopia; 4.5 percent, Ghana; 4.5 percent and Republic of Congo; 4.4 percent; Madagascar 4.1 percent; Zambia 3.4 percent; Chad 3.2 percent; Angola 2.5 percent and Nigeria 2.3 percent.
The IMF listed the fastest growing economies in Africa by GDP growth rate for 2016 as: Cote D’Ivoire 8.5 percent; Tanzania 6.9 percent; Senegal 6.6 percent; Djibouti 6.5 percent; Rwanda 6.3 percent; Kenya 6.0 percent; Mozambique 6.0 percent; Central African Republic 5.7 percent; Sierra Leone 5.3 percent; Uganda 5.3 percent.
Nigeria’s recent ranking has been described as the poorest GDP growth since the return of Democracy in 1999.
Nigeria has been plagued with a huge slump in crude oil prices and the development has taken its toll on the nation’s GDP.
This development has become a point of concern for the IMF, and the World Economic Forum (WEF).
The World Economic Forum observed that Africa’s positive economic outlook is under pressure with the growth rate expected to remain just under 5 per cent.
Foreign direct investment flows are expected to continue to grow, although at a slower pace.
Rwanda, which prides as one of the most competitive economies in Africa has transformed dramatically since the 1994 genocide and is now placed 5th in the fastest growing African economies.
WEF said: “It is important to recognize the challenges that many African economies face – the commodities slump, currency devaluations and geo-security risks all threaten growth.”
The 2016 edition of the World Economic Forum on Africa is scheduled to hold between Wednesday, May 11 and Friday, May 13, 2016 in Kigali, Rwanda.
One of the agenda of the meeting is to enable the forum highlight the need for diversification in order to ensure inclusive economic growth, tapping into the fourth industrial revolution’s potential to create new industries and help reduce inequality across the continent.
