Nigeria used to be one of the fastest growing economies in the world, but things have taken a turn for the worse in recent times with all the economic unrest in the country.
Things have gotten so bad that in the IMF list of 15 fastest growing economies in Africa for 2016, Nigeria is missing.
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.
And now merely a year later, the country can’t make the list for fastest growing economies in Africa talkless of the world.
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.
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