>
Over the past decade, Nigeria has featured prominently on the list of the fastest growing economies in Africa and indeed, the world.
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.
But now, the most populous black nation in the world is not one of the 15 fastest growing economies in Africa for 2016. This development is in the face of the crash in crude oil price, falling naira and delay in signing the 2016 budget.
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.
See the list below:
COUNTRY | PROJECTED GROWTH | RANK |
---|---|---|
Cote d’Ivore | 8.5% | 1 |
Tanzania | 6.9% | 2 |
Senegal | 6.6% | 3 |
Djibouti | 6.5% | 4 |
Rwanda | 6.3% | 5 |
Kenya | 6.3% | 6 |
Mozambique | 6.0% | 7 |
CAR | 5.7% | 8 |
Sierra Leone | 5.3% | 9 |
Uganda | 5.3% | 10 |
Source: IMF |
Others are:
11. DR Congo – 4.9%,
12. Cameroon – 4.9%
13. Ethiopia – 4.5 %
14. Ghana – 4.5%
15. Republic of Congo – 4.4 %
16. Madagascar – 4.1%
17. Zambia – 3.4%
18. Chad – 3.2 %
Major oil exporters, Angola and Nigeria, hard hit by the crash in crude oil prices:
19. Angola – 2.5 %
20. Nigeria – 2.3 %