April 26, 2016

Nigeria Drops Out Of Fastest-growing Economies In The World

Nigeria Drops Out Of Fastest-growing Economies In The World

Nigeria’s rating as one of the fastest growing economies in the world has plummeted drastically, the International Monetary Fund (IMF) has revealed.

Nigeria was in 2014 and 2015, rated the third fastest growing economy in the world after China (7.3 percent GDP growth) and Qatar (7.1 percent GDP) by CNNMoney, is not even among the 15 fastest growing economies in Africa for 2016.

This drop in economic status of the country which now stands at 2.8 percent in GDP, has been blamed on the uncertainty that followed the 2015 elections, the unprecedented crash in crude oil price, and late revelation of policy direction by the year-old President Muhammadu Buhari-led government.

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