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Nigeria drops out of top 15 fastest growing economies in Africa

27 April 2016, 15:11

Lagos - Nigeria has dropped out of the top 15 fastest growing economies in Africa in 2016, Vanguard reports.

The country was once the world's 3rd fastest growing economy.

Having enjoyed substantial growth in the last decade, Nigeria's economy has now slowed down considerably and currently finds itself outside the top 15 fastest growing economies in Africa for 2016, the report said.

In the previous two years, Nigeria found itself only behind China and Qatar in gross domestic product (GDP) growth, according to CNNMoney.

Also read: EFCC uncovers $12.9 billion more arms deal fraud

According to the International Monetary Funds (IMF) World Economic Outlook for 2016, the fastest growing economy in Africa is Cote d'Ivoire, with the slowest being Chad, which is expected to have a negative growth.

With a GDP growth rate of 2,3 Nigeria is expected to see its poorest GDP growth since its return to democracy in 1999. This is a concern for the IMF and World Economic Forum (WEF) that will have a meeting on Africa in May.

For more, visit Vanguard.

- News 24

Tags imf economy

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