Highlights

BUHARI POSTS NIGERIA’S POOREST ECONOMIC RESULT

Having enjoyed blissful growth over the past decade, Nigeria was one of the fastest growing economies in the world, but it is not one of the 15 fastest growing economies in Africa for 2016. 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. For 2016, however, the coast is cloudy, and Nigeria is nowhere near the fastest growing economies in Africa. 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. Cote d’Ivoire is expected to experience an 8.5 percent rise in GDP, while Nigeria’s neighbour, Chad, would see a -0.4 percent growth. Cote D’Ivoire (8.5%), Tanzania (6.9%), Senegal (6.6%), Djibouti (6.5%), Rwanda (6.3%), Kenya (6.0%), Mozambique (6.0%), Central African Republic (5.7%), Sierra Leone (5.3%) Uganda (5.3%). Madagascar, Zambia and Chad are expected to see a growth of 4.1 percent, 3.4 percent, 3.2 percent respectively. The fastest growing economies in Africa by GDP growth rate, as projected by IMF for 2016, are: Cote D’Ivoire (8.5%), Tanzania (6.9%), Senegal (6.6%), Djibouti (6.5%), Rwanda (6.3%), Kenya (6.0%), Mozambique (6.0%), Central African Republic (5.7%), Sierra Leone (5.3%) and Uganda (5.3%). DR Congo expects a GDP growth of 4.9 percent, Cameroon; 4.9 percent, Ethiopia; 4.5 percent, Ghana; 4.5 percent and Republic of Congo; 4.4 percent. Madagascar, Zambia and Chad are expected to see a growth of 4.1 percent, 3.4 percent, 3.2 percent respectively. Major oil exporters, Angola and Nigeria, hard hit by the slump in crude oil prices, are projected to see a growth 2.5 and 2.3 percent. At 2.3 percent, Nigeria is expected to see its poorest GDP growth since the return of Democracy in 1999.

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