As far as economic growth goes, Nigeria’s greatness has faded into past glory. From the 3rd fastest growing economy in the world in 2015, Nigeria has gone down and away from the top 15 ranking of Africa’s fastest growing economies in 2016.
From internal militant insurgencies, to currency devaluation, to the global decline in oil price, the oil nation has suffered a great deal of setbacks in growing her economy to the anticipated 202o world economy vision.
According to the revised 2016 International Monetary Funds (IMF) World Economic record, leading on the list of Africa’s fastest growing economies is Cote d’Ivoire. Cote d’Ivoire is expected to experience an 8.5% rise in GDP.
The IMF report for the year makes an economic growth projection of 2.5% and 2.3 % for Angola and Nigeria respectively. The two oil nations were the most investment-friendly oil nations in 2014 and 2015.
In a recent discussion with world bank, President Buhari said that the nation will borrow a loan of N1.8 trillion to fund the N6 trillion fiscal budget for the year.
“We would like to know how we can help Nigeria to make the very important decisions, whether on micro economic policy and other sectoral policy, that will make this economy move forward to become a strong middle income country.”- Sri Mulyani Indrawati, World Bank.
Nigeria is experiencing the worst economic setback since 1999. As much as diversifying the economy in necessary for the oil nation, fighting corruption is not ruled out. For instance the latest $12.9 billion discovery of the arms deal fraud reveals the height at which corruption has gone in the Nigerian government.
Generally there is melt down in the growth of African economies. As a result, The World Economic Forum(WEF) scheduled for next month will be a platform to address the issue. The forum will take place in Kigali, Rwanda from 11-13 May.
“It is important to recognize the challenges that many African economies face – the commodities slump, currency devaluations and geo-security risks all threaten growth,” -WEF