IMF drops Nigeria out of world ratings for fastest growing economies

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 newly-inaugurated President Muhammadu Buhari’s government. 

The IMF World Economic Outlook for 2016, as revised in April rates Cote D’Ivoire as the fastest growing economy in Africa for 2016 with an anticipated 8.5 percent rise in GDP while Chad is the slowest as it is being expected to record negative growth of -0.4 percent. 

With the recent increase of oil price to $40/barrel (although it has been fluctuating), it expected that Nigeria’s status may soon start rising after her heavy dependence on oil as a major source of revenue has cost her a lot in the nation’s stability.