These are the 15 fastest growing economies in Africa — and Nigeria is NOT one
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.
Following the 2015 election uncertainty, crash in crude oil price, and prolonged revelation of policy direction by the newly-inaugurated Muhammadu Buhari-led government, Nigeria’s GDP for 2015 crashed to 2.8 percent.
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.
Africa’s Fastest Growing Economies
| Country | Projected Growth | Rank |
|---|---|---|
| Cote d’Ivore | 8.5% | 1 |
| Tanzania | 6.9% | 2 |
| Senegal | 6.6% | 3 |
| Djibouti | 6.5% | 4 |
| Rwanda | 6.3% | 5 |
| Kenya | 6.3% | 6 |
| Mozambique | 6.0% | 7 |
| CAR | 5.7% | 8 |
| Sierra Leone | 5.3% | 9 |
| Uganda | 5.3% | 10 |
| Source: IMF |
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.
This development has become a point of concern for the IMF, and the World Economic Forum (WEF), which would be having its meeting on Africa later in 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 explained.
The Forum says its May meeting will highlight the need for diversification in order to ensure inclusive economic growth, tapping into the fourth industrial revolution’s potential to create new industries and help reduce inequality across the continent.
The World Economic Forum on Africa 2016 will take place in Kigali, Rwanda from 11-13 May.
How are the mighty falling…..
in the name of ‘change’
How does the GDP affects or help the individual who isn’t living in the rural areas?…….weather with an increase or decrease in the GDP , let’s help these people to benefit from the economy by getting the needed and necessary education and a living that will help them live a calm live. We shouldn’t just praise these figures and many people will be there suffering but instead let the poor people enjoy this economic growth