Nigeria Vanish From The List Of Fastest Growing Economies Under Buhari

Under the administration of President Muhammadu Buhari, which is less than a year old, Nigeria has fallen off the list of fastest growing economies in the world.

The list, which is compiled by Cable News Network, CNN, an independent observer, under their money show, CNN Money, saw Nigeria leaving the list of top 5 fastest growing economies for 2016.

India, Qatar, China, Philippines and Bangladesh made the list which was released over the weekend. India had a growth rate of 7.5%, while Qatar and China had growth rates of 7.1% and 6.8% respectively. Phillipines and Bangladesh followed with 6.7% and 6.3%.

Last year,Nigeria made the list with a growth rate of 7.0%,behind China's 7.3% and Qatar's 7.1%.

Nigeria is not the only country who fell off the list as Iraq which was 4th on the list with 6.7% growth rate in 2015 was also not on the list in 2016.

Under the immediate past administration, Nigeria was also adjudged as having the largest economy in Africa.

Many have chalked the decline of the Nigerian economy to the falling oil prices which hit record low at some point, the fall of the Naira as well as the country’s dwindling foreign reserves.

Others have blamed the President for his lackadaisical attitude towards the economy, as almost a year later, he has yet to appoint an economic adviser.

Ekiti State Governor, Ayodele Fayose, of the Peoples Democratic Party, PDP, has called out Buhari several times on his handling of the nation’s economy, while Minister of Information and Culture, Lai Mohammed, has continued to claim that the economic situation was under the President’s control.

Under President Johnathan

Under Buhari