The CNNMoney, a business analysis programme on the influential Cable Network News, CNN, has declared Nigeria as the worst performing economy in Africa, barely two months after it estimated the country as one of the fastest-growing economies in the world.
According to the business analysis programme, the country is facing harsh economic realities and a rapid depletion of its reserves.
“Nigeria’s currency is trading at a record low against the United States (US) dollar,” it said, adding that “The stock market has slumped 15 percent this year –making it the worst performer in Africa – and financial reserves are being depleted.”
In January, CNNMoney ranked Nigeria next to China and Qatar in its rating of fast-growing economies – a survey based on International Monetary Fund (IMF) world economic outlook.
“By our estimate, the fastest growing economies in 2015 will be China, Qatar and Nigeria. Nigerian economy, growing by 7.0 percent, came after China 7.3 percent and Qatar 7.1 percent,” CNNMoney said in January.
The rating whipped sentiment amidst the leading political parties in Nigeria, with Olisa Metuh, the Peoples Democratic Party (PDP), national publicity secretary, claiming that the ratings were proof that the president and the party’s presidential candidate, Goodluck Jonathan were working.
“The attestation of a world leading media institution about a thriving performance and a bright future for our economy is another sign that Nigeria is safe and well-led under the PDP,” Metuh said.
The American business news outfit further said the country is experiencing a fall in its oil production capacity, political uncertainty and insurgency.
“Nigeria is currently pumping about 1.8 million barrels of crude oil per day, making it OPEC’s 7th biggest producer – alongside Angola,” it added.
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