CNNMoney has passed a damning verdict on the performance of Nigeria’s economy by declaring it the worst in Africa.
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.
“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 had 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 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.