The World Bank who released the taxonomy of growth performance in sub-Saharan Africa in its latest report on the regional economy titled, ‘Africa’s Pulse’, disclosed that Nigeria’s economy slipping.
According to the World Bank, Nigeria’s economy has been slipping since 1995 and this continued till 2018.
The apex bank who disclosed that its analysis involved a series of macroeconomic variables for 44 sub-Saharan African countries from 1995 to 2018, added that the taxonomy is used to help identify the factors that are correlated with success or failure in economic growth performance in sub-Saharan Africa, with emphasis on macroeconomic and financial variables.
The World Bank said, “The bottom tercile consists of 19 countries: Angola, Burundi, Botswana, the Republic of Congo, the Comoros , Gabon, Equatorial Guinea, Liberia, Lesotho, Mauritania, Malawi, Namibia, Nigeria, Sierra Leone, Eswatini, Chad, South Africa, Zambia, and Zimbabwe.
These countries did not show any progress in their economic performance from 1995–2008 to 2015–18. For instance, their median economic growth rate decelerated, from 5.4 per cent per year in 1995–2008 to 1.2 per cent per year in 2015–18.”
Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Guinea-Bissau, Kenya, Mali, Rwanda, Senegal, and Tanzania made the top tercile.
The middle tercile countries are Benin, the Central African Republic, Cameroon, the Democratic Republic of Congo, Cabo Verde, The Gambia, Madagascar, Mozambique, Mauritius, Niger, Sudan, São Tomé and Príncipe, Togo, and Uganda.