Nigeria: 6th best economy in Africa in 2010 - UNECA

Nigeria: 6th best economy in Africa in 2010 - UNECA

A report from the United Nations (UN) Economic Commission for Africa (UNECA) has rated Nigeria as one of the 10 economies that grew fastest in Africa in 2010.

The 2011 African Economic Outlook published by UNECA said Nigeria had 6.9 per cent growth rate during the year under review and was the sixth on the continent.

The report also rated Ghana as the fastest growing country with 12 per cent economic growth, followed by Ethiopia with 10 per cent, while DR Congo was rated the third with 8.4 per cent growth.

Tunisia, Libya, Egypt, Cote d’Ivoire, Benin, Comoros, Madagascar, Swaziland, South Africa and Lesotho were also reported as countries with slowest economic growth in Africa.

The report stated that a robust growth had been registered in Sub-Sahara Africa, while the growth rate in North Africa was much lower, due to the political unrest in the region.

Stagnation

According to the report, “GDP growth in North Africa in 2010 has declined to 0.7 per cent from 4.7 in 2010. The unrest in North Africa led the region to near stagnation”

The report also said East Africa had shown the greatest GDP growth of 6.7 per cent and was expected to remain steady in 2012.

It urged African countries to rethink their overall engagement strategies with their new and old partners.

The report also called on African countries to improve their national strategic development through trade, cooperation, and investment.

NP/Adekusibe/Ekata