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 is compiled by Cable News Network, CNN, 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 was on the list with a growth rate of 7.0%, behind China's 7.3% and Qatar's 7.1%. Under the immediate past administration, Nigeria was also adjudged as having the largest economy in Africa. Many have blamed 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 careless attitude towards the economy, as almost a year later, he has yet to appoint economic advisers.