Nigeria’s economy is on a roll. West Africa’s largest economy has clocked an average growth of 6.45 percent, which is 2.39 percent higher than the combined percentage of 4.06 for the BRICS countries comprising Brazil, Russia, India, China and South Africa.
Nigeria, Africa’s most populous nation which is home to 170 million people, has now surpassed South Africa to become the continent’s top economy after its GDP was revised up by 89 percent. Nigeria’s economy is now estimated to be $509 billion. An oil-powered economy, the West African country is the country is the world’s eighth-largest oil exporter. Nigeria accounts for around 12 per cent of India’s total imports, making Nigeria Africa’s largest oil importer to New Delhi.
The BRICS, once the darling of international investors, has lost some of its lustre with economic slowdown dragging down growth rates of BRICS countries. The International Monetary Fund (IMF) has downgraded forecasts for BRICS for, with Brazil dropping from 2.3 percent to 1.8 percent and Russia from 2.0 percent to 1.3 percent.
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