CNN Money Ranks Nigeria 3rd Fastest Growing Economy in 2015

According to a Tweet posted by @CNNMoney Nigeria with an estimated 7.0% growth is ranked 3rd fastest growing economy in 2015, coming behind Qatar (7.1%) and China (7.3%).

CNN Money Says Nigeria is 2nd Fastest Growing Economy in 2015

Following the ‘rebasing’ of its GDP in 2014 Nigeria became Africa’s largest economy. The country’s GDP now includes previously uncounted industries like information technology, telecoms, online sales, film production, airlines and music. According to the Nigerian statistics office, the country’s total GDP for 2013 was N80.3 Trillion (£307.6bn; $509.9bn).

It is likely that much of this growth is as a result of increasing Foreign Direct Investment to the country. In an interview with CNN Money’s Charles Hudson, Zenith Group Chairman and one of Nigeria’s richest men, Jim Ovia, stated that, “Return on investment in Nigeria is about 30% compared with 7% obtainable elsewhere in the world.”

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