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.