Weak Currency: CNN Money drops Nigeria in list of countries to watch In 2016

Nigeria has been dropped from a shortlist of countries to watch in 2016 according to a CNN money report.

The new list of the economies to watch comprises; Rwanda, Tanzania, Ethiopia, Mauritius 

The report attributed weak currencies as the reason Africa’s No. 1 Economy Nigeria and giant South Africa did not make the list. Falling oil prices constituted a threat to Nigeria, it noted.

The CNN money report says that the list of economies to watch are from “unexpected places” which “are all showing promise with strong growth rates, albeit from a low base”.

CNN highlights that while most African countries have been impacted by slowing growth in China and the tightening of interest rates by the U.S. Federal Reserve, it’s not all gloomy.

Sub-Saharan Africa is still expected to clock in growth of 3.75% in 2016 and is still home to some of the fastest growing economies in the world.

The report comes as world leaders and business figures gather in Davos for the World Economic Forum.

While the aforementioned countries don’t have a big presence in Davos, “they are currently the most resilient economies in Africa”.

CNN money reported that Nigeria was one of the top three fastest growing Economies in the world alongside China and Qatar in 2015.