The Islamic Development Bank has rated the Nigerian economy as the third fastest economy in the world with the GDP of 7.68 per cent. The two countries ahead of Nigeria according to IDB rating, are Mongolia (14.9 per cent) and China (8.4 per cent)
Minister of State, Finance, Yerima Ngama disclosed this yesterday at the weekly Federal Executive Council (FEC) meeting during his presentation on the outcome of the last (37th) meeting of the Islamic Development Bank (IDB).
According to Ngama, IDB places Nigeria among the middle income countries.
He told newsmen that the rating was a significant development as it shows growing investors' confidence in Nigeria, and indicative of the country being on track to achieving Vision 2020:20 in the next eight years, with Nigeria among the top 20 economy in the world by then.
"This is even more so as, according to projections of the IDB which has 56 member countries, Nigeria's competitors are not moving at a faster rate, meaning that Nigeria is soon to become the fastest growing economy in the world," he said.
"Today in council, I submitted a report on the presentation made at the 37th Annual General Meeting of the Islamic Development Bank, IDB. The bank has 56 member countries and at AGM, each country is expected to present a report on the economic development in the country."
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