ECONOMY
The Nigerian economy has been adversely affected by external shocks, in particular a fall in the global price of crude oil. Growth slowed sharply from 6.2% in 2014 to an estimated 3.0% in 2015. It is estimated that Inflation increased from 7.8% to 9.0% in the same year.
The sluggish growth is mainly attributed to a slowdown in economic activity which has been adversely impacted by the inadequate supply of foreign exchange and aggravated by the foreign exchange restrictions targeted which has affected the manufacturing and agro-industry’s ability to source for much need inputs for production. This has resulted in cuts in production and shedding of labour in some sectors.
Ebonyi, one of the least populated states in the country stands out as the top state for its economy in these rankings. It is also joined by a medium sized state, Zamfara which came in 5th. Of the nation’s ten biggest states, only three Oyo, Rivers and Lagos, stand among the top 10 economically.
Three metrics were used to rank the nation's strongest economies