A recent report released by McKinsey Global Institute’s research arm has ranked Nigeria and 10 other emerging countries as non-performing economies.
According to the report, the other non-performing economies include Argentina, Brazil, Egypt, Mexico, Pakistan, Poland, Russia, the Philippines, South Africa and Turkey.
However, the report showed that China and India led the outperforming economies accounting for almost two-thirds of the world’s GDP.
According to the report, the outperformers have been the engine for lifting almost one billion people out of extreme poverty.
It also revealed that only Ethiopia in the Sub-saharan region was an out-performer.
The report noted that countries in sub-Saharan Africa lack diversity noting that more than 90% of goods exported from Nigeria and Angola are oil-related.
The report said improving infrastructure and continuing to build out government effectiveness to attract foreign investment remain important opportunities for the region.
