Kenya's Economy Grows Bigger as Oil Slump Crashes Nigeria's Economy

Kenya's economy is reportedly growing at a faster rate following the effect of reduced oil prices on Nigeria's economy.

Blomberg reports that investors skittish about Nigerian assets are casting their eyes across the continent to Kenya. The World Bank raised its growth forecast for Kenya on March 5, saying oil prices that have tumbled 48% since June would boost Kenya's economy .Justifying the world bank's stance, Standard Chartered East Africa CE Lamin Manjang said, ''Kenya has managed to diversify. It is not a commodity-driven economy like Nigeria''.

Kenya, with 41-million people and a gross domestic product of $55bn, is the biggest economy in East Africa, with tea, coffee and tourism among its main sources of foreign exchange.