Addis Ababa, Ethiopia, February 19, 2024: Nigeria, Africa’s most populous nation and largest economy, is conspicuously absent from the list of 11 African countries expected to experience robust economic growth in 2024, according to the latest report from the African Development Bank Group (AfDB).
Released during the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia, the AfDB’s Macroeconomic Performance and Outlook report highlighted that Africa is set to showcase 11 of the world’s 20 fastest-growing economies in 2024. However, Nigeria, a significant player in the continent’s economic landscape, is notably missing from this list.
The top 11 African countries projected for strong economic performance in 2024 include Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Cote d’Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6.0%), and Uganda (6.0%).
Contrastingly, the International Monetary Fund (IMF) revised its growth forecast for Nigeria downward to 3% in 2024, a slight decrease from the 3.1% projected in October 2023, as revealed in the IMF’s World Economic Outlook update for January 2024.
President of the AfDB, Akinwumi Adesina, addressing the audience during the report’s launch, highlighted the multitude of challenges facing Africa, including rising living costs, weakened economic growth, global financial constraints, climate change impacts, health pandemics, conflicts, and geopolitical tensions.
Despite these challenges, Adesina noted that 15 African countries have recorded output expansions exceeding 5%, signalling pockets of resilience within the continent’s economy.
Emphasising the need for concerted efforts to spur growth, Adesina called for increased financing and policy interventions. He stressed the importance of cautious optimism amid global and regional risks, including geopolitical tensions and political instability, which could disrupt trade and investment flows.
Presenting the report’s key findings, AfDB’s Chief Economist and Vice President, Prof. Kevin Urama, attributed growth in Africa’s top-performing economies to factors such as economic diversification, strategic investments, rising consumption, and positive developments in export markets.
Echoing the sentiment of collaboration, Ambassador Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals at the African Union Commission, emphasised the significance of economic integration for Africa’s future prosperity.
The latest AfDB report underscores the imperative for proactive measures to navigate the complex economic landscape, ensuring sustained growth and development across the African continent.
