Nigeria finds itself conspicuously absent from a list of 11 African countries projected to experience robust economic growth in 2024, according to the latest report from the African Development Bank Group (AfDB).
Released as part of the AfDB’s Macroeconomic Performance and Outlook of the continent, the report forecasts that Africa will witness significant economic expansion, with 11 of its nations slated to be among the world’s 20 fastest-growing economies. However, Nigeria, a prominent player in the continent’s economy, does not feature among them.
The top 11 African nations expected to lead in economic growth in 2024, as per the AfDB report, 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%), and Uganda (6%).
The International Monetary Fund (IMF) further reduced its growth forecast for Nigeria to 3% in 2024, down from the 3.1% projected earlier in October 2023, according to the World Economic Outlook update for January 2024.
While Africa is expected to outpace global growth rates, with an average real gross domestic product (GDP) growth of 3.8% in 2024 and 4.2% in 2025, challenges persist. Akinwumi Adesina, President of the AfDB, highlighted these challenges during the report’s launch at the sidelines of the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia.
Adesina emphasized the multiple crises facing Africa, including rising costs of living, economic slowdown, climate change impacts, health pandemics, and geopolitical tensions. He called for increased financing and policy interventions to stimulate growth.
In presenting the report’s key findings, Prof. Kevin Urama, the AfDB’s Chief Economist and Vice President, underscored the factors contributing to growth in Africa, including economic diversification, strategic investments, and positive developments in export markets.
However, caution was advised due to global and regional risks, such as geopolitical tensions, conflicts, and political instability, which could disrupt trade and investment flows.
Ambassador Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals at the African Union Commission, emphasized the importance of economic integration for Africa’s future, stressing the need for a robust internal trade market to enhance competitiveness and value-added production.