‘Nigeria Missing In List Of Top 11 African Countries Expected To Experience Strong Growth In 2024’

Nigeria is missing from the list of 11 African countries expected to experience fast economic growth in 2024.

Naija News reports that the African Development Bank Group, in its latest Macroeconomic Performance and Outlook of the continent, disclosed that 11 of the 20 fastest-growing economies in the world in 2024 would be in Africa. However, Nigeria is not anticipated to be one of them.

According to AfDB, the top 11 African countries projected to experience strong economic performance are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent), Rwanda (7.2 per cent), Cote d’Ivoire (6.8 per cent), Ethiopia (6.7 per cent), Benin (6.4 per cent), Djibouti (6.2 per cent), Tanzania (6.1 per cent), Togo (6 per cent), and Uganda (6 per cent).

The International Monetary Fund reduced its forecast for Nigeria and its economic growth to 3 per cent in 2024, down from a 3.1 per cent projected in October 2023.

Overall, the AfDB report said that the continent’s real gross domestic product growth is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively.

Speaking during the launch of the report on the sidelines of the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia, the President of the AfDB, Akinwumi Adesina,  said, “Today, as we gather here, like other regions of the world, Africa continues to face multiple crises, including rising cost of living, weakening economic growth, a tightening of global financial conditions, shortage of concessional resources, increasing effects of climate change, lingering impacts of health pandemics, conflict, and geopolitical tensions.

“The interaction of these global and regional crises with existing regional structural weaknesses threatens to halt Africa’s gradual economic recovery and is hindering socioeconomic developments.”

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5 per cent.”