Nigeria is noticeably absent from the roster of 11 African nations anticipated to undergo robust growth in 2024.
The African Development Bank Group, in its latest Macroeconomic Performance and Outlook report on the continent, projects that Africa will be home to 11 of the world’s 20 fastest-growing economies in 2024, yet Nigeria is not among them.
According to the AfDB, the top 11 African countries expected to exhibit strong economic performance include Niger (11.2 percent), Senegal (8.2 percent), Libya (7.9 percent), Rwanda (7.2 percent), Cote d’Ivoire (6.8 percent), Ethiopia (6.7 percent), Benin (6.4 percent), Djibouti (6.2 percent), Tanzania (6.1 percent), Togo (6 percent), and Uganda (6 percent).
Meanwhile, the International Monetary Fund (IMF) has revised down its forecast for Nigeria’s economic growth to 3 percent in 2024, compared to the 3.1 percent projected in October 2023, as indicated in the IMF’s World Economic Outlook update for January 2024.
Overall, the AfDB report anticipates that real gross domestic product (GDP) growth for the continent will average 3.8 percent in 2024 and 4.2 percent in 2025, respectively. This exceeds the projected global averages of 2.9 percent and 3.2 percent, as stated in the report.
Africa is forecasted to retain its position as the second-fastest-growing region globally, trailing only behind Asia.
Akinwumi Adesina, President of the AfDB, delivered these remarks during the launch of the report at the sidelines of the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia.
