The latest report from the African Development Bank Group (AfDB) highlights that Africa is set to have 11 of the world’s 20 fastest-growing economies in 2024. Notably, Nigeria is not among them.
The top 11 African countries expected to exhibit robust 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).
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: “As we convene here, just like other parts of the world, Africa continues to face multiple crises. These encompass rising costs of living, diminishing economic expansion, tighter global financial conditions, scarcity 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.”
“The latest report is calling for cautious optimism given the challenges posed by global and regional risks that could disrupt trade and investment flows and perpetuate inflationary pressures,” he said.
Adesina also emphasized the need for expanded financing and a range of policy measures to stimulate Africa’s growth.
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Underscoring the significance of cooperation, Ambassador Albert Muchanga, the Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals at the African Union Commission, emphasized, “The future of Africa rests on economic integration. Our small economies are not competitive in the global market. A healthy internal African trade market can ensure value-added and intra-African production of manufactured goods.” #Nigeria
