AfDB Reports: Nigeria Not Listed Among Africa’s Top 10 Fastest Growing Economies as Niger Republic Ranks 1st
The actual gross domestic product (GDP) growth of African countries is projected at an average of 3.8% in 2024 and 4.2% in 2025, reported AFDB.
This projected growth, if achieved, will surpass the predicted worldwide averages of 2.9% and 3.2%, respectively, according to AFDB report
The African continent stands prepared to keep a good face of its position as the second most rapidly advancing region among the World’s LDCs, following Asia.
With Niger Republic ranking first amongst the 11 fastest-growing economies, Nigeria, however, still seems to be struggling to find its foot after 2023 elections.
Below data, as was reported by African Development Bank (AfDB), show the 11 fastest-growing economies and their projected growth rate for 2024 are;
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%.
President of the African Development Bank (AFDB), Dr. Akinwunmi Adesina, in response to the report, emphasized the need for increased financing, suggested by the optimistic economic forecast.
Adesina also noted that 15 African nations, excluding Nigeria, have already achieved an amazing growth rates surpassing 5% in the earlier few months of 2024.
“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” he stated.
In Africa’s five regions, the bank forecasts East Africa to lead in economic growth for 2024, having a fairly projected rate of 5.1% followed by West Africa which also predictably maintains its own rate at 4.0%.
While North and Central Africa are anticipated to grow at 3.9% and 3.5% respectively, Southern Africa is in for the slowest growth at 2.2% in 2024, AfDB.
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