Nigeria Excluded from List of Top Growth Economies in Africa for 2024

The African Development Bank Group’s latest report highlights that Nigeria is absent from the list of 11 African countries expected to experience significant economic growth in 2024. Instead, countries like Niger, Senegal, and Rwanda are projected to lead with strong growth rates.

While Africa is expected to account for 11 of the world’s 20 fastest-growing economies in 2024, Nigeria’s growth forecast has been revised downward to 3% by the International Monetary Fund. This contrasts with the average projected GDP growth of 3.8% for Africa in 2024, indicating a disparity in Nigeria’s economic performance compared to other African nations.

Despite these challenges, Africa’s economic recovery remains gradual, with 15 countries on the continent posting output expansions exceeding 5%. However, the continent faces various crises, including rising costs of living, geopolitical tensions, and the lingering impacts of health pandemics.

Akinwumi Adesina, President of the AfDB, emphasized the need for larger financing pools and policy interventions to boost Africa’s growth amidst global and regional uncertainties. Collaboration and economic integration were highlighted as essential for Africa’s future prosperity, ensuring competitiveness in the global market and fostering intra-African trade for value-added production.