Nigeria is noticeably absent from the list of Africa’s fastest-growing economies in 2024, despite the continent maintaining its position as the second-fastest-growing region globally, hosting eleven of the world’s 20 fastest-growing economies.
The African Development Bank Group, in its latest Macroeconomic Performance and Outlook (MEO) report, highlighted this trend. The report forecasts Africa’s real gross domestic product (GDP) growth to average 3.8% in 2024 and 4.2% in 2025, exceeding the projected global averages of 2.9% and 3.2%, respectively.
The 11 fastest-growing economies listed for 2024 include Niger, Senegal, Libya, Rwanda, Cote d’Ivoire, Ethiopia, Benin, Djibouti, Tanzania, Togo, and Uganda, with growth rates ranging from 6% to 11.2%.
Despite Nigeria’s absence from this list, the Federal Government of Nigeria remains optimistic, anticipating a real GDP growth of 3.76 percent in 2024, slightly surpassing the estimated 3.75 percent for 2023.
Dr. Akinwunmi Adesina, President of the African Development Bank, emphasized the need for increased financing in light of the positive outlook, noting that 15 African countries have already posted growth rates above 5%.
The bank’s projections indicate that East Africa will lead in economic growth in 2024 at 5.1%, followed by West Africa at 4.0%. Conversely, North and Central Africa are expected to grow at 3.9% and 3.5%, respectively, while Southern Africa is forecasted to experience the weakest growth at 2.2% in 2024.
