Monday, 19 February 2024 04:49

Niger, currently under military rule, posts fastest growing economy in Africa - AfDB

Rate this item
(0 votes)

African Development Bank Group announced in its latest Macroeconomic Performance and Outlook (MEO) report that Africa will host eleven of the world’s 20 fastest-growing economies in 2024.

The continent’s real gross domestic product (GDP) growth is projected to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively.

Africa is poised to maintain its position as the second-fastest-growing region after Asia.

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%.

Niger, which has the highest GDP growth rate, is currently led by a military junta.

Speaking on the report, President of the African Development Bank, Akinwunmi Adesina called for more financing in the face of the positive outlook noting that 15 African countries already posted growth rate above 5%.

He stated, “Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,”

Regional outlook

Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1% followed by West Africa at 4.0%.

On the other hand, North and Central Africa are expected to grow at 3.9% and 3.5% respectively while Southern Africa will see the weakest growth at 2.2% in 2024.

More Insights

  • While the report cast a bright light at Africa, the continent still grapples with several risks such as inflation, currency depreciation, elevated debt levels, and political risks with the rise of coups across the Sahel.
  • Inflation continues to pose a threat to Africa’s population owing to monetary policy tightening across Europe and the United States, geopolitical tensions in Europe and the Middle east leading to stress in supply chains of energy and agricultural products.
  • By the end of 2022, around 19 African countries posted double-digit inflation rates leading to reduction in consumer spending thereby plunging vulnerable populations deep into poverty. The figure remained unchanged in 2023. The continent averaged around 17.3% inflation in 2023.
  • In the previous year, many African countries experienced severe currency depreciation with commodity exporters the most vulnerable. This was primarily due to hawkish inflation targeting monetary policies in the United States.
  • Political risks due to internal conflicts and coups also threaten the economic growth across the continent. Last year, the continent saw coups in Niger and Gabon. However, since 2020 putschist have struck 9 times with varying degree of success mainly across the Sahel region.

 

Nairametrics

April 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 26, 2025

COINCIDENCE? Three times trucks have rammed into Christian processions in Gombe, The Cable queries

In Gombe state, there is a disturbing trend: vehicles crashing into processions of Christians during…
April 26, 2025

What to know after Day 1157 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine 'very close to a deal', says Trump US President Donald…
April 25, 2025

Artificial sweetener found in diet drinks linked to brain changes that increase appetite, study finds

A growing body of evidence has increasingly linked diet sodas and other no- or low-calorie…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.