Nigeria missing from Africa’s 11 fastest growing economies in 2024

Nigeria is conspicuously missing as Africa is poised to maintain its position as the second-fastest-growing region after Asia, playing host to eleven of the world’s 20 fastest-growing economies in 2024.

The 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 forecasted to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively.

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%.

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The projections for Nigeria paint an optimistic trajectory as the Federal Government of Nigeria anticipates real GDP growth of 3.76 percent in 2024, slightly surpassing the estimated 3.75 percent for 2023

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

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.