Amid Crises, Nigeria’s Economy, Other African Countries to Grow by 4.1% – AfDB

Amid Crises, Nigeria’s Economy, Other African Countries to Grow by 4.1% – AfDB

The African Development Bank (AfDB) says Nigeria and other economies of Africa is projected to grow by 4.1 per cent in 2023 and 4.3 per cent in 2024.

The AfDB President, Dr Akinwumi Adesina, said this while inaugurating the African Economic Outlook (AEO) 2023 at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh.

According to him, the economies on the continent have shown remarkable resilience in spite of the multiple and dynamic shocks it faced.

“These multiple and dynamic shocks have weighed on Africa’s growth momentum, with growth in real Gross Domestic Product (GDP) estimated at 3.8 per cent in 2022.

“This is down from 4.8 per cent in 2021. The GDP growth in 2022 is above the global average of 3.4 per cent.

“Africa has also shown remarkable resilience, evident in the projected consolidation of economic growth in the medium term.

“The outlook remains positive and stable, with a projected rebound to four per cent in 2023 and further consolidation to 4.3 percent in 2024.

The AfDB boss attributed the slowed growth on the continent to the tightening global financial conditions, and supply chain disruptions exacerbated by Russia’s invasion of Ukrain, which subdued global growth.

He said growth was also impaired by the residual effects of the COVID-19 pandemic and the growing impact of climate change and extreme weather event.

Adesina, said Africa had a great potential to pursue green growth and climate objectives to accelerate economic growth, given its enormous advantages.

He said the continent had some of the world’s fastest-growing economies and its real GDP growth was projected to surpass the global average in 2023 to 2024, even as headwinds persist.

He further said the continent also had an important human capital base, with its population projected to increase to 2.4 billion by 2050.