Nigeria, other African nations to grow economies by 4.1%  – AfDB

Nigeria, other African nations to grow economies by 4.1%  – AfDB

Nigeria and other economies of Africa is projected to grow their economies by 4.1 per cent in 2023 and 4.3 per cent in 2024, the African Development Bank has said.

The President of the AfDB, Dr Akinwumi Adesina, said this while inaugurating the African Economic Outlook 2023 at the bank’s 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.

He said, “These multiple and dynamic shocks have weighed on Africa’s growth momentum, with growth in real Gross Domestic Product 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 Ukraine, which subdued global growth.”

The AfDB boss also said, “As most of the current population is young, compared with other regions’ aging population, Africa is the current and future frontier market in green growth opportunities.

“Africa hosts 25 per cent of the world’s natural biodiversity and 30 per cent of the world’s mineral resources, most of which will be essential for a green transition.

“Africa has a large renewable energy potential including wind, solar, hydropower and geothermal and the world’s highest solar energy potential.”