Nigeria tops the top 10 African countries expected to boost GDP growth in 2024

  • Driven by its larger economies, Sub-Saharan Africa will stage a comeback in 2024, despite weaker growth rates than in previous decades
  • Based on recent reports, 70% of the countries in the region will grow faster, while some countries will show a slow growth rate
  • Nigeria tops the list of countries expected to boost growth this year, followed by Ethiopia, Kenya and others journalist Zainab Iwayemi has over three years of experience in economics, technology and capital markets.

Despite slower growth rates than in recent decades, Sub-Saharan Africa is set to rebound in 2024, driven by its larger economies.

African countries are expected to boost GDP growth
About 80% of growth on the continent is driven by the ten largest economies. Photo credit: FG, Peter Adams
Source: Getty Images

A World Bank report predicted that 70% of countries in the region would grow faster than average between 2000 and 2019, but 50% would grow less quickly than normal.

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About 80% of the continent’s growth is driven by the ten largest economies, with Nigeria, Ivory Coast, Ethiopia, Kenya and Ethiopia leading the way with 40% of the region’s GDP.

The following ten African countries, ranked by their contribution to regional GDP growth, are expected to lead GDP growth in 2024, according to a World Bank analysis titled: “Addressing Inequality to Revitalize Growth and Alleviate Poverty in Africa.”

Nigeria — contribution: 0.88%

Nigeria will remain the continent’s economic powerhouse thanks to its broad-based economy, which includes oil, agriculture, telecommunications and finance. The huge population and wealth of natural resources will also contribute to GDP growth.

Ethiopia — contribution: 0.39%

Ethiopia is driven by large investments in production, infrastructure and agriculture. Due to its ambitions and favorable position, the country will be an important factor in the expansion of the regional economy.

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Kenya — contribution: 0.25%

Kenya’s diverse economy includes industries such as technology, tourism and agriculture. Kenya appears to benefit from its favorable location as a trade and investment hub, which drives steady GDP development.

Ivory Coast — contribution: 0.23%

Ivory Coast is known for producing a lot of cocoa and has expanded its economy to include manufacturing, services and mining. Economic growth is fueled by the country’s pro-business policies and stable political environment, which have attracted significant foreign investment.

South Africa — contribution: 0.21%

Despite issues such as high unemployment and inequality, the country continues to play an important role in the African economy. Thanks to its robust industrial base, wealth in natural resources and well-developed financial sector, South Africa continues to be one of the leading drivers of GDP growth in the region.

Tanzania — contribution: 0.19%

Tanzania’s economy is supported by several industries such as mining, tourism and agriculture. The government’s emphasis on infrastructure development and investment promotion has strengthened the economy and attracted foreign investors to the country.

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Democratic Republic of Congo — contribution: 0.17%

The Democratic Republic of Congo has abundant natural resources, such as minerals and hydropower potential, even despite obstacles such as political unpredictability and inadequate infrastructure. There have been continuous efforts to improve governance and attract investments, which will boost the country’s GDP growth.

Angola — contribution: 0.15%

Africa’s second-largest oil producer, Angola, is trying to diversify its economy and reduce its dependence on oil exports. Angola is actively focusing on developing its mining, agriculture and infrastructure to reduce its dependence on oil revenues and promote economic growth.

Uganda — contribution: 0.12%

The main industries of the Ugandan economy are manufacturing, services and agriculture. There is also a lot of room for expansion in sectors such as tourism and oil exploration. To support GDP growth, governments have made efforts to improve infrastructure and attract foreign capital.

Ghana — contribution: 0.10%

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The Ghanaian economy is supported by services, agriculture and gold production, with an increasing emphasis on oil exploration. Investments have been attracted to Ghana due to its stable governance and favorable business environment, which has boosted GDP development and made Ghana a major participant in the continent’s economy.

Top Nigerian States with the Largest GDP reported that Lagos State, under the leadership of Governor Babajide Sanwo-Olu, is emerging as Nigeria’s largest economy in terms of Gross Domestic Product (GDP), with a net worth of N41.17 trillion.

Nigeria’s highest southwestern state, Lagos, is followed by Rivers, Akwa Ibom, Imo and Delta states.

As The Cable reported on Friday, May 3, 2024, Anambra, Ondo and Ogun states lagged behind at N5.14 trillion, N5.10 trillion and N5.03 trillion respectively.