Driven by its larger economies, Sub-Saharan Africa is seeing a comeback in 2024 despite weaker growth rates than in previous decades Based on recent reports, 70% of the region's countries will grow faster, while some countries will exhibit a slow growth rate Nigeria leads the list of countries expected to foster growth this year, followed by Ethiopia, Kenya and others.

A World Bank report anticipated that 70% of the region's countries would grow faster than average between 2000 and 2019 but that 50% would expand less quickly than usual. About 80% of the continent's growth is driven by the ten largest economies, with Nigeria, Côte d'Ivoire, Ethiopia, Kenya, and Ethiopia leading the way with 40% of the region's GDP.

The following 10 African nations, 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."

1. Nigeria — contribution: 0.88% Nigeria will continue to be the continent's economic powerhouse thanks to its broad economy, which includes oil, agriculture, telecommunications, and finance. Its enormous population and wealth of natural resources will also contribute to GDP growth.

2. Ethiopia — contribution: 0.39% Ethiopia is driven by large investments in manufacturing, infrastructure, and agriculture. Because of its ambitions and advantageous position, the nation will be a major factor in the expansion of the regional economy.

3. Kenya — contribution: 0.25%
Kenya's diverse economy includes industries like technology, tourism, and agriculture. Kenya appears to gain from its advantageous location as a hub for trade and investment, which propels steady GDP development.

4. Côte d’Ivoire — contribution: 0.23% Known for producing a lot of cocoa, Côte d'Ivoire has expanded its economy to include manufacturing, services, and mining. Economic growth has been fueled by the nation's pro-business policies and stable political climate, which have drawn substantial foreign investment.

5. South Africa — contribution: 0.21%
Despite issues like high unemployment and inequality, the nation continues to play a significant role in Africa's economy. Thanks to its robust industrial foundation, wealth of natural resources, and well-developed financial sector, South Africa is still one of the region's main drivers of GDP growth.

6. Tanzania — contribution: 0.19%
Tanzania's economy is supported by various industries, such as mining, tourism, and agriculture. The government's emphasis on infrastructure development and investment promotion has strengthened the economy, drawing foreign investors to the country.

7. Democratic Republic of Congo — contribution: 0.17% The Democratic Republic of Congo is endowed with abundant natural resources, such as minerals and hydropower potential, even in spite of obstacles like political unpredictability and inadequate infrastructure. Constant attempts have been undertaken to improve governance and draw in investment, which will propel the nation's GDP growth.

8. Angola — contribution: 0.15%
Angola, the second-largest oil producer in Africa, is attempting to diversify its economy and lessen its reliance on oil exports. Angola is actively focusing on developing its mining, agriculture, and infrastructure to reduce its dependence on oil earnings and promote economic growth.

9. Uganda — contribution: 0.12%
The main industries of Uganda's economy are manufacturing, services, and agriculture. There is also a lot of room for expansion in industries like tourism and oil exploration. To support GDP growth, governments have made attempts to upgrade infrastructure and draw in foreign capital.

10. Ghana — contribution: 0.10%
Ghana's economy is supported by services, agriculture, and the production of gold, with an increasing emphasis on oil exploration. Investment has been drawn to Ghana due to stable administration and a favourable business climate, which has fueled GDP development and established Ghana as a major participant in the continent's economy.

https://www.legit.ng/business-economy/industry/1593276-nigeria-leads-top-10-africa-countries-expected-drive-gdp-growth-2024/

Racoon:
It will be a good development for Nigeria if this happens at least to help the ailing economy. However with the chronic import and no export drive of our kind of economy and given the poor trial and error manipulation of the economic indices under this accursed government, there is no hope that is happening soon.

wonlasewonimi:
Any stupid article about the shithole, these hopeless agbado people get instant erection thinking everyone would fall for it.

They can whitewash all you want, the mother fuckinggg country is generating a combined 4000 megawatts of electricity. The country is not growing anywhere. Stop living in fantasy land!

Kushites:


Private generation jacks up that figure to 10,000 megawatts or more.

GDP growth is not calculated by how many megawatts of electricity a country generates.

GDP is the sum total of economic activities occurring in a country in one year.

I know you are an illiterate, so a simple thing that a 15 year old secondary school Economics student should know has to be explained to you in your old age.

wonlasewonimi:


What economic activities are being performed by dumbos. This twattt is trying to explain what GDP is to me..

Kushites:


You expect to see all the “economic activities being performed” from your backyard smoking weed?

When you get off your lazy bum and step into factories, offices and shops with MILLIONS OF NIGERIANS WORKING IN THEM, your dumbass behind will know there’s economic activity going on in the country.

wonlasewonimi:


You see how dumb you're now? What powers the factories, offices and shops you mentioned?

Georgry:



You just dey disgrace your family for here with your ignorance, shey you know how many thousands of data wey World Bank Don collect and analyse before them arrive at that decision? You know how many people work on that data? You wey never chop Night food still dey undermine their work 😂 better go warm Akpu chop.

wonlasewonimi:


Which of the crevices are these hopeless idiots crawling out from? Bloomberg published at some point that Naira was the best performing currency, within the space of 3 weeks it has now been published as the worst. Do you people just run with publications and not assess the current situation of things? I don't blame you people, acute hunger distorts rational thinking.

Georgry:


Acute hunger? 😂 You must think everybody is poor like you, I'm a Young productive man, am very comfortable. I am also conversant with financial information because I studied Finance and Banking, you've probably never been to an Higher institution before, or probably you were just there to play, Naira was indeed the best performing currency in the world at a time, from 1900 to about 1000 is no joke, then it resumed it's downward spiral again, it became the world worse performing currency, from 1000 to about 1500 that us undisputed and it doesn't invalidate Bloomberg's analyses.

wonlasewonimi:


Why don't you just attach your CV to this post for easier reference. If the money spent on your education is not a waste, you should be able to understand as a finance professional that currency movements like that indicate illegal manipulation. Just imagine USD doing such moves, the world would be in a financial meltdown.
Abeg GTFO

Georgry:




A little advise for you, you have to find a way to be useful and productive to heal your frustration, you're obviously frustrated that is why you keep lashing out at people online and you think everybody is hungry like you..


You can't accept a report from world bank indicating that the Nigerian economy has shrink and dropped down from 1st in Africa to 4th in Africa because it suits your agenda but reject the report from the same bank because it's against your agenda, are you suffering from selective amnesia?


The fact that Naira was being manipulated wasn't the basis of our argument, it was the world's best performing currency at a time, I lost a lot of money then because I invest a lot on USDT.


And also, the USD can never flauntuate like that because the United state is a first world economy, Nigeria is a shit hole with a lot of angry and unproductive youth like you, you don't need 24 hours electricity to be productive, i know people who makes profit of 10k to 20k daily doing pos work and changing money into smaller denomination here in Edo state, specifically Benin, Ekpoma and Auchi, they don't have the time to cry like you, they wake up and think of how to be productive for that day.

wonlasewonimi:


This is the bellend I have been engaging?