The report analyzes the outlook for the region’s two largest economies: Nigeria and South Africa.
In Nigeria, expected economic growth in 2024 increases from 2.9% to 3.1%. It should be noted that the country recorded a notable increase in its growth over the first 3 quarters of 2024, going from 2.98% in the first quarter to 3.46% in the third quarter, driven by the good performance of the services sector and the increase in crude oil production.
This dynamic was welcomed by President Bola Tinubu who affirmed that these results illustrate the economic recovery of the country, despite the side effects of the economic reforms undertaken by his administration.
On the other hand, growth forecasts for South Africa have been revised downwards, from 1.1% to 0.8%.
Sub-Saharan Africa continues to face major obstacles. Regional conflicts, inflationary pressures exacerbated by supply chain disruptions, and the devastating effects of climate change are complicating development efforts.
-However, the IMF remains optimistic and anticipates an “acceleration” of growth in 2025. Nigeria should achieve growth of 3.2%, that of South Africa should amount to 1.5% this year.
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