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Nigeria missing as 11 African countries projects strong growth in 2024

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By Francesca Hangeior
Nigeria is missing from the list of 11 African countries expected to experience strong growth in 2024.

According to the African Development Bank Group, in its latest Macroeconomic Performance and Outlook of the continent, Africa will account for 11 of the world’s 20 fastest-growing economies in 2024, but Nigeria is not expected to be one of them.

AfDB said the top 11 African countries projected to experience strong economic performance are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent), Rwanda (7.2 per cent), Cote d’Ivoire (6.8 per cent), Ethiopia (6.7 per cent), Benin (6.4 per cent), Djibouti (6.2 per cent), Tanzania (6.1 per cent), Togo (6 per cent), and Uganda (6 per cent).

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The International Monetary Fund reduced its forecast for Nigeria and its economic growth to 3 per cent in 2024, down from a 3.1 per cent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook update for January 2024.

Overall, the AfDB report said that the real gross domestic product growth for the continent is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively. This is higher than projected global averages of 2.9 per cent and 3.2 per cent, the report said.

The continent is expected to remain the second-fastest-growing region behind Asia.

The President of the AfDB, Akinwumi Adesina, spoke during the launch of the report on the sidelines of the 37th Ordinary Session of the Assembly of the African Union – Addis Ababa, Ethiopia.

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Adesina said, “Today, as we gather here, like other regions of the world, Africa continues to face multiple crises, including rising cost of living, weakening economic growth, a tightening of global financial conditions, shortage of concessional resources, increasing effects of climate change, lingering impacts of health pandemics, conflict, and geopolitical tensions.

“The interaction of these global and regional crises with existing regional structural weaknesses threatens to halt Africa’s gradual economic recovery and is hindering socioeconomic developments.”

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5 per cent,” he added.

Adesina further called for larger pools of financing and several policy interventions to boost Africa’s growth.

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The latest report is calling for cautious optimism given the challenges posed by global and regional risks. These risks include rising geopolitical tensions, increased regional conflicts, and political instability—all of which could disrupt trade and investment flows, and perpetuate inflationary pressures.

Presenting the key findings of the report, the African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama, said, “Growth in Africa’s top-performing economies has benefited from a range of factors, including declining commodity dependence through economic diversification, increasing strategic investment in key growth sectors, and rising both public and private consumption, as well as positive developments in key export markets.

“Africa’s economic growth is projected to regain moderate strength as long as the global economy remains resilient, disinflation continues, investment in infrastructure projects remains buoyant, and progress is sustained on debt restructuring and fiscal consolidation.”

Highlighting the importance of collaboration, the Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, African Union Commission, Ambassador Albert Muchanga, said, “The future of Africa rests on economic integration. Our small economies are not competitive in the global market. A healthy internal African trade market can ensure value-added and intra-African production of manufactured goods.”

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UK Court acquits ex-Prtroleum minister, Diezani of all six bribery charges

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Ex-Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, has been found not guilty by a London jury of six bribery charges following a rare corruption trial involving a former high-ranking energy official.

Alison-Madueke, who served as petroleum minister between 2010 and 2015 under former President Goodluck Jonathan, faced five counts of accepting bribes and one count of conspiracy to commit bribery. She denied all the allegations.

Prosecutors alleged that the 65-year-old former minister enjoyed “a life of luxury” in London, allegedly funded by oil and gas industry figures seeking lucrative contracts in Nigeria, a country long challenged by corruption and mismanagement in its oil sector.

However, Alison-Madueke maintained that she never received any bribes and insisted she had no control over the awarding of government contracts.

After proceedings at Southwark Crown Court, the jury returned not guilty verdicts on all six charges after more than 46 hours of deliberation, according to Reuters.

The acquittal marks a setback for British authorities, who had pursued the case for over a decade following corruption allegations against the former minister.

She was tried alongside oil industry executive Olatimbo Ayinde, 54, who faced one count of bribery related to Alison-Madueke and another count of bribery of a foreign public official.

Her brother, Doye Agama, 69, was also charged with conspiracy to commit bribery in relation to payments allegedly made to a church connected to him.

Both Ayinde and Agama denied the allegations and were likewise acquitted by the jury.

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Judicial Independence Requires Security, Dignity for Judges — Tinubu

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President Bola Ahmed Tinubu on Wednesday said judicial independence cannot be guaranteed without providing judges with adequate security, dignity and a conducive environment to discharge their constitutional responsibilities.

Tinubu stated this while commissioning 10 residential quarters for Justices of the Federal High Court in Katampe District, Abuja, a ceremony performed on his behalf by Vice President Kashim Shettima.

The President described the project as a strategic investment in the judiciary and a demonstration of his administration’s commitment to strengthening democratic institutions and the rule of law.

According to him, the provision of quality accommodation for judicial officers goes beyond infrastructure development and reflects government’s resolve to reinforce one of the most critical pillars of democracy.

“We are not just opening houses. We are reinforcing a key pillar of our democracy: the Judiciary. This is what vision and political will can deliver,” Tinubu said.

He noted that the commissioning came a day after the inauguration of similar residential quarters for Justices of the Court of Appeal, stressing that the projects were part of deliberate efforts to rebuild trust in public institutions under the Renewed Hope Agenda.

“Judicial independence is not an abstract idea. It requires a secure and dignified environment. We cannot ask judges to deliver justice without fear or favour if their safety and peace of mind are uncertain,” the President stated.

He added that the new quarters would provide security, comfort and dignity for judges while reaffirming government’s recognition of the vital role they play in interpreting the nation’s laws.

“By providing these modern quarters, we give our Justices security, comfort and dignity. This is our statement that Nigeria values those who interpret her laws,” he said.

Tinubu commended the Minister of the Federal Capital Territory, FCT, Nyesom Wike, for driving key infrastructure projects across Abuja and delivering on the mandate to transform the nation’s capital.

“When I gave you the task of making Abuja a world-class capital, I knew you would deliver. You have not disappointed me. From roads to projects like this, you have shown that performance is what counts in public service,” he added.

The President also appreciated the leadership of the judiciary for its collaboration with the executive arm, describing the relationship as beneficial to national development.

He charged the beneficiaries of the quarters to remain committed to fairness, transparency and integrity in the administration of justice.

“As we provide these homes, we ask for your continued commitment to swift, fair and transparent justice. Let these quarters be places of reflection and integrity. Let your judgments strengthen our democracy,” Tinubu said.

Earlier, the Minister of the Federal Capital Territory, Nyesom Wike, said the provision of modern accommodation for judges was a practical demonstration of government’s commitment to judicial independence and the rule of law.

Wike disclosed that after the completion of housing projects for Court of Appeal and Federal High Court Justices, the FCT Administration would on July 7 commission 22 residential quarters for judges of the FCT High Court.

“Yesterday, we commissioned 10 quarters for Court of Appeal Justices. Today, we are commissioning 10 quarters for Federal High Court judges. On July 7, we will commission 22 units for the FCT High Court, all built to the same standard,” he said.

The minister further revealed that construction of residential quarters for judges of the National Industrial Court and members of the Code of Conduct Tribunal had commenced and would be completed by January 2027.

According to him, judicial independence cannot be discussed in isolation from the welfare and working conditions of judicial officers.

“It cannot be independent when you cannot talk about giving them an efficient environment to work and improving their welfare. These are things that will make independence of the judiciary and uphold the rule of law,” Wike said.

He disclosed that the Katampe area was being developed as a dedicated judicial district, with plans for additional security infrastructure, including a police station, to guarantee the safety of judges.

Wike also urged beneficiaries to maintain the facilities and preserve the quality of the estate.

Chief Judge of the Federal High Court, Justice John Tsoho, noted that the long-standing accommodation challenges facing judges have been a matter of deep concern for decades, noting that the steps to address them were met with mixed reactions in the media.

Tsoho commended Tinubu and Wike for the bold steps taken despite critics in the media to provide befitting accommodation to judges and improve the welfare of judicial officers.

“As judges, while we shape the legal direction of society on a daily basis through the pronouncements we make in the courtroom, we seldom have the occasion to speak publicly without courting controversy or being misunderstood.

“It is deeply encouraging and gives immense hope to the judiciary and the nation at large to see that the welfare of career professionals is being taken seriously.

“This commitment allows our judicial officers to find peace and stability in their vital roles,” he said.

In her remarks, Minister of State for the FCT, Dr. Mariya Mahmoud, described the project as a significant investment in the administration of justice and the consolidation of democratic institutions.

She said the judges’ quarters reflected the Federal Government’s commitment to providing the judiciary with the infrastructure required to operate with dignity, independence and excellence.

Mahmoud commended President Tinubu for his visionary leadership and unwavering support for initiatives aimed at strengthening key institutions of governance.

She also praised Wike for his commitment to delivering transformative infrastructure projects across the Federal Capital Territory.

According to her, the newly commissioned quarters would enhance the welfare of judicial officers, strengthen justice delivery and serve as enduring symbols of government’s commitment to the rule of law and institutional excellence.

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Nigeria positioned to lead Africa’s digital and creative transformation, EU Ambassador says

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Nigeria is well positioned to lead Africa’s digital and creative transformation, Ambassador Gautier Mignot, European Union Ambassador to Nigeria and ECOWAS, said at the third edition of the Omniverse Africa Summit in Lagos.Speaking at the opening of the summit, Ambassador Mignot said Nigeria’s youthful population, entrepreneurial energy and growing innovation ecosystem provide a strong foundation for digital transformation, innovation and economic growth.“The new economy, digital and creative, offers a fantastic opportunity,” he said, noting that young Nigerians are uniquely positioned to drive innovation because they are part of a generation that has grown up with digital tools and technologies.

The summit brought together innovators, entrepreneurs, policymakers, researchers, investors, creatives and development partners from across Africa and beyond to explore how technology, innovation and collaboration can accelerate economic growth and create opportunities for young people.

Ambassador Mignot said the European Union and Nigeria have identified the digital and creative sectors as a strategic priority within their partnership and highlighted ongoing investments aimed at supporting the country’s digital transformation.“In Nigeria, the EU supports the entire digital value chain, from governance to infrastructure, from skills to entrepreneurship,” he said.He highlighted several ongoing initiatives, including a recently signed €45 million agreement between the European Union and Nigeria on digital development, support for the rollout of 90,000 kilometres of fibre-optic infrastructure across the country, the European Union’s contribution to Nigeria’s digital public infrastructure agenda, and support for the Three Million Technical Talent initiative.The Ambassador also pointed to programmes that support entrepreneurship, innovation and skills development, including the Digital Transformation Centre Nigeria, co-funded by the European Union and the German Government and implemented by GIZ.

The programme supports digital innovation, entrepreneurship and technology adoption among young Nigerians and businesses.He also highlighted the Nigeria Jubilee Fellows Programme, funded by the European Union and implemented by the United Nations Development Programme in partnership with the Federal Government of Nigeria, which helps connect young graduates with workplace opportunities and practical experience.German Ambassador to Nigeria, Annett Günther, said: “The future will not be built in silos. It will be built through cooperation across sectors, institutions and borders.

The future will be connected.”She described Nigeria as home to one of Africa’s most dynamic innovation ecosystems and said Nigerian entrepreneurs are increasingly shaping global trends in areas ranging from financial technology and artificial intelligence to agribusiness, health innovation, manufacturing and the creative industries.“Nigerian innovators are not simply adapting to global trends.

They are shaping them,” she said.Ambassador Mignot said one of the strengths of Omniverse Africa is its ability to bring together the full innovation ecosystem in a single space.“Policymakers, founders, investors, creatives, researchers, development partners and business leaders are all here, all together,” he said.“Because Nigeria’s digital future will not be built in silos. Technology, creative industries, finance, education, manufacturing, agriculture and public services are no longer separate worlds.

They are converging.”He said the summit provides an opportunity to transform conversations into partnerships and ideas into practical solutions that can support inclusive and sustainable growth.“The future is connected, but connection must be turned into impact,” Ambassador Mignot said.“Let us connect innovators with investors, policy with practice, creativity with technology, and Nigerian talent with global opportunities.”The summit featured discussions on digital transformation, artificial intelligence, entrepreneurship, green technology, future skills, research collaboration and innovation financing, highlighting the growing role of partnerships in shaping Africa’s economic future.The European Union partnered with Omniverse Africa as part of its broader commitment to supporting innovation, entrepreneurship, digital transformation and youth opportunities in Nigeria and across the continent.

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