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Nigeria missing as 11 African countries projects strong growth in 2024
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).
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.
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.
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.”
The Nigerian Air Force (NAF) says it will sustain salary payments for up to 12 months to families of personnel who die in the line of duty.
The Chief of the Air Staff, Air Marshal Sunday Aneke, approved the welfare initiative as part of measures to strengthen support for families of fallen personnel.
A credible NAF source who pleaded anonymity disclosed this to the News Agency of Nigeria (NAN), on Sunday in Abuja.
He said the policy, which provided a special extension of salary payments to the spouses or next of kin of NAF personnel killed in action, would help cushion the impact of their loss.
He explained that, in line with existing public service rules, salary payments normally cease upon the death of a personnel member.
According to him, the new initiative will see salaries of personnel killed in the line of duty continue for up to 12 months from the date of death, or until all death benefits are fully processed and paid, whichever comes first.
The official said the initiative was designed to prevent financial hardship for bereaved families during the period of administrative processing of death benefits.
He added that the CAS had also approved additional welfare packages for officers, airmen and airwomen of the service.
“These measures are aimed at cushioning the prevailing economic pressures and reinforcing the NAF’s commitment to the wellbeing of its personnel.
“These initiatives are also part of a broader welfare reform agenda anchored on the understanding that the wellbeing of personnel and their families is a strategic enabler of combat effectiveness.
“Enhanced welfare drives effective warfare, ensuring that no airman is left unequipped, untrained or unmotivated,” he said.
The source further said that the initiatives reaffirmed the NAF’s resolve to honour the sacrifices of fallen heroes, support the families they left behind and sustain a motivated and mission-ready force.
PRESIDENT Bola Tinubu has directed the Renewed Hope Ambassadors to distribute rice across all states of the federation in support of citizens observing the ongoing Ramadan and Lenten seasons.
The initiative is intended to strengthen national unity and demonstrate compassion during a period that holds deep spiritual significance for both Muslims and Christians.
A statement issued by the Director-General, Renewed Hope Ambassadors and governor of Imo State, Senator Hope Uzodimma explained that “under the directive, the Renewed Hope Ambassadors will coordinate the distribution through their nationwide grassroots network to ensure that families across Nigeria benefit from the intervention during this holy season when both Muslims and Christians are fasting.”
According to the statement: “It is worth noting that a similar intervention was carried out during the last Christmas season, when rice was also distributed to support Nigerians celebrating the festive period.
“This continued effort reflects the administration’s consistent commitment to standing with citizens during important religious and cultural seasons.
“Both Christian and Muslim communities will receive rice as part of the nationwide distribution effort, reflecting the President’s commitment to inclusivity, solidarity, and shared national values.”
Commenting on the initiative, Governor Uzodimma said the programme underscored the President’s belief in supporting citizens during this period of fasting while strengthening interfaith harmony.
He said: “This initiative reflects President Tinubu’s commitment to unity and compassion. Ramadan and Lent are seasons that remind us of sacrifice, charity, and care for one another. Through this distribution, the Renewed Hope Ambassadors will ensure that families across Nigeria feel the spirit of togetherness during this sacred period.”
The statement concluded by saying that the distribution will be carried out across nationwide through the state, local government, and ward structures of the Renewed Hope Ambassadors to ensure broad reach and transparency.
The Police Command in Osun says it has arrested two officers of the Nigeria Customs Service(NCS) in connection with a shooting incident that left a driver dead in Osogbo.
This was contained in a statement issued by the command’s spokesperson, DSP Abiodun Ojelabi, on Sunday.
Ojelabi explained that the two officers of the NCS were arrested in connection with a shooting incident that occurred at Dada Estate Area, Osogbo, on Sunday.
“The suspects were reportedly chasing suspected tokunbo (foreign-used) vehicles when the incident occurred.
“Meanwhile, the driver of the said ash-coloured Toyota Corolla, one of the vehicles being chased by the Customs officers, was shot and confirmed dead by a medical doctor at the Osun State University Teaching Hospital,” he said.
The command’s spokesperson said that the corpse of the yet-to-be-identified victim had been deposited in a morgue.
Ojelabi said several items were recovered from the scene, including a Beretta pistol with breech number 125024, 11 rounds of 9mm live ammunition and one expanded 9mm shell.
Other items recovered were a white Toyota Corolla with Lagos registration number AAA 400 GQ, and an ash Toyota Corolla with registration number GFQ 0982.
He said that the Commissioner of Police, Ibrahim Gotan, had ordered a thorough investigation to ascertain the circumstances surrounding the incident.
He assured members of the public that anyone found culpable would face the full wrath of the law.
He urged residents to remain calm and continue to cooperate with security agencies by providing credible information that can aid the investigation.
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