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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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Po!n, betting sites recorded 162m Nigerian visitors in June – Report

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A report by global data and business intelligence platform, StatiSense, has revealed that more than 162 million Nigerians visited porn and betting websites in June 2024.

According to the platform’s most recent data, which lists the top ten websites that Nigerians saw on their mobile devices in June, a sizable percentage of this traffic visited websites with gambling and pornographic content.

A post on StatiSense’s official X page revealed that a variety of search engines, social media apps, and betting platforms were among the most popular websites.

Notably, two pornographic websites, Xvideos and Xnxx, came in second and sixth place respectively with a total of 80.18 million visits.

In addition, Nigerian mobile users visited sporting websites 176.83 million times. Of these, 83.1 million visits were allocated to sports betting sites Sportybet and Bet9ja, which secured third and fourth places on the list.

Google and Facebook were also among the sites that featured prominently in the report.

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Reps hail Wike, Tamuno over AICL’s improved revenue, infrastructure

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Members of the House of Representatives’ Committee on FCT, led by Hon. Aliyu Muktar Betara have applauded the Minister of Federal Capital Territory (FCT), Nyesom Wike over ongoing infrastructural development projects across the nation’s capital city.

The lawmakers who spoke during an interactive session with the Group Managing Director of Abuja Investment Company Limited (AICL), Dr. Maureen Tamuno applauded her ingenuity towards improved revenue generation since her assumption of office.

While presenting her scorecard and strategy adopted in the turnaround of Abuja Investment Company Limited to the Committee, Dr. Tamuno disclosed that AICL only manages the district markets, not the entire markets across the territory.

According to her, Wuse Markets is owned 90 percent by the individuals who bought the shops while AICL owns 10 percent.

“For example, Wuse Market is owned 90 percent by the owners, we own 10 percent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”

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Tinubu serious in solving economic crisis — Wike

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Minister of Federal Capital Territory (FCT), Nyesom Wike on Friday said President Bola Ahmed Tinubu is serious in solving the economic crisis in the country.

Wike gave the assurance during the inspection of the ongoing construction of the 7.3 kilometers Gaba/Tokulo road in Bwari Area Council.

He pleaded with Abuja residents to give the present administration the needed support to deliver the dividends of democracy.

Addressing reporters during the inspection visit, the FCT Minister expressed satisfaction with the speed and quality of work on the road project and assured that it will be adequately funded to ensure its timely completion by December this year.

The Minister who revealed that the project was 40 percent complete, said about 70 percent of the contractual sum has been paid to the contractor by the FCT Administration and expressed confidence in the capacity of the contractor to deliver the project within the agreed schedule.

Wike further disclosed that the Gaba/Tokulo road, when completed, will not only enhance transportation in the rural parts of the FCT, but will also improve food security in the nation’s capital by providing access to the farmlands, as well as access to the markets.

He also stressed the commitment of the FCT Administration to providing infrastructure in the FCT Area Councils, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Wike said: “So many people have thought that we are only concentrating in the city. Yesterday, we were in Saburi, today we are in Bwari. Tomorrow, we will be in Kuje, so that people will understand that while we are doing in the city, we are also carrying out development in the satellite towns and the rural areas because by the Renewed Hope Agenda, development is not only to be concentrated within the city but also to take to the rural areas in order to improve the economy.

“Here is an agrarian area; without this road, how are they going to move their goods? And this is part of the problems we have in terms of food insecurity. People are talking about shortages of food, but if we don’t have means of transportation, that is also a problem.

“We are trying to solve that problem of transportation for farmers to be able to go and bring whatever they have produced for people to consume or to buy”.

Wike, while thanking the people of Bwari for their support for the government, also reiterated that President Tinubu was committed to addressing the economic problems of the country and called for their continued support.

He said: “We thank the people of Bwari and we want to also let them know that the government of President Tinubu is serious about solving the economic crisis we have. All we urge Nigerians is just to be patient.

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