African Development Bank, AfDB says Nigeria and other economies of Africa is projected to grow by 4.1 per cent in 2023 and 4.3 per cent in 2024.
The AfDB President, Akinwumi Adesina, said this while inaugurating the African Economic Outlook, AEO 2023 at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh.
According to him, the economies on the continent have shown remarkable resilience in spite of the multiple and dynamic shocks it faced. These multiple and dynamic shocks have weighed on Africa’s growth momentum, with growth in real Gross Domestic Product, GDP estimated at 3.8 per cent in 2022.
The AfDB boss attributed the slowed growth on the continent to the tightening global financial conditions, and supply chain disruptions intensified by Russia’s invasion of Ukrain, which subdued global growth.
Also speaking, the AfDB Vice President for Economic Governance and Knowledge, Prof Kelvin Urama, said the deceleration was broad-based, with 31 of the 54 African countries posting weaker growth rates in 2022 relative to 2021.