comms@pedestalafrica.com +234 809 761 1111 Africa Investment Notes | Q1, 2024 Read now
- The African Development Bank (AfDB) predicts a 3.8% and 4.2% real Gross Domestic Product (GDP) growth for Africa in 2024 and 2025 respectively.
- Africa’s growth projection surpasses the global averages, positioning the continent as the second-fastest-growing region after Asia.
- Strong economic performance is anticipated in several African countries including Niger, Senegal, Libya, and Rwanda.
- AfDB’s President, Dr. Akinwumi Adesina, calls for larger financing pools and policy interventions to boost Africa’s growth further amidst challenging global and regional economic environments.
- The fiscal deficit has improved due to pandemic recovery efforts and fiscal consolidation measures.
- The medium-term growth outlook for Africa’s five regions is gradually improving, indicating the resilience of Africa’s economies.
- Factors contributing to growth in Africa’s top-performing economies include economic diversification, strategic investments, rising consumption, and positive developments in export markets.
- AfDB signs a Memorandum of Understanding (MoU) for Cooperation with the Lake Chad Basin Commission (LCBC) aimed at transforming the living conditions of 50 million people in six member countries and positively impacting the Lake Chad watershed ecosystem.
- Climate change, population growth, and resource pressure are identified as factors contributing to the shrinkage of Lake Chad.
- The Democratic Republic of Congo and the Republic of Congo are included in the MoU despite not being current LCBC members due to their significance in the Lake Chad basin ecosystem.
- The AfDB has been a significant financial partner to the LCBC, supporting investment projects totaling over $241 million.