At a well-attended occasion on April 25, The Economist revealed the 2024 edition of its yearly future-focused publication, The World Ahead, with a spotlight on Nigeria and West Africa.
“As one of the world’s fastest-growing areas, West Africa is primed for growth, with projections, edging up from 3.2% in 2023 to 4% GDP this year. Capitalising on fast population development, a vibrant group, and a broadening middle class, the majority of West African economies are poised to surpass the 4% development mark,” the British publication composed.
The projection follows the IMF forecasted Nigeria will lose its location as Africa’s third-largest economy in 2024 to Algeria after a years of sluggish development, inflationary pressures, and naira devaluation.
Lagos State guv Babajide Sanwo-Olu, who was represented at the launch occasion by his unique advisor on sustainable advancement objectives Oreoluwa Finnih, explained The World Ahead 2024 publication as “a call to action” for policymakers and the federal government. “While we are motivated by the favorable development developments for Africa, West Africa, and Nigeria in the projection for 2024, we comprehend all of these would not simply take place however are asserted on our constant dedication to sustaining continuous reforms,” he stated.
In a fireside chat, John G. Counmantaros, Chairman of Flour Mills of Nigeria, the nation’s greatest miller, discussed the business’s method in browsing Nigeria’s market at a time when customer groups and multinationals are leaving the nation due to naira decline and forex lack. “If you are importing whatever you do, then you are at danger of interruptions. The Nigerian market is growing, so it’s essential to have a varied regional material and supply chain,” he stated.
The World Ahead 2024 publication likewise includes viewpoint pieces from noteworthy individuals consisting of Nigeria’s minister of interactions, development, and digital economy, Bosun Tijani who discussed the transformative power of digital development in Nigeria’s financial development, highlighting the efforts of his ministry to construct a “strong digital economy.”