The regional outlook for Africa presents a n interesting picture. In terms of sub-regional trends in 2023, growth is expected to edge up in West Africa, stabilize in Central and East Africa, and decelerate in North and Southern Africa.
The West African block has maintained some of the most impressive economic growth rates in the world over the last two decades. West Africa’s youthful population of 429 million, growing at 2.5% per year, is a strong driving force for economic growth. Through investment and more attractive investor environments, economies like Nigeria and Ghana – which are still heavily reliant on commodity prices – can diversify and ensure sustained growth. Nigeria’s economy is expected to grow by 3.2 % in 2023, while
West Africa will face uncertainty in the year ahead on many fronts, and many lives and livelihoods will continue to be affected by external shocks. However, this resilient and dynamic region, led by many private sector stars, could rise to the occasion, and emerge as one of the world’s most promising economic regions.