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41 African Nations Poised for Economic Growth in 2024, Says Edun

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41 African Nations Poised for Economic Growth in 2024, Says Edun

Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced that 41 African countries are set for stronger economic growth in 2024.

Edun, also Chairperson of the African Caucus, made this statement on Friday at the 2024 African Caucus Meeting in Abuja.

The News Agency of Nigeria (NAN) reports that the African Caucus was established in 1963 to amplify the voice of African Governors in the International Monetary Fund (IMF) and World Bank Group. This year’s meeting theme is “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa.”

Edun projected growth up to 3.8 percent from about 3.4 percent in 2022, rising to 4.3 percent in 2025. “These exceed the global average of about 3.2 percent,” he said.

Central Bank of Nigeria Governor, Mr. Yemi Cardoso, remarked that Africa stands at a crossroads with unprecedented opportunities for development and significant challenges. Cardoso emphasized leveraging global partner support to navigate this complex landscape for sustainable economic growth.

“In recent months, the CBN has implemented bold reforms to return to monetary policy orthodoxy and remove distortions in the foreign exchange market. Our efforts have reduced volatility in the foreign exchange market and significantly increased inflows. Interbank market activities have deepened, and rates have begun to converge around the standing facilities band,” Cardoso said.

Cardoso acknowledged remaining challenges but maintained a positive outlook, stressing the importance of robust monetary and fiscal policies to mitigate risks of rising inflation and lingering supply shocks.

The African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, Ambassador Albert Muchanga, underscored the importance of domestic resource mobilization. “We must see the African market as a viable channel for domestic resource mobilization to sustain the continent,” he said.

Speaking virtually, World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala highlighted the need for greater regional integration. Okonjo-Iweala emphasized that intra-continental and global trade are crucial for accelerating sustainable economic growth in Africa.

“The global economic context is difficult. Many African countries are struggling with tight financing, high borrowing costs, and debt pressure. More trade and value addition are necessary to create better jobs for our youth. According to UN data for 2021, only 13 percent of Africa’s goods trade is internal, compared to 21 percent for Southeast Asia, 39 percent for the U.S., Mexico, and Canada, and 60 percent for Europe,” she said.

Deputy Secretary-General of the United Nations, Amina Mohammed, called for trade facilitation, a Pan-African payment and settlement system, and increased access to energy and connectivity.

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