Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced that 41 African nations are projected to experience stronger economic growth in 2024. Speaking at the 2024 African Caucus Meeting in Abuja, Edun, also the Chairperson of the African Caucus, reported a growth forecast of 3.8% for the year, up from 3.4% in 2022, and expected to rise to 4.3% by 2025, surpassing the global average of 3.2%.
The meeting’s theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the importance of intra-African trade in driving growth. Central Bank of Nigeria Governor Yemi Cardoso noted that Africa faces both unprecedented opportunities and significant challenges. He highlighted recent Central Bank reforms aimed at stabilizing the foreign exchange market and improving economic conditions.
Ambassador Albert Muchanga from the African Union emphasized domestic resource mobilization, while WTO Director-General Dr. Ngozi Okonjo-Iweala stressed the need for enhanced regional integration to boost trade and job creation. Deputy UN Secretary-General Amina Mohammed advocated for improved trade facilitation, a Pan-African payment system, and better energy access.
