ABUJA, Nigeria (VOICE OF NAIJA)-President of the African Development Bank Group, Sidi Ould Tah, has said that 12 out of the world’s 20 fastest-growing economies are located in Africa.
Tah made the remark on Tuesday in Brazzaville while unveiling the bank’s 2026 African Economic Outlook during the ongoing AfDB Annual Meetings.
“The report says African economies continue to demonstrate resilience in spite of global geopolitical tensions, trade uncertainties and declining development assistance.
READ ALSO:AfDB Grants $500 Million Loan To Nigeria
“Africa’s real Gross Domestic Product (GDP) growth stabilised at 4.3 per cent in 2026 and is projected to rise to 4.5 per cent in 2027.
“The performance highlights the continent’s growing economic dynamism in a challenging global environment.
“Africa’s GDP per capita growth has also continued to improve, rising from 0.9 per cent in 2023 to 1.9 per cent in 2025,” he said.
Tah also noted that foreign direct investment recorded a major rebound in 2024, climbing by 75 per cent to 97 billion dollars.
He added that remittance inflows increased by 14 per cent in 2024 to 186 billion dollars, describing them as one of the major sources of external financing for African economies.
“Inflation across the continent declined from 21.8 per cent in 2024 to 13.6 per cent in 2025, although recent pressures have emerged due to rising energy and import costs,” he said.
Despite the positive outlook, the AfDB president warned that structural bottlenecks and financing deficits still pose major challenges.
He urged African nations to sustain progress through stronger investment-driven growth, enhanced human capital development and increased infrastructure financing.
Tah also advocated deeper financial sector reforms aimed at reducing dependence on foreign aid and boosting Africa’s economic independence.
He further stressed the importance of leveraging Africa’s youthful population and growing investment inflows to maintain long-term economic growth.
(NAN)