AfDB report names Africa best growing continent in 2018

Latest report of the African Development Bank (AfDB) for 2018, the African Economic Outlook 2019, has revealed that Africa recorded the second highest growth rate globally after East Asia. Launched in Abuja yesterday, the report stated that the continent recorded an average economic growth rate of 3.5 per cent between 2017 and 2018.

It, however, disclosed that the growth fell short of projected 7 per cent rate required to tackle poverty and create productive and sustainable jobs, especially for young Africans. AFDB’s Senior Director, Nigeria Country Office, Ebrima Fall, made this known while presenting the continent’s macroeconomic fundamentals at the launch of African Economic Outlook and West Africa Economic Outlook 2019.

He explained that in spite of failure to attain the 7 per cent target at the continental level, several African countries recorded impressive growth rates above projected levels.

Also, in the West Africa Economic Outlook 2019, it stated that Nigeria led the region’s growth due to its recovery from recession and modest development recorded. Speaking, Minister of Finance, Mrs. Zainab Shamsuna Ahmed, who was represented by Permanent Secretary in the ministry, Dr. Mahmoud Isa Dutse, said the Federal Government emphasises diversification of the economy to avoid over-dependence on a single commodity.