The Economist unveils The World Forward 2024 with a highlight on West Africa

At a well-attended occasion on April 25, The Economist unveiled the 2024 version of its annual future-focused publication, The World Forward, with a highlight on Nigeria and West Africa.

“As one of many world’s fastest-growing areas, West Africa is primed for enlargement, with forecasts, edging up from 3.2% in 2023 to 4% GDP this 12 months. Capitalising on fast inhabitants progress, a youthful demographic, and an increasing center class, most West African economies are poised to exceed the 4% progress mark,” the British journal wrote.

The forecast comes after the IMF projected Nigeria will lose its place as Africa’s third-largest financial system in 2024 to Algeria after a decade of sluggish progress, inflationary pressures, and naira depreciation.

Lagos State governor Babajide Sanwo-Olu, who was represented on the launch occasion by his particular adviser on sustainable growth targets Oreoluwa Finnih, described The World Forward 2024 publication as “a name to motion” for policymakers and the federal government. “Whereas we’re inspired by the optimistic progress progressions for Africa, West Africa, and Nigeria within the forecast for 2024, we perceive all of those wouldn’t simply occur however are predicated on our steady dedication to sustaining ongoing reforms,” he stated.

In a fireplace chat, John G. Counmantaros, Chairman of Flour Mills of Nigeria,  the nation’s largest miller, spoke concerning the firm’s technique in navigating Nigeria’s market at a time when shopper teams and multinationals are exiting the country on account of naira devaluation and international change scarcity. “In case you are importing every thing you do, then you’re prone to disruptions. The Nigerian market is rising, so it’s vital to have a diversified native content material and provide chain,” he stated.

The World Forward 2024 publication additionally options opinion items from notable individuals together with Nigeria’s minister of communications, innovation, and digital financial system, Bosun Tijani who wrote concerning the transformative energy of digital innovation in Nigeria’s financial progress, highlighting the efforts of his ministry to construct a “sturdy digital financial system.”