National Economy
Sunday, June 8, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

West Africa Sees Slower Economic Growth In 2023

by `
2 years ago
in Business, News
Reading Time: 3 mins read
Economic
Share on FacebookShare on TwitterShare on Telegram

You May Like

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

West Africa experienced slower economic growth in 2023, except for Cape Verde, The Gambia, Guinea, Mali, and Niger, says the African DevelopmentĀ  Bank (AfDB).
AfDB said this in itsĀ  2023 West Africa Economic Outlook report which was releasedĀ  on Wednesday in Abuja.
The report is entitled: ā€œMobilising Private Sector Financing for Climate and Green Growth in West Africa.ā€
According to the bank, the report assessed the economic performance of 15 West African countries.
It named the countries to include Benin, Burkina Faso, Cape Verde, CĆ“te d’Ivoire,Ā  The Gambia and Ghana.
Others included, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
ā€œThe report provides key economic trends in 2022 as well as medium-term (2023-2024) economic forecasts for the region.
ā€œ It also evaluates strategies to accelerate the mobilisation of private sector financing for climate and green growth in West Africa,ā€ it said.
According to the report, West Africa’s average Gross Domestic Product (GDP) decelerated to 3.8 per cent in 2022 from 4.4 per cent in 2021.
The implication, it said, implied that the growth recovery from the 2020 downturn had slowed.
It attributed the decelerating growth to successive shocks such as the resurgence of COVID-19 in China, a major trade partner for the region’s countries.
It said Russia’s invasion of Ukraine had also spurred inflationary pressures on the cost of food, fuel and fertilizer in many West Africa region countries.
The report further revealed that advanced economies had also tightened monetary policy which had heightened aversion to risk globally and increased exchange rate pressures.
According to the report, the region’s GDP growth outlook is positive, and projected to pick up slightly, hitting 3.9 per cent in 2023 and 4.2 per cent in 2024.
It, however, said that transition to green growth would require greater resources.
The report said that adapting to climate change and the depletion of the region’s natural resources presented an opening for businesses and governments to embrace sustainable and green growth.
According to the report, West Africa has enormous potential to achieve green growth, green industrialisation being the most obvious pathway.
It said the rationale for green growth across the region was quite comprehensive.
ā€œ Climate change impacts and risks, natural capital depletion, poverty, and food insecurity, limited employment creation and many capital-intensive enclaves,ā€ it said.
It quoted Prof. KevinĀ  Urama, AfDB’s Chief Economist,Ā  as saying ā€œmultiple challenges had led to rising interest rates and were compounding debt service payments to African countriesā€ .
Urama said these included climate change, inflation driven by higher prices of energy, commodities, and disruption of supply chains, and the tightening of monetary policy in the United States and Europe.
He said that greater effort would be needed in Africa to mobilise domestic resources and private sector financing to help countries achieve climate and green growth transitions.
He said, ā€œAfrica is being short-changed in climate financing.
ā€œThe continent will need between 235 and 250 billion dollars annually through 2030 to meet investments under its nationally determined contributions.
ā€œYet, Africa received only about 29.5 billion dollars in climate financing between 2019 and 2020.
ā€œPrivate sector financing to support climate adaptation and mitigation in Africa is estimated at just 4.2 billion dollars from 2019-2020, the lowest of any region of the world.
ā€œAfrica’s private-sector climate financing gap is estimated to reach 213.4 billion dollars annually between 2020 and 2030,ā€ it said.
Ā Urama, also theĀ  AfDB’s Vice President for Economic Governance and Knowledge ManagementĀ  said Africa could accelerate green development transitions by optimising its natural capital, estimated at about 6.2 trillion dollars in 2018.
He said the continent, however, was not getting the best out of its natural resources because of poor valuation, degradation, illicit capital flows and losses from royalties and taxes.
Meanwhile, AfDB’s lead economist, Guy-Blaise Nkamleu, said Guinea-Bissau, Mali, Liberia, and Niger were ranked among the ten most vulnerable countries to climate change and environmental hazards worldwide.
ā€œTo boost private sector financing for climate change and green growth, innovative instruments and mechanisms need to be deployed by West African governments to attract private sector financing,ā€ Nkamleu said.
ShareTweetShare
Previous Post

Organised Labour Wants FG To Lead Negotiations On SubsidyĀ Palliatives

Next Post

Shortage Of Gas Supply ConstrainsĀ Niger DeltaĀ Power Generation

ANOTHER GOOD READ

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers
News

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

5 days ago
1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses
News

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

5 days ago
FIRS Engages Oil, Gas Stakeholders On E-invoicing Ahead Of July Launch
News

FIRS Entering New Era Of Excellence, Trust — Adedeji

5 days ago
Mouka Rewards Top Business Partners With Trip To Cape Town
Business

Mouka Rewards Top Business Partners With Trip To Cape Town

6 days ago
Union Bank Hosts Math Contest For Hearing-impaired Students
Business

Union Bank Hosts Math Contest For Hearing-impaired Students

6 days ago
Blue Sands STEM Lab, Others Take Top Prize At MarkHack 4.0
Business

Blue Sands STEM Lab, Others Take Top Prize At MarkHack 4.0

6 days ago
Next Post
Shortage Of Gas Supply ConstrainsĀ Niger DeltaĀ Power Generation

Shortage Of Gas Supply ConstrainsĀ Niger DeltaĀ Power Generation

Most Recent

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

June 3, 2025
1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

June 3, 2025
FIRS Engages Oil, Gas Stakeholders On E-invoicing Ahead Of July Launch

FIRS Entering New Era Of Excellence, Trust — Adedeji

June 3, 2025
JUST-IN: Reps Pass Tax Reform Bills

N250bn Public Expenditures Unaccounted — Reps

June 3, 2025
5 Unicorns In 9 Years, Who Does That?

5 Unicorns In 9 Years, Who Does That?

June 2, 2025
Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

June 2, 2025
2026 World Cup Could Change Football Experience – Neymar

2026 World Cup Could Change Football Experience – Neymar

June 2, 2025
2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

June 2, 2025
Advertise with us

Ā© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

Ā© 2024 | National Economy