INSUBCONTINENT EXCLUSIVE:
In 2024, Africa is set to grow significantly, forecasting a 4.0 percent increase, up from 3.3 percent in 2023.This positions it as the
drivers.These countries are thriving thanks to sectors like natural resources, transportation, tourism, and agriculture.Additionally,
investments from Gulf countries are expected to boost their economies further.Fadekemi Abiru from Stears notes that these developments could
(Photo Internet reproduction)However, challenges loom in other parts of Africa
Kenya and Nigeria, for instance, are grappling with economic difficulties.Kenya faces ongoing currency depreciation and inflation, with
manufacturing and services.In Nigeria, the situation is more pressing with a high inflation rate, currently at 28.2 percent.Stears forecasts
this could average between 27.59 percent and 31.85 percent in 2024
Such high inflation requires immediate action to stabilize the economy.Factors like the removal of gasoline subsidies and currency
devaluation are pushing up costs for both consumers and businesses.To address these challenges, strategic measures are needed to improve
liquidity and stabilize exchange rates.This requires cooperation between governments, regulatory authorities, and the private sector to
emphasizes the importance of their 2024 Outlook Report
its regional strengths and understanding unique economic paths will be key to its success.
