The Economist has released its annual publication, “The World Ahead 2024,” projecting a positive economic outlook for West Africa, particularly Nigeria.
The event, held on Thursday, April 25th and organised by CT Productions under an exclusive licence from The Economist, brought together leaders from various industries to discuss pressing issues and potential solutions for the future.
According to The Economist, West Africa is poised for significant growth in 2024, with GDP forecasts expected to rise from 3.2% in 2023 to 4%.
This growth, The Economist noted, is attributed to a rapidly increasing population, a youthful demographic, and an expanding middle class across the region.
“As one of the world’s fastest-growing regions, West Africa is primed for expansion, with forecasts, edging up from 3.2% in 2023 to 4% GDP this year. Capitalising on rapid population growth, a youthful demographic, and an expanding middle class, most West African economies are poised to exceed the 4% growth mark,” the publication said.
Lagos State Governor Babajide Sanwo-Olu, represented by his special advisor on sustainable development goals, Oreoluwa Finnih, described The World Ahead 2024 as a “call to action” for policymakers.
“While we are encouraged by the positive growth progressions for Africa, West Africa, and Nigeria in the forecast for 2024, we understand all of these would not just happen but are predicated on our continuous commitment to sustaining ongoing reforms,” Finnih said.
Also present at the event is the Lagos State Commissioner of Innovation, Science and Technology, Tunbosun Alake.
Alake, during his address, revealed new projects undertaken by the state government to address current and future challenges in the technology sector.
“I think this event is sort of like a pointer to where the economy might move to, it sort of gives us an indicator of where things might shift and how we can adequately prepare ourselves for the changing tides,” Alake told Guardian TV.
“I think it’s also important because just of the availability of rich data that this event and the world ahead provides and so investors, business executives can make the right moves to be able to position for plans.”
