Economy
Africa Records Strong Economic Growth, Says AfDB Chief
AfDB says Africa’s economic growth outlook remains strong as GDP stabilises, FDI surges and 12 of top 20 fastest-growing economies emerge
The President of the African Development Bank Group (AfDB), Sidi Ould Tah, has said that 12 of the world’s 20 fastest-growing economies are currently in Africa, underscoring what he described as the continent’s growing economic resilience despite global uncertainty.
Also read: Africa’s Web3 Leaders Set for Decentralized Nigeria 2.0 in Lagos
Tah made the remark during the inauguration of the 2026 African Economic Outlook report at the AfDB Annual Meetings taking place in Brazzaville.
According to him, African economies have continued to show strong performance in the face of geopolitical tensions, global trade disruptions and declining development assistance, describing the trend as a sign of sustained economic stability across the continent.
The report indicates that Africa’s real Gross Domestic Product growth stabilised at 4.3 per cent in 2026 and is projected to rise to 4.5 per cent in 2027, reflecting what Tah described as a steady and encouraging economic trajectory.
He further noted that GDP per capita growth across Africa has improved significantly, rising from 0.9 per cent in 2023 to 1.9 per cent in 2025, signalling gradual gains in living standards despite persistent structural challenges.
Foreign direct investment also recorded a major rebound in 2024, increasing by 75 per cent to 97 billion dollars, while remittance inflows rose by 14 per cent within the same period to 186 billion dollars, making them one of the continent’s most important external financing sources.
Inflation across Africa, however, declined from 21.8 per cent in 2024 to 13.6 per cent in 2025, although the AfDB cautioned that new pressures are emerging due to rising energy and import costs.
Despite the positive indicators, Tah warned that structural constraints and financing gaps continue to limit long-term economic transformation across several African economies.
He urged governments to deepen investment-driven growth strategies, strengthen human capital development, and expand infrastructure financing to sustain momentum.
The AfDB president also called for deeper financial reforms aimed at reducing dependence on external aid while strengthening Africa’s economic sovereignty and resilience.
Also read: Africa’s Web3 Leaders Set for Decentralized Nigeria 2.0 in Lagos
Tah emphasised that Africa must fully harness its demographic advantages and increasing investment inflows to secure long-term, inclusive economic growth across the continent.
The governor distributed official vehicles to judicial officers and said about 90 per cent of court rehabilitation projects across the state had been completed
The Oando chief says transparency and stronger institutions are essential for African businesses seeking long-term international capital
Economy
Governor Dauda Lawal Join VP Shettima’s Delegation to Benin Republic, Seeks Industrial Model to Boost Zamfara’s Agric Zones
Zamfara State Governor Dauda Lawal has described the Glo-Djigbé Industrial Zone (GDIZ) as a practical blueprint for transforming Zamfara state’s agricultural sector, as he joined Vice President of Nigeria, Senator Kashim Shettima and five other governors on a working visit to the Benin Republic industrial hub on Friday.
The delegation toured the 1,640-hectare public-private industrial platform, inspecting integrated textile and agro-processing facilities where locally produced cotton is converted into yarn, fabric and finished garments while cashew and soybean are processed for domestic and export markets. GDIZ, developed by the Beninese government and ARISE Integrated Industrial Platforms, has created more than 25,000 jobs since production began in 2021.
For Governor Lawal, who presides over an agrarian state with vast arable land and a strong comparative advantage in crop production, the visit presented an opportunity to draw direct lessons for Zamfara’s agricultural transformation agenda.
“Zamfara holds a strong comparative advantage in agriculture. We grow all crops in the state, we are not limited to soybeans. We have the land and it is fertile,” Governor Lawal had told global investors at the Africa Investment Forum in Morocco last November, where he signed a strategic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) to drive large-scale agricultural transformation under the INTEGRANIUM Initiative.
The GDIZ visit is aimed at strengthening the implementation of Nigeria’s Special Agro-Industrial Processing Zones Programme, drawing practical lessons from Benin’s approach to agricultural value addition, industrial infrastructure, investment mobilisation and export-oriented production. Particular attention was given to the textile park’s integrated production system covering cotton spinning, weaving, fabric processing and garment manufacturing. Governor Lawal believes that Zamfara State can benefit from the $370 billion worth of global cotton valuation by ensuring Zamfara grows more cotton and can also lead the charge by reviving moribund textile manufacturing hubs and value chain which could generate millions of jobs, expand non-oil exports and stimulate economic activities.
Governor Lawal’s participation in the delegation aligns with Zamfara’s recently launched 10-year Development Plan (2025–2034), which envisions the state becoming “a benchmark for transformative economic growth, not merely for Nigeria, but the continent of Africa”. The plan prioritises maximising Zamfara’s agricultural and natural resource strengths through partnerships, mechanised farming, agro-processing and value chains to create jobs, improve food security and reduce poverty-driven insecurity.
Governor Lawal was also in company of other state Governors like; Hope Uzodimma (Imo), Caleb Mutfwang (Plateau), AbdulRahman AbdulRazaq (Kwara), Dikko Radda (Katsina), and Umar Namadi (Jigawa). The visit is expected to inform the development of garment-training facilities and dedicated processing infrastructure near agricultural production communities across Nigeria.
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