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How Nigeria Can Unleash its Economic Potential
July 7, 2025--Increasing revenues, establishing an effective budget framework, and scaling up the cash transfer system can all support Nigeria's progress
Over the past two years, Nigeria-Africa's most populous country-has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges.
As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse.
A difficult starting point
Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually.
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Source: imf.org
South Africa: African Development Bank Country Focus Report highlights urgent need for economic transformation as GDP growth remains subdued
July 4, 2025-African Development Bank calls for strategic reforms to unlock South Africa's $3 trillion capital potential
South Africa's GDP growth declined to 0.6% in 2024 from 0.7% in 2023, underscoring the need for critical action and strategic reforms to unlock the country's vast capital resources and accelerate economic growth, the African Development Bank emphasized in its Country Focus report launched on Wednesday.
The report titled 'Making South Africa's Capital Work Better for its Development' comes amid global challenges, geopolitical tensions, conflicts, and political instability in several countries across the continent.
The report highlights that South Africa's economic growth remains sluggish, with GDP declining to 0.6% in 2024 from 0.7% in 2023. It attributes this slowdown to persistent power outages, the severe impact of drought on agriculture, and weaknesses in the transport and logistics sectors.
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Source: afdb.org
IMF Staff Completes 2025 Article IV Mission with Nigeria
July 2, 2025--The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market.
Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows.
At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth.
Growth accelerated to 3.4 percent in 2024, driven mainly by increased hydrocarbon output and vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025, supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent, supported by domestic reform gains.
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Source: imf.org
Africa's Trade Projected to Hit $1.5 Trillion in 2025
July 1, 2025--Trade is set to expand at an average of 5.1 per cent a year through 2026, before quickening to 5.4 per cent by 2028.
Africa's trade projected to hit $1.5 trillion in 2025 as growth momentum builds Africa's intra-and extra-regional trade is on course to reach US$1.5 trillion in 2025, according to fresh forecasts from the International Monetary Fund and Afreximbank, as the continent leverages deeper integration and a steadier commodity backdrop to accelerate economic diversification.
Trade is set to expand at an average of 5.1 per cent a year through 2026, before quickening to 5.4 per cent by 2028, comfortably outstripping the global forecast of 3.3 per cent.
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Source: allafrica.com
21st-Century Africa: Governance and Growth
June 30, 2025-Will the 21st century witness a major push by African countries to catch up with their peers? Or will the continent, overall, continue to lag other regions?
A flagship report published by the World Bank in 2000, Can Africa Claim the 21st Century? provided a blueprint for Africa to claim the new century.
Twenty-five years later, Africa's aggregate progress reveals some advancements. Yet some of the endeavors identified as pivotal to accelerate progress at the century’s outset have fallen short. Much more needs to be done to mitigate conflicts, invest in people, bolster economic competitiveness, and reduce dependence on external financing.
This sequel report, 21st-Century Africa: Governance and Growth, reexamines persistent barriers to development and explores emerging opportunities for the continent. It discusses policies that can help countries sustain inclusive green growth.
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Source: worldbank.org
National stock exchange launched in Somalia
June 26, 2025-The National Securities Exchange of Somalia (NSES) held its formal launch on 19 June 2025, according to this report on Xinhua. A coalition of local investors and financial experts established the exchange and it will start by operating as a private, self-regulatory organization, according to a statement issued in Mogadishu. The Central Bank of Somalia has pledged full technical support with the aim of ensuring international best practices are followed.
The NSES feed on X reports H.E. Hassan Sheik Mohamud, President of Somalia, saying: "Somalia is open for business and is open for everyone. Somalia has started launching its Stock Exchange which we hope soon there will be a market whereby the Somali people and our international partners can buy and sell the shares of their companies. That is the new Somalia in the horizon".
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Source: africancapitalmarketsnews.com
East Africa's regional 20 share index
June 24, 2025-The National Securities Exchange of Somalia (NSES) is joining the Somali Stock Exchange as a member of the East African Securities Exchanges Association (EASEA), which brings together the exchanges of Kenya, Rwanda, Somalia, Tanzania, Uganda and Ethiopia, as well as Burundi when that exchange will be launched.
The EASEA, like the East African Securities Regulators Association (EASRA), is an agency of the East African Community. Somalia became the 8th Partner State of the EAC on 24 November 2023 and the process of joining the EAC was finalized on 4 March 2024 after being ratified by Somalia's Parliament.
An aim of EASEA is to support deeper integration of the region's capital markets and to support capital flows.
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Source: africancapitalmarketsnews.com
African Credit Rating Agency to Launch September 2025
June 16, 2025--The African Credit Rating Agency (AfCRA), a new privately owned credit rating body, is set to begin operations by September 2025
The agency is backed by private sector stakeholders across Africa, not governments, to ensure independence and credibility
The launch was originally planned for June 2025 during an African Peer Review Mechanism (APRM) summit, but delays pushed the timeline
The African Credit Rating Agency (AfCRA), a new privately owned credit rating body, is set to begin operations by September 2025, aiming to deliver Africa-focused credit assessments for sovereigns, financial institutions, and corporations. The agency is backed by private sector stakeholders across Africa, not governments, to ensure independence and credibility.
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Source: allafrica.com
African Economic Outlook 2025-Africa's short-term outlook resilient despite global economic and political headwinds
May 27, 2025--With the right policies, Africa has the potential to mobilize an additional $1.43 trillion in domestic resources from both tax and non-tax revenue sources, and curbing leakages.
Africa's economy is projected to increase from 3.3 percent growth in 2024 to 3.9 percent in 2025, reaching 4 percent in 2026, despite mounting geopolitical uncertainties and trade tensions, the African Development Bank Group said Tuesday in its flagship 2025 African Economic Outlook report.
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Despite the prevailing domestic and external challenges Africa continues to demonstrate notable resilience. The report, titled "Making Africa’s Capital Work Better for Africa's Development", was released during the Bank Group's 2025 Annual Meetings, taking place in Abidjan, Côte d'Ivoire. It demonstrates the continent's capacity to weather multiple shocks while identifying pathways to unlock a vast potential for transformation.
Strong growth outlook despite global headwinds
The report presents encouraging projections despite significant challenges:
21 African countries will achieve growth exceeding 5 percent in 2025, with four countries-Ethiopia, Niger, Rwanda, and Senegal-potentially reaching the critical 7 percent threshold required for poverty reduction and inclusive growth.
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Source: citywire.com
IMF Staff Country Report-West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries
May 19, 2025--Summary
Economic growth continues to be strong in the WAEMU, while inflation has fallen back to its target range. An appropriately tight monetary policy, along with progress in reducing external imbalances, is supporting a strong recovery in reserves back above the lower end of the adequacy range. However, there is significant divergence among WAEMU member states in macroeconomic performance, policies, and resilience.
In addition, public debt ratios have been significantly increasing in recent years and are particularly high in some member states. The region remains vulnerable to potential shocks, notably delays in oil production, falls in commodity prices (notably cocoa and gold), and constraints on external financing.
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Source: IMF.org
