While Rwanda saw the highest growth in 2024's real GDP, West African nations showed great performance, as 6 nations made the top 10 list

  • Rwanda recorded the highest GDP growth in Africa in 2024 at 8.89%.
  • Six out of the top ten fastest-growing economies in Africa are from West Africa.
  • Niger and Benin posted impressive growth rates of 8.42% and 7.45% respectively.
  • Nigeria, one of Africa’s biggest economies, had a growth rate of 3.43%, below countries like Senegal and Cabo Verde.

Rwanda led Africa with the highest GDP growth rate of 8.89% in 2024. Notably, six West African nations—Niger, Benin, Cabo Verde, Senegal, Côte d'Ivoire, and The Gambia—made the top 10 list for highest real GDP growth. This signals growing economic resilience and momentum in the sub-region, often driven by a mix of infrastructure investment, reforms, and demographic energy.

Nigeria, despite being one of Africa’s largest economies by GDP size, posted a modest 3.43% growth. This shows that size doesn’t always translate to speed. For many Nigerians, this slow growth is felt in the form of limited job creation, sluggish investment, and an ongoing cost-of-living squeeze. Meanwhile, smaller economies like Niger (8.42%) and Benin (7.45%) made outsized gains.

Source:

World Bank

Period:

2023/2024
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Nigeria’s nominal GDP has grown by over 80%, but real GDP has grown by only 6%
  • Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
  • Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
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  • Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
  • Inflationary pressures have driven nominal gains, masking subdued real economic expansion.
Administrative services surged by 21%, recording the most significant growth in Nigeria's 2024 rebased economy
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  • Trade is the second largest sector by GDP value, at ₦37.81 trillion.
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  • Other services experienced negative growth, decreasing by -1.17%.
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Sudan faced the most severe economic contraction among African nations in 2024, with a real GDP decline of -13.49%
  • Sudan recorded the steepest GDP decline in Africa in 2024 at -13.49%.
  • Botswana’s economy contracted by -2.99%, the second-worst on the continent.
  • Libya was the only other country in the bottom 10 with negative growth at -0.61%.
  • South Africa, with 0.58% growth, continues to struggle with low economic momentum.
  • Sao Tome & Principe and Equatorial Guinea both recorded growth below 1%.
  • Despite being Africa’s largest economy, Nigeria’s 3.43% growth places it closer to underperforming countries than to the continent’s fastest risers.
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Burundi and Mozambique consistently rank lowest in African worker productivity since 1991
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Gabon has topped worker productivity in Africa for 21 of 33 years; Nigeria stays outside top 20
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  • Libya never came first but held second place in 18 different years, showing long-term stability in productivity.
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  • Nigeria, despite being Africa’s most populous country and once its largest economy, never made it into the top 3 and has consistently ranked around 23rd to 26th.
  • The leading countries tend to share a pattern: resource-driven economies with relatively smaller workforces, while lower-ranked ones often struggle.
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