Africa’s Economic Growth On The Rise – AfDB

New air-conditioned long distance coaches belonging to the Nigeria Railway Corporation being offloaded at the Apapa Port Complex in Lagos, recently.Photo: NAN

African economies have scored exceptional rates of growth, driven by strong domestic demand, improved management of economic affairs, a growing middle class and increased political stability, the African Development Bank (AfDA) said in a report.
“With Africa’s population expanding rapidly from around one billion today to an estimated 2.5 billion by 2060.
“We will have a young and increasingly urbanised work force,” said Charles Lufumpa, director of the bank’s statistics department in the report.
“Seizing that opportunity will depend on access to education and skills, the quality and scale of public investment in infrastructure and the associated private investment in business and jobs,” said Lufumpa.
However, the report warns that the impressive performance of certain countries on the continent is overshadowed by poor results of others.
Madagascar, Liberia, Rwanda, Algeria, and Burkina Faso performed remarkably well, said the report.
Countries cited among those with relatively high rates of poverty reduction are Rwanda, Burkina Faso, Ghana, Malawi, Mali and Uganda.
Those that suffered acute increase in poverty levels over the past few years include Chad, Cote d’Ivoire, Egypt and Zimbabwe.
On gender development, Rwanda stands top, with an unprecedented 64 per cent of the seats in the lower chamber of parliament held by women.
Countries where women represent less than 10 per cent of parliamentary representation are Egypt, the Comoros, Swaziland, Nigeria, the Republic of Congo, Benin and the Democratic Republic of Congo.