English-speaking West Africa is on the rise and in the next few years, the countries concerned will continue to make significant progress. This is the analysis done by Ecobank’s research team under the guidance of George Edward, in his document AfricaFICC.
First good news, Nigeria, the first economy of Africa, finally comes out of the recession; Ghana’s growth continues and the smaller countries in the region are recovering from the prolonged effects of the Ebola outbreak from 2013 to 2016.
In the case of Nigeria, the data indicates that the country accounts for about 90% of regional GDP and exports that are concentrated mainly on crude oil. For 2018, the screens are visibly green for Nigeria and Ghana. Oil production improves in Nigeria. Ghana, for its part, will benefit from an increase in the budget and the increase in electricity production this year.
Beyond Nigeria and Ghana, other countries such as Guinea, Liberia and Sierra Leone are recovering as they recover from the effects of the Ebola outbreak. The case of The Gambia is a perfect illustration of the impact of a country’s stability on its economy. The statement said the improving political situation in the Gambia is boosting the economic outlook.
English-speaking West Africa is a major producer of agricultural raw materials. These include cocoa, cashew nuts, natural rubber and wood. Advances in technology, including the establishment of various industries in these English-speaking countries, have enabled them to get ahead of the other French-speaking super-assets. Nigeria has built the world’s largest sugar refining complex in Lagos and has managed to stop imports of refined and packaged sugar.
West Africa is a real financial center. It holds about 39% of the average African bank assets in 2015 (mainly in Nigeria) according to estimates. Nigeria and Ghana are home to two of Africa’s largest stock exchanges in Lagos and Accra.