Nigeria is projected to contribute over 25 per cent to the continent’s economic growth in the next four years with an average rate contribution of 4.8 per cent annually.
This is coming from the Institute of Chartered Accountants in England and Wales in a new report reviewing the African Economy in the first quarter of 2016.
While forecasting a bright outlook for African economies, the Accountancy and Finance body warned that manufacturing still accounts for a low share of output, adding that the old model of exporting raw materials was fast becoming unsustainable.
The institute is of the opinion that the continent needs to create a conducive environment for companies in the manufacturing and services sectors to drive growth.
The GDP growth in Africa is projected to average 4.3 per cent between 2015 and 2020.
