The Economic Community of West African States (ECOWAS) publishes regional economic outlook for 2024: infrastructure, a key driver of economic integration

The ECOWAS Commission presents the Regional Economic Outlook (REO) 2024, a strategic report that highlights the crucial role of transport and communication infrastructure in economic integration and the achievement of Vision 2050.

This document analyses key economic indicators, recent trends and projections for 2024 and 2025, while identifying persistent challenges and opportunities to be seized to strengthen growth in Member States.

The global and regional outlooks point to global growth of 2.6% in 2024 and 2.7% in 2025, with emerging economies growing by 4.0%. In sub-Saharan Africa, growth is expected to reach 3.5% in 2024, supported by economic recovery and favourable commodity prices.

The ECOWAS region, Africa’s second most dynamic economic area, experienced GDP growth of up to 4.4% in 2021, before slowing to 3.6% in 2023, due to rising food and energy prices. Nigeria remains the main player, accounting for 62.7% of regional GDP.

The report also highlights the strategic importance of communications infrastructure, with investment set to increase by more than 125% between 2018 and 2024, despite limited fixed broadband penetration (less than 10%). Transport infrastructure, particularly roads, is identified as essential for increasing intra-regional trade, with an expected increase of 10% to 15% by 2025.

ECOWAS points out that these infrastructures are fundamental levers for building an integrated and prosperous community. However, the report calls for several challenges to be addressed, including the financing of major projects and the strengthening of technical skills within Member States.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).