The World Bank’s Forecasts for Some West African Countries

The institution expects western and central economies —except Nigeria— to expand this year. These economies will grow at 5.0% in 2023 and 5.6% in 2024 (up from 4.2% in 2022). It projects that Nigeria’s economy will slow down to 2.9%, stating that the country is suffering from “an underperforming oil sector.” Meanwhile, the grass seems greener in other countries. The World Bank is most optimistic about Senegal, whose oil and gas sector is thriving. “After slowing to 4.8% in 2022, growth in Senegal is projected to jump to 8.0% in 2023 and firm to 10.5% in 2024,” the World Bank stated. Senegal expects to earn $1.4 billion in oil and gas revenue by 2025, with the Greater Tortue Ahmeyim gas project producing 7.5 million tonnes of liquefied natural gas in its first and second phases. Its first gas project is coming onstream by the end of 2023. Also, the country’s export portfolio has improved because of a surge in private investment in its mining sector. In Côte d’Ivoire, the economic growth for 2023 is projected to bounce back from 5.7% in 2022 to 6.8% in the new year. Notably, the cocoa-rich nation has been pushing to become a major oil producer by 2023. Last year, it announced that it discovered new oil and natural gas that would boost its reserves by 25%. The World Bank’s report also projects Cameroon to grow modestly by 4.3% in 2023 and 4.6% in 2024, powered by “investment and private consumption.”
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