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- Revenue from gas investments in Senegal and Mozambique will soon catapult these economies ahead of Nigeria in economic growth according to the African Development Bank (AfDB).
- Bolstered by the large investments in natural gas projects, both countries will be among Africa’s fastest-growing economies.
Revenue from gas investments in Senegal and Mozambique will soon catapult these economies ahead of Nigeria in economic growth according to the African Development Bank (AfDB). Bolstered by the large investments in natural gas projects, both countries will be among Africa’s fastest-growing economies. Mozambique’s GDP is expected to expand by 8% next year while Senegal is expected to see its economy growing by 10.2%in 2023.
The gas reserves of Senegal and Mozambique, from which exports are due to start in the next couple of years, have become the focus of Europe which is desperate to find alternative sources to Russian gas following the Ukraine war since February 2022.
AFDB is skeptic about the performance of Africa’s two biggest economies, Nigeria and South Africa. It has maintained that they may pull down the continental growth, with projected growth of 3.1 per cent and 1.4 per cent respectively for this year. AFDB’s estimated growth rates are marginally higher than International Monetary Fund forecasts. IMF had projected a growth of 1.1% for South Africa and 3% for Nigeria for 2023.
Also read;
https://trendsnafrica.com/mozambique-starts-exporting-lng/
https://trendsnafrica.com/revenue-collections-in-mozambique-lookup/
https://trendsnafrica.com/senegal-mauritania-lng-reserves-hold-key-to-development-of-both-countries/
AFDB’s Macroeconomic Performance and Outlook report projectproject that the Continent will outperform the rest of the world in economic growth over the next two years, with the real gross domestic product (GDP) averaging around 4% in 2023 and 2024.
