Latest report by the African Development Bank (AfDB) on the performance of African economies’ industrial sector showed that Nigeria’s industrial GDP suffered serious decline, ebbing to 13.1 percent
Specifically, the report titled ‘Industrialise Africa’showed that South Africa recorded the highest Industrial Gross Domestic Product (GDP) with 44.8 percent followed by Egypt, with 30.1 per cent; Cote d’Ivoire, 29 percent; Kenya, 23.3 percent and Ghana 21 per cent.
Ethiopia’s industrial GDP stood at 21 percent, Cameroon 17.9 percent while Nigeria’s industrial GDP rate remained among the lowest in the continent at 13.1 percent.
In the report, the bank profiled the top eight countries on the continent and the contribution of industrial Gross Domestic Product (GDP) to their economies, noting that industrial GDP is low across the continent generally.
Commenting on the low industrial GDP in Africa, AfDB President, Dr. Akinwunmi Adesina, said the bank had put some measures in place to help boost the continent’s industrial GDP by 13 percent in 2025 and drive overall GDP from $2.3 trillion to $5.6 trillion.
He explained: “To industrialise Africa, the AfDB is committed to mobilising capital, de-risking investments for the private sector, and leveraging capital markets.
“This is essential for moving Africa’s Industrial agenda forward and for building an Africa of the 21st century must be well positioned to take its place in global value chains.
“The bottom line is that we need to produce more and we need to produce better. Most of all, we need to add value to our resources and raw materials, and turn them into processed products”, Adesina added.