Africa can unlock more than $469 billion in additional annual revenue without raising statutory tax rates, according to the African Development Bank.
The Chief Economist/Vice President for Economic Governance and Knowledge Management, AfDB, Kevin Urama, presented the report.
He said the continent requires between $184 billion and $221 billion annually for infrastructure.
The crisis in the Middle East is impacting global economies, with growth in African countries forecast to decline by up to 0.2 percent.
Speaking on Nigeria’s debt profile, Mr Urama, the AfDB’s chief economist, said public debt itself was not inherently problematic.
Mr Urama said Africa’s currencies, including the naira, had depreciated sharply against the U.S. dollar, creating economic instability.
“African countries must tap into alternative financing mechanisms and utilise guarantee schemes to lower borrowing costs,” Ms Morsy advised.
African leaders say as global uncertainty rises, there is an urgent need for bold, collective action to secure Africa’s economic future and foster resilience.
The AfDB president, Akinwumi Adesina, commended Mr Higgins for his longstanding commitment to Africa’s development.
Nigeria’s and other West African countries’ growth rates are projected to rise from an estimated 3.6 per cent in 2023 to 4.2 and 4.4 per cent in 2024/2025.
