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Updated May 14, 2020

 

Oil Nigeria
Nigeria, the largest oil and gas producer in Africa, is expected to have one of the worst GDP contractions on the continent.

 

COVID-19 is expected to curtail much of the economic progress made in sub-Saharan Africa over the past decade, with the International Monetary Fund forecasting an average regional GDP shrinkage of 1.6 percent due to a dip in commodity prices. However, five African countries are actually projected to exit the pandemic with positive growth rates, three of which are located in West Africa.

 

Niger and South Africa are seeing some of the worst GDP growth contractions on the continent.

 

Côte d’Ivoire, Niger, Guinea, Botswana, and the Seychelles are all predicted to see positive growth rates—between 6.8 and 8.7 percent—in 2021, thanks in part to their economies being largely dependent on the agricultural sector. Nations like Nigeria and South Africa, dependent on oil and raw ore exports, respectively, are seeing some of the worst GDP growth contractions on the continent. Other sectors, such as tourism, transport, and commerce, will still feel the oncoming recession induced by the pandemic, piling on additional public debt burdens on these states.

The combination of existing outstanding debts coupled with these grim economic forecasts has resulted in a chorus of African leaders, including African Union special envoy for infrastructure Raila Odinga, to call for full debt relief.

 

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