Senegal leads growth in the region

Thanks to oil and gas production coming online in 2023, Senegal is projected by the African Development Bank to be one of Africa’s fastest-growing economies.Bolstered by a recovering tourism industry and increased agricultural output, growth in Senegal is projected to accelerate from 4.7% in 2022 to 10.2% in 2023.Overall, economic activity in Western and Central Africa is expected to grow at 3.4% in 2023, which is slightly lower than the 3.7% in 2022. It is expected to recover to 3.9% and 4.0% in 2024 and 2025. Excluding Nigeria, the largest regional economy, economic growth is expected to be 4.2%, rising to 5.3% in 2024-2025, according to the World Bank.Nigeria is set to grow by 2.8% in 2023 (down from 3.3% in 2022), with an average annual rate of 3% in 2024–2025.Growth of WAEMU countries (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo) is expected at 5.5% in 2023, and these countries will grow at a faster pace in 2024 (7%). This growth is good news for the logistics industry across all sectors, from project cargo to fast-moving consumer goods.It is also good news for South African exporters – West Africa is the second-largest African export market for South Africa, after SADC.There is strong competition – West Africa accounts for over 23.4% of intra-African trade, making it the second-largest trading bloc after southern Africa (43%), according to the Africa Trade Report 2022. There is also strong competition from the European Union, which has initiated economic partnership agreements with 16 West African states.The European Commission says West Africa is the EU's largest trading partner in sub-Saharan Africa, while the EU is West Africa's biggest trading partner.There is a large and growing market for exports.According to Worldometer, the region is home to around 434 million people. Demand for consumer goods is being driven by rapid urbanisation, with cities hosting 48% of the population. With 5.4m and 4.6m inhabitants respectively, Abidjan and Yaoundé are the largest Francophone cities in the world after Kinshasa and Paris.Lagos is among the largest English-speaking agglomerations in the world. Salary Explorer estimates that three West African countries rank in the top ten African states with the highest average monthly salaries.Top is Morocco on $2 031 (SA is second on $2 026). Nigeria is eighth at $814, followed by Ghana at $747.99.