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Africa is poised to become the world’s third-largest economic bloc, surpassing Europe, with Nigeria potentially ranking among the top ten global economies by 2050. This projection was made by Jason Miller, a communication strategist and former senior advisor to U.S. President Donald Trump, during the 32nd Annual Meetings of Afreximbank in Abuja.
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Miller emphasized that sub-Saharan Africa will be home to four of the world’s most populous nations by the turn of the next century, transforming the continent into an economic superpower by 2100. He praised Nigeria’s recent currency reforms as “gutsy” but warned that Africa’s success depends on strategic decision-making.
Key Recommendations for Africa’s Growth
– Renegotiate AGOA: Miller advocates for a restructured African Growth and Opportunity Act agreement based on reciprocity and fairness, ahead of its expiration in September 2025.
– Fast-track Reforms: Intensify reforms to enhance business environments, ensuring contract enforcement, currency stability, and tackling corruption.
– Link Mineral Deals to Infrastructure: Pursue deals that deliver concrete value, especially in infrastructure, such as transportation, logistics, data, and clean energy.
– Pitch Bankable Projects: Encourage African leaders to present viable projects to the U.S. Development Finance Corporation (DFC) for transformative investment in Africa.
– Promote Political Stability: Foster stability as the foundation of real investment, making the continent more powerful, wealthy, and great on its terms.
Miller also highlighted the importance of strategic communication and issue-driven engagement, citing the example of Gulf nations like Saudi Arabia and the UAE. “Follow President Trump on Truth Social to understand his vision before meetings,” he advised African leaders.
In terms of economic growth projections, the World Bank forecasts Nigeria’s economy to grow by 3.6% in 2025 and 2026, driven by macroeconomic reforms and increased oil production. The International Monetary Fund (IMF), however, projects a 3% growth rate for Nigeria in 2025, with a slight decline to 2.7% in 2026
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Jonathan Nwokpor
