CBN laments Africa’s low contribution to global GDP; highlights Economic challenges and opportunities

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The Central Bank of Nigeria (CBN) has expressed concern about Africa’s low contribution to the global economy, despite the continent’s significant population. Africa’s share of global GDP is less than 3%, with the continent’s combined GDP estimated at $2.8 trillion.

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Muhammad Sani Abdullahi, CBN Deputy Governor, noted that several reasons could be adduced for Africa’s precarious position, including its over-reliance on commodities making African economies susceptible to commodity price changes and serving as suppliers of raw materials with no value added. He also highlighted the lack of connectivity between African economies, stating that only about 16% of trade in Africa is intra-African.

“The African cross-border payments market is projected to experience significant growth, fuelled by the continent’s accelerating digital transformation,” Abdullahi said. “The key drivers will include increasing Internet penetration, the proliferation of remittance and cross-border payment start-ups, and favourable regulatory developments.” He urged the government to create an enabling environment for private sector investment while ensuring that the benefits of growth are equitably shared.

Abdullahi also challenged the private sector to innovate with purpose, developing solutions that address the needs of the poor and marginalised. Dr. Nurudeen Abubakar Zauro, Technical Advisor to the President on economic and financial inclusion, noted that intra-African trade remains relatively low compared to other regions, historically held back by factors like small, fragmented national markets, low industrialisation, poor infrastructure, and weak governance.

The 2025 Regtech Africa Conference provided a platform for stakeholders to discuss the challenges and opportunities in Africa’s economic development, with the theme “Unlocking Africa’s Cross Border Payments, Trade and Investment Opportunities through Public Private Partnerships.” Cyril Okoroigwe, Chairman of the Organizing Committee, said the conference theme spoke directly to the transformative potential of public-private partnerships in unlocking Africa’s economic potential.

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