The economic outlook for Sub-Saharan Africa for 2016 gives room for cautious optimism. A 4.7% increase in GDP across the region in 2016 has been higher than expected. However, the World Bank warns that low commodity prices and high borrowing costs, combined with security issues in some areas, will continue to affect growth rates. To overcome a historic dependence on oil and mining revenues, African economies must continue to diversify into other sectors – particularly those that can provide jobs to a restless and growing young population.
Ibrahim Mayaki CEO, New Partnership for Africa’s Development (NEPAD)