A recent report by McKinsey titled “Reimagining economic growth in Africa: Turning Diversity into Opportunity” reveals that Nigeria, Egypt, and South Africa were responsible for 65% of Africa’s Gross Domestic Product (GDP) slowdown.

The report indicates that if these three countries had maintained their growth rates from 2000 to 2010, Africa’s GDP in 2019 would have reached $3 trillion instead of $2.6 trillion.

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Despite having the world’s youngest and fastest-growing population, Africa’s economic performance has fallen behind.

From 1990 onwards, the continent’s GDP per capita has grown by only 1% annually, while India and China experienced growth rates of 5% and 8%, respectively.

The report highlights Nigeria’s significant impact on Africa’s economic decline, particularly in the service sector, which accounted for 30% of the continent’s slowdown.