This comes as consolation to the West African nation even though missing out on the top 10 list of richest countries in Africa as compiled by the World Bank.
This is according to the Africa Industrialization Index (AII) report published by the African Development Bank (AfDB) in collaboration with the African Union (AU) and the United Nations Industrial Development Organization (UNIDO).
The report assesses the current state and disparities in industrial advancement across Africa, serving as a fundamental basis for fostering economic expansion, nurturing exports, and promoting the diversification of economies.
The report offers African governments the opportunity to pinpoint countries for comparison, aiding them in gauging their own industrial progress and identifying optimal strategies more efficiently.
Key metrics used for the Africa Industrialization Index
The initial release of the index encompasses 52 of the 54 African countries, with the exception of Somalia and South Sudan due to the unavailability of current data for these nations.
The primary indicators utilized in the ranking encompass manufacturing efficiency, capital investment, labor dynamics, business climate, infrastructure quality, and macroeconomic stability.
Moreover, the index evaluates the industrialization of African nations from three distinctive aspects: performance, direct determinants, and indirect determinants.
Direct determinants encompass critical assets like capital and labor, examining how these resources are harnessed to propel industrial growth.
On the other hand, indirect determinants embrace conducive environmental conditions, such as macroeconomic stability, robust institutions, and well-developed infrastructure.
Claiming the pinnacle of Africa’s industrialization rankings, South Africa distinguishes itself as the sole sub-Saharan nation surpassing its North African counterparts.
Boasting an index score of 0.8404, it holds the distinction of being the African economy that aligns most closely with the global standard.
Securing a score of 0.8387 on the industrialization index, Morocco claims the second position in Africa’s rankings. From 2010 onwards, Morocco’s manufacturing sector has demonstrated consistent advancement across all categories within the Index, solidifying its status as one of the most robust economies on the continent.
Egypt stands out as one of merely two nations whose comprehensive industrialization index has remained steadfast since 2010. With the industrial sector contributing 11.7% to Africa’s second-largest economy, it also engages nearly a third of its workforce.
Over the past seven years, Egypt has successfully established 10,000 new factories, securing its position as Africa’s second-largest manufacturer within the apparel industry.
Tunisia has slipped from its former second-place position to fourth, yet its industrial expansion remains notably robust in comparison to its counterparts across Africa.
An industrial sector that surpasses agriculture’s scale by more than two-fold, Tunisia houses a thriving landscape of over a thousand companies within this realm. Among them, 435 are engaged in full-scale exports, demonstrating an impressive average annual growth rate exceeding 13%.
Mauritius stands as one of the most rapidly advancing economies in Africa. A notable aspect of its growth lies in its adept partnership with the private sector to pinpoint and foster emerging industries, guided by insightful projections of their growth potential.
This collaborative approach has played a pivotal role in propelling new technology adoption and enhancing quality benchmarks within Mauritius’ textile sector.
Securing the sixth position on the Index, Eswatini boasts the most significant portion of manufacturing value added to its GDP, reaching 33% in 2021. The manufacturing sector holds a pivotal role within Eswatini’s economy, contributing 65% of the nation’s export value.
Additionally, Eswatini secures the second rank for manufacturing value added per capita. Over the span from 2010 to 2021, the country witnessed a steady annual growth rate of 1% in exports, primarily driven by intermediate food products and refined sugar.
Among the top ten, Senegal and Nigeria exclusively represent West African nations. Senegal’s industrial domain surpasses its agricultural counterpart, engaging 13.6% of its workforce. Remarkably, Senegal stands out as one of the select few countries that demonstrate substantial advancements within their industrial sectors, having witnessed a notable surge in employment figures, surpassing previous records.
Counted among the top ten, Nigeria stands as one of merely two West African nations in this league. The report further notes Nigeria’s distinctive position as one of the rare countries to manifest comprehensive enhancements within its industrial landscape.
Tony Elumelu Convenes Global Leaders And Calls for Immediate Climate Action for Africa at COP28 in Dubai
‘My apologies’ – Bimpe Akintunde writes open letter to Bisola Badmus
”Been a Fool” By Amakye Dede ft Sarkodie
HOT VIDEO: Leaked Video of a Ghanaian Seamstress goes viral
VIDEO: Pupil teacher c*ught having s*x with 11-year-old in an uncompleted Building
NDC declines EC’s invitation to review 2020 polls
GENERAL NEWS2 weeks ago
New details on mansion where Mrs. Kufuor is buried emerges
SHOWBIZ KONKONSAH3 weeks ago
Amerado: A rap star proving his mettle with ‘Kwaku Ananse’ story
GENERAL NEWS3 weeks ago
Watch as a brave Ghanaian farmer battles with a wild python he found on his farm
America2 months ago
Tupac Shakur’s sister calls new murder charge ‘pivotal moment’
SHOWBIZ KONKONSAH3 weeks ago
WATCH: Showboy released from US prison, deported back to Ghana
Finance3 weeks ago
#Don’tTaxMyPeriod protesters ‘ambush’ Ofori-Atta at parliament ahead of budget reading
South Africa News4 weeks ago
Criminals have declared war on South Africans – police minister
Lifestyle3 weeks ago
Couple gives birth to Quintuplet after 8 years of childlessness