Nigeria, April 8 -- Africa's disappointing economic performance since independence in the 1960s is often blamed on corruption, poor governance and lack of competition. But structurally, the main reason is demographics.

The World Bank's 2024/5 country classification considers 22 African countries as low-income and 24 as lower-middle-income. No other region has similarly poor levels of development or has shown less progress in the late 20th and early 21st centuries.

Slow development has occurred despite a cumulative amount of US$2.3 trillion in development assistance (aid) - a topic now in the news given the United States Agency for International Development (USAID) cuts.

For at least a decade, much has been made about Africa's growing a...