In a presentation at the ICIS African Base Oils & Lubricants Conference in Cape Town in November, Cloete said that sub-Saharan Africa enjoyed a 5.1 percent increase in GDP in 2013, up from 4.2 percent in 2012. Drivers of growth include strong output from the agricultural and service sectors as well as investment in extractive industries. Infrastructure projects such as transportation, communications and energy production also played a role, he explained.

In addition, so-called fragile states such as the Democratic Republic of Congo and Liberia saw vastly improved economic performance. According to the Fund for Peace, common indicators of fragile states include a central government that is so weak or ineffective that it has little practical control over much of its territory; nonprovision of public services; widespread corruption and criminality; refugees and involuntary movement of populations; and sharp economic decline.

In contrast, several countries have experienced drags on growth, he said. For example, South Africa has suffered electricity interruptions, labor unrest and a drop in business confidence. Ghana and Zambia are plagued by macroeconomic imbalances, while the Central African Republic and South Sudan are facing internal conflicts, Cloete said.

Growth is expected to remain constant in 2014 and increase to 5.8 percent in 2015, he noted. But there are downside risks.

Cloete cited a regional economic report from the International Monetary Fund stating that many sub-Saharan countries face fiscal vulnerability because of infrastructure expenditures that are starting to look unsustainable. The same report cautioned that slowdowns in emerging markets, especially China, are affecting African exports.

The IMF also noted that market volatility has increased aversion to risk and capital outflows. As a result, said Cloete, countries with large financing needs may be forced to make economic adjustments.