(CNN) Africa's rise may be slowing down.
In 2015 the economies of sub-Saharan African countries only grew by 3.0 percent, down from 4.5 percent in 2014.
This is the slowest rate of expansion since the global financial crisis in 2008, according to a new report published by the World Bank.
The bad news
The reason behind this slowdown? The plunging prices of oil and other commodities, the knock on effect of a slowing economy in China, and a generally weak global economy.
App offers home-delivery gas to beat Nigeria's fuel shortage
People wait in line to buy fuel at a gas station in Lagos on March 9, 2016, due to an ongoing fuel scarcity crisis in Nigeria.
Due to the fuel shortage, there has been increased activity of black market hawkers selling gas at inflated prices. Pictured, a hawker fills a car with fuel on the side of the road in Lagos on April 6, 2016.
Subomi Owo-Odusi will launch his app "Fueledup" in May. His service will deliver fuel straight to its users in Lagos.
Nigerians rely on gas to fuel generators, as well as for their cars. Pictured, motorists line up to buy fuel in Lagos, on March 9, 2016 after unions shut down operations.
Traffic queues for gas in Lagos in May 2015, when a prolonged fuel crisis nearly paralyzed the country.
This year, the average GDP growth in Africa will be 3.3 percent, says the World Bank -- a revision of their earlier prediction of 4.4 percent. The global estimate is 2.9 percent.
For sub-Saharan Africa the picture may be even worse, with London-based economic research consultancy Capital Economics predicting growth of only 2.9 percent. A rate so weak was last seen in 1999, which would mean hitting a 17-year low for the region.
The massive population expansion that the continent is going through isn't helping -- any growth that Africa does manage to create likely won't translate in an increase in GDP per capita.
The continent's GDP per capita growth currently sits at its lowest since 2009, at 0.5 percent.
Opportunities for growth
However, despite this negative forecast, economic activity remained steady in some countries.
In Côte d'Ivoire, for example, an increase in investment and consumer spending meant the country saw growth in many areas. Similarly, in Ethiopia and Rwanda factors such as investment in public infrastructure and a growing services sector meant that they saw solid growth.
The World Bank also noted that Kenya and Tanzania saw improved economic stability and growth, owing to expansion and in construction and service sectors.
Future predictions
With this mix of growth and economic slowdown come a number of opportunities. The decline in oil and commodity prices has made it clear that there is a need for increased diversification and less dependance on oil and other natural resources.
One way to do this is by investing in cities: well-managed cities can lead to economic growth, according to the report. The improved services and amenities make cities more livable for poor and middle-class residents and workers, and firms become connected more efficiently.
How many millionaires? The wealtiest African cities
The rise of Africa's super-rich has put the continent on the map as the new frontier for global luxury brands. WealthInsight, a global research and analysis firm focused on the world's richest individuals, has singled out 10 cities where Africa's ultra-high-net-worth individuals (UHNWI), those with over $30 million of net assets excluding their primary residence, live.
Kano, in Nigeria's north, is in 10th place, with 10 UHNWI's in residence.
Over the next five years, 13 of the 20 fastest-growing economies in the world are forecast to be in Africa. Morocco's bustling tourist center Marrakesh is in ninth place with 15 residents worth over $30 million.
Real estate giant Knight Frank ranked Ethiopia's capital as one of its Global Cities of the future in its 2015 Wealth Report. The city is in eighth place, hosting 21 UHNWIs.
Nigeria is among the countries expected to have the most potential for luxury goods demand despite recent troubles. Its capital Abuja has 23 ultra-high-net-worth individuals in residence.
The rise of the urban middle class is encouraging modern retail development in many of the continent's major cities. Tanzania's trade center and economic capital Dar Es Salaam has 36 super-rich individuals.
Single malt whiskey is a popular luxury alternative to beer in Kenya, a country whose economy has grown rapidly in recent years. The capital Nairobi has 69 UHNWIs.
The number of African individuals with $30 million in assets is set to more than double over the next decade. Cape Town has long been one of the continent's most affluent cities, and has 115 ultra-high-net-worth individuals.
In 2013, Lagos, which has 131 UHNWIs, spent more on champagne than the whole of South Africa. With three cities in the ultra-rich list, it's not surprising that Nigeria is now recognized as Africa's largest economy, following a recalculation of its GDP in 2014.
Egypt's capital has the second highest number of high net-worth individuals -- 150. However, that's still only half that of the city which claims the top spot on the list.
The commercial capital of South Africa has far more millionaires than any other African city. With 298 people with a net worth over $30 million, it's the city with the most ultra-rich individuals in Africa.
"With external conditions likely to remain less favorable than in the past, African countries need to accelerate the pace of structural reforms aimed at boosting competitiveness and diversification," Punam Chuhan-Pole, World Bank Africa's acting chief economist and author of the report, said in a statement.
"In most countries this will mean improving the business climate, reducing the cost of cross-border trade, reforming the energy sector to ensure affordable, reliable, and sustainable energy services, and making the financial sector more inclusive."