• Despite consecutive GDP growth, the International Monetary Fund has excluded Nigeria from the list of Africa’s fastest-growing economies
• The new ranking, which includes neighbouring countries, was prepared by top IMF economists and analysts
• The Fund praised Nigeria’s recent growth rate but said it is not strong enough to place the country among the continent’s top-performing economies

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The International Monetary Fund (IMF) has excluded Nigeria from its latest list of Africa’s fastest-growing economies, despite recent improvements in the country’s gross domestic product (GDP) performance.

According to the IMF, Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda are the world’s fastest-growing economies.

Abebe Selassie, the Director of the IMF’s African Department, disclosed this during the presentation of the Fund’s latest Regional Economic Outlook for Sub-Saharan Africa on Thursday, October 17.

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Selassie explained that the countries were selected for their success in sustaining policy reforms, fiscal discipline, and rising investment in infrastructure and manufacturing.

Sub-Saharan Africa growth

The IMF director also revealed that growth across Sub-Saharan Africa is expected to stabilise at 4.1% in 2025, with modest acceleration anticipated in 2026, Punch reports.

However, Nigeria’s growth projection of 3.9% remains below the regional average, keeping it outside the list of top performers.

Selassie said:

“Several countries in the region, Benin, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda are now among the fastest-growing economies globally.”

“Their strong performance reflects continued progress in macroeconomic stabilisation and reform efforts.”

He warned, however, that global challenges such as declining oil prices, softer commodity demand, and tighter financial markets continue to test the resilience of African economies.

Nigeria’s growth analysis, caution

Despite recent GDP figures, which show positive performance, the IMF said Nigeria’s growth remains modest compared to peers that have implemented deeper structural and policy reforms.

It urged the government to intensify efforts to diversify exports, improve electricity supply, curb inflation, and broaden its tax base to achieve more inclusive and sustainable growth.

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The IMF also cautioned that several Sub-Saharan African countries, including Nigeria, face increasing financial vulnerabilities as governments rely heavily on domestic bank borrowing amid limited access to external credit.

It recommended stronger fiscal and monetary coordination, more efficient tax administration, and the digitalisation of revenue systems to boost growth potential.

While acknowledging Nigeria’s reform progress, the IMF stressed that sustained discipline and long-term structural changes will be key to transforming the country’s economic trajectory and returning it to the ranks of Africa’s fastest-growing economies.

LCCI reacts to latest GDP growth figures

Earlier, Legit.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) has shared its opinion about Nigeria’s

According to the chamber, despite the growth reported, economic conditions continue to pose challenges for many Nigerians.

LCCI President noted that while the GDP figures suggest economic improvement, significant portions of the population are grappling with poverty exacerbated by inflationary pressures.

Source: Legit.ng