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The International Monetary Fund (IMF) has revealed that Nigeria is not among Africa’s fastest-growing economies, as countries such as Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda continue to lead the continent’s expansion.
According to Abebe Selassie, Director of the IMF’s African Department, these nations are now ranked among the world’s fastest-growing economies due to fiscal reforms, improved policy frameworks, and infrastructure investment.
He made this known on Thursday during the launch of Sub-Saharan Africa’s Regional Economic Outlook.
Selassie projected Sub-Saharan Africa’s overall growth to remain steady at 4.1% in 2025, with a modest rise in 2026, supported by continued macroeconomic stabilisation efforts.
Although Nigeria’s growth forecast has been revised upward to 3.9% for 2025, the IMF said its performance remains below potential, urging the government to deepen reforms in electricity, taxation, and industrial diversification.
The Fund also expressed concern about rising domestic borrowing in Nigeria and other African countries, warning that growing dependence on local banks for financing could threaten financial stability.
Selassie further noted that while inflation is easing across the region, it remains high in several economies. He advised African governments to modernise tax systems, strengthen fiscal discipline, and increase transparency to sustain growth.
Meanwhile, IMF officials praised Nigeria’s recent economic reforms, describing its fiscal and monetary policy direction as “broadly positive.”
They cited improved exchange rate flexibility, stronger revenue collection, and declining inflation as signs of progress while calling for continued discipline to safeguard long-term stability.
