The International Monetary Fund, (IMF), has excluded Nigeria from its latest list of Africa’s fastest-growing economies, naming Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda as the continent’s top performers.
IMF African Department Director, Abebe Selassie, disclosed this while presenting its ‘Sub-Saharan Africa’s Regional Economic Outlook’ on Thursday.
He attributed the strong performance of the five countries to sustained fiscal reforms, macro-economic stability, and investments in infrastructure and manufacturing.
Selassie said sub-Saharan Africa’s growth is projected to hold steady at 4.1% in 2025, with a modest improvement expected in 2026. He, however, warned that weaker global demand, volatile commodity prices, and rising debt costs continue to threaten the region’s recovery.
Despite the IMF’s earlier upward revision of Nigeria’s growth forecast to 3.9% for 2025, the country still lags behind the continent’s best performers. The Fund urged Nigeria to deepen reforms in electricity, tax administration, and industrial diversification to unlock higher growth.
The IMF also raised concerns over increasing financial vulnerabilities in several African nations, warning that governments’ heavy reliance on domestic banks for borrowing could strain financial systems.
Nonetheless, the IMF commended Nigeria’s fiscal and monetary reforms, describing its policy direction as “broadly positive”. It noted that exchange rate adjustments, tighter monetary policy, and improved fiscal management have helped stabilise inflation and boost investor confidence.
