Nigeria missing IMF Africa fastest-growing economies
The International Monetary Fund (IMF) has released its latest economic outlook ranking Africa’s fastest-growing economies for 2025 — and notably, Nigeria, Africa’s largest economy, is missing from the list.
According to the IMF’s World Economic Outlook report, countries such as Niger, Senegal, Rwanda, Côte d’Ivoire, Ethiopia, and the Democratic Republic of Congo are projected to record some of the continent’s highest growth rates, driven by reforms, investment inflows, and resilient domestic demand.
The exclusion of Nigeria, which once ranked among Africa’s top performers, has sparked fresh debate about the country’s slow economic recovery, fiscal instability, and the impact of persistent inflation on growth prospects.
IMF projects modest growth for Nigeria
The report projects Nigeria’s GDP growth for 2025 at around 3.0 percent, significantly below the sub-Saharan Africa average of 4.5 percent and far behind emerging economies like Rwanda (7.6%), Niger (10.4%), and Côte d’Ivoire (6.8%).
The IMF attributed Nigeria’s sluggish growth to several structural challenges, including:
- High inflation and currency volatility following foreign exchange reforms.
- Declining oil production and underinvestment in the energy sector.
- Weak private sector confidence and rising cost of living.
- Limited progress on fiscal and governance reforms.
“Nigeria’s growth potential remains constrained by macroeconomic instability, policy uncertainty, and infrastructure gaps,” the IMF stated. “However, sustained reforms in energy pricing, tax collection, and investment in productivity could lift medium-term growth.”
Analysts: missed opportunity for reform dividends
Economic analysts say the IMF ranking underscores Nigeria’s urgent need to diversify its revenue base and improve the business climate.
Dr. Aisha Yusuf, a development economist, noted that other African nations are overtaking Nigeria through consistent reforms and better fiscal discipline.
“Countries like Rwanda and Côte d’Ivoire are reaping the benefits of policy consistency,” she said. “Nigeria’s size is no longer a shield — performance now depends on structural reforms, not population.”
Government reacts cautiously
A senior official at Nigeria’s Ministry of Finance, who spoke anonymously, said the government remains committed to long-term growth through industrialisation, agriculture, and energy transition.
“We’re aware of the IMF’s assessment,” the official said. “Our focus is on implementing reforms that may not yield instant results but will stabilise the economy and attract sustainable investment.”
Africa’s new growth leaders
The IMF report highlights Niger as Africa’s fastest-growing economy in 2025, with projected growth of over 10%, driven by oil production and investment in renewable energy.
Rwanda and Senegal follow closely, buoyed by strong service sectors, infrastructure expansion, and digital innovation.
Experts note that while Nigeria’s economy remains the largest by size, its growth pace has lagged behind due to inflationary pressure, policy inconsistency, and security challenges affecting agricultural output.
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