Nigerians have reacted to the information disclosed by the International Monetary Fund, that Nigeria is not among Africa’s fastest-growing economies, as countries such as Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda are leading the continent’s growth trajectory in the world.
The IMF said the five countries are now among the world’s fastest-expanding economies, buoyed by sustained policy reforms, improved fiscal management, and investments in infrastructure and manufacturing.
The Director of the IMF’s African Department, Abebe Selassie, disclosed this during the launch of Sub-Saharan Africa’s latest Regional Economic Outlook at a press briefing on Thursday.
He said Benin, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda are among the world’s top-performing economies, crediting their strong growth to fiscal reforms and macroeconomic stability.
The Director also noted that overall growth in Sub-Saharan Africa is projected to stabilise at 4.1 per cent in 2025, with a modest pick-up expected in 2026, powered by macro stabilisation and reform efforts in key economies.
Selassie said, “Six months ago, our assessment highlighted the region’s strong efforts and that growth had exceeded expectations last year. But we also noted sudden realignment of global priorities and increasing turbulent external conditions, marked by weaker demand, softer commodity prices and tighter financial markets. Today, these global headwinds continue to test the region’s recovery and resilience.
“Sub-Saharan Africa’s economic growth, we now estimate, is expected to hold steady at 4.1% this year, with a modest pick-up expected in 2026. In our view, this reflects ongoing progress in macroeconomic stabilisation and reform efforts across the major economies in the region.
“It is important to note that several countries in the region, Benin, Côte d’Ivoire, Ethiopia, Rwanda, Uganda, are among the fastest-growing economies in the world.”
This omission comes despite the IMF’s recent upward revision of Nigeria’s growth forecast, projecting the economy to expand by 3.9 per cent in 2025, driven by higher oil output, improved investor confidence, and a more supportive fiscal policy.
The updated figures reflect a 0.5 percentage point increase from its previous forecast and signal renewed optimism about the country’s medium-term economic prospects.
The National Bureau of Statistics also reported last month that Gross Domestic Product grew by 4.23 per cent year-on-year in real terms in the second quarter of 2025.
The figure marks a notable improvement from the 3.48 per cent growth recorded in the corresponding period of 2024, reflecting modest gains from increased oil output, recovery in key non-oil sectors, and easing inflationary pressures.
However, the IMF’s verdict indicates that the growth remains below potential, and the government is urged to deepen structural reforms, improve electricity supply, curb inflation, and expand non-oil revenue through industrial diversification and better tax administration.
The revelation comes as no shock to Nigerians as despite the economic reforms and the reduction in the country’s inflation rate, there is still an absence in Nigeria’s economic progress: industrialization. As long as the country continues to depend on foreign aid, foreign products and importation, there is still a lot to do.
Netizens who reacted to the news on X showed no surprise to the information as they believed that long term mismanagement of the Economy is the reason for the slow growth.
@NaijadentistNG said: “Understandable. You don’t heal an economy that’s been structurally comatose for over a decade overnight. Nigeria’s fundamentals were wrecked by years of rent-seeking, fiscal indiscipline, multiple exchange rates, and artificial subsidies that strangled productivity.
“What we’re seeing now isn’t cosmetic growth; it’s painful, fundamental correction. The distortions are being peeled away, inflation will settle, and production incentives will kick in. Sustained policy discipline for just two more years could shift us from mere recovery to genuine expansion.
“Fast growth built on weak foundations collapses under its own illusion. What Nigeria needs now is quality growth; rooted in real productivity.”
@itsaleeyou commented that: “That’s honestly embarrassing for a country with Nigeria’s size, population, and resources. We should be leading that list, not watching from the sidelines while smaller nations keep outpacing us. It says a lot about how much our economic priorities have been misplaced too much politics, not enough productivity.”
@adebanjosanya said that: “It’s honestly sad but not surprising. Nigeria has all the potential to top that list. Resources, talent, and market size,yet poor governance, corruption, and policy inconsistency keep dragging us backward. Until leadership becomes intentional about productivity instead of politics, we’ll keep watching our neighbours grow while we debate survival.”
