Nigeria, Africa’s largest economy, didn’t make the International Monetary Fund‘s latest list of the continent’s fastest-growing economies, a telling sign of the country’s ongoing economic struggles.
The IMF‘s new data shows smaller nations like Benin Republic, Côte d’Ivoire, Rwanda, Uganda, and Ethiopia now leading the pack, outpacing Nigeria in both GDP growth and economic reforms.
Nigeria’s growth rate is expected to hit just 3.3% in 2024, barely improving from previous years.
Meanwhile, other African countries are recording growth rates between 6% and 11%, thanks to stronger institutions, better infrastructure, and more diversified economies.
Countries like Rwanda, Benin, and Senegal are gaining recognition for their economic resilience and reform policies that continue to attract foreign investment and create stability.
Here’s who made the IMF’s list between 2024-2025:
- Niger (11.2%) – Driven by oil and gas projects and strong commodity prices
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Senegal (8.2%) – Benefiting from a diversified economy and infrastructure expansion
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Libya (7.9%) – Oil recovery and gradual political stability
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Rwanda (7.2%) – Tourism rebound, tech investments, and good governance
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Côte d’Ivoire (6.8%) – Cocoa exports, industrial growth, and infrastructure development
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Ethiopia (6.7%) – Manufacturing and reform momentum
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Benin (6.4%) – Port expansion, agricultural exports, and fiscal discipline
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Uganda (6.0–7.5%) – Oil development, infrastructure upgrades, and growing services sector
These countries are now Africa’s new growth leaders, largely because they’ve diversified their economies beyond a single commodity and maintained stable economic policies.
Nigeria continues to wrestle with deep-rooted economic challenges:
Oil dependency – The economy is still heavily tied to crude oil exports, making it vulnerable to global price swings.
Inflation and currency problems – High inflation and the naira’s decline have hurt purchasing power and scared off investors.
Heavy debt – A huge chunk of government revenue goes toward paying off debt, leaving little for development.
Policy uncertainty – Frequent policy changes and poor implementation make investors hesitant.
Infrastructure gaps – Unreliable electricity and poor transport networks drive up business costs.
Population pressure – Economic growth isn’t keeping pace with the country’s rapidly growing population, so income per person remains low.
Despite Nigeria’s struggles, Africa’s overall economic outlook is positive.
The African Development Bank projects the continent will grow by 3.8% in 2024 and 4.2% in 2025, beating global averages.
West Africa is expected to grow around 4%, with Benin, Côte d’Ivoire, and Senegal leading the charge.
East African nations like Rwanda, Ethiopia, and Uganda are also performing well, backed by political stability, diversified exports, and steady investment.
