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Nigeria Absent from IMF’s Fastest-Growing African Economies List as Smaller Nations Surge Ahead

Taiye Ajayi / October 17, 2025

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 Senegal (8.2%) – Benefiting from a diversified economy and infrastructure expansion Libya (7.9%) – Oil recovery and gradual political stability Rwanda (7.2%) – Tourism rebound, tech investments, and good governance Côte d’Ivoire (6.8%) – Cocoa exports, industrial growth, and infrastructure development Ethiopia (6.7%) – Manufacturing and reform momentum Benin (6.4%) – Port expansion, agricultural exports, and fiscal discipline 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.

Exclusive News, Politics

Shehu Sani Blasts World Bank and IMF: “Their Policies Are Destroying Nigeria, Not Saving It”

Taiye Ajayi / October 10, 2025

Former Senator Shehu Sani has come out swinging against the World Bank and IMF, accusing them of pushing policies that have plunged millions more Nigerians into poverty. His outburst follows fresh reports from both institutions showing just how dire things have become. The numbers are sobering: since 2018, an additional 45 million Nigerians have fallen below the poverty line. Today, nearly half the country, 47 percent, lives in poverty. In rural areas, it’s even worse. Three out of four people are struggling to survive. For children under 14, the situation is heartbreaking, over 72 percent are growing up in poverty, with little access to quality education and facing deep inequalities based on where they live and their gender. The IMF’s report isn’t much better. Between 2014 and 2023, Nigeria’s real income per person actually shrank by 0.7 percent every year. Both institutions point to familiar culprits: weak institutions, runaway inflation, massive inequality, and the country’s heavy reliance on oil revenue. But Sani isn’t having any of it. Taking to social media, he didn’t mince words. “The World Bank and IMF are the witches and wizards who will tell you to remove subsidies and float your currency in the ocean, expecting miracles of wealth and prosperity,” he wrote. “When the result turns out to be poverty and misery, they blame you for taking the wrong dosage.” His point is simple: these international bodies push the same economic playbook everywhere, remove subsidies, devalue your currency, liberalize the economy, without considering what actually works on the ground in Nigeria. And when things go south, they blame the government for not implementing their advice properly.

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CBN Governor Cardoso: JP Morgan, Citi Bank, and IMF Visits Show Improved Investor Confidence

Olawale Moses Oyewole / March 25, 2025

CBN Governor Olayemi Cardoso has referred to recent visits by JP Morgan’s senior management, Citi Bank, and the International Monetary Fund (IMF) as a clear indicator of growing investor confidence in the trajectory of Nigeria’s economy. Addressing a gathering of Harvard Kennedy School (HKS) Africa Trek scholars at the CBN headquarters in Abuja, Cardoso highlighted the successes achieved in stabilizing the foreign exchange market, curbing inflation, and addressing key economic challenges. “Their interest is a sign that we are going in the right direction,” Cardoso said, adding that international financial institutions act on facts and economic figures and not emotion. The Africa Trek delegation of 50 students from 19 nations represented leading institutions like Harvard Kennedy School (HKS), Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University. Their trip to Nigeria came after a previous visit to Ghana as part of a larger initiative to meet with African policymakers and economic stakeholders. As an alumnus of HKS and the first African pioneer in the worldwide HKS Alumni Board of Directors, Cardoso also reaffirmed CBN’s quest for intellectual debate and policy solution. “As we redraw the Bank, we aim to be thought leadership centers. The exposure it provides us, from Harvard, is just invaluable, and we view it as a call to form longer-term alliances,” he said. The President of Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), Ms. Adaora Ndukwe, and Ms. Sheffy Kolade, Lead of the HKS Nigeria Trek Delegation, appreciated the CBN for its openness. The Bank was praised for being receptive to having future policymakers listen to its experts and gain first-hand information on Nigeria’s evolving economic landscape.