IMF Excludes Nigeria from List of Africa's Fastest-Growing Economies, Urges Structural Reforms for Sustained Growth

The IMF has identified the Republic of Cote d'Ivoire, Ethiopia, Rwanda, and Uganda as Africa's fastest-growing economies, with Nigeria notably missing from the list due to its modest growth performance. Abebe Selassie, IMF's African Department Director, highlighted the selected countries' success in sustaining growth through policy reforms, fiscal discipline, and increased investments in infrastructure and manufacturing.

While acknowledging Nigeria's reform progress, the IMF emphasized the need for deeper structural policy reforms to enhance economic trajectory and return to being one of Africa's fastest-growing economies. The report warns of global challenges such as declining oil prices and tighter financial markets affecting African economies.

Nigeria is urged to diversify exports, improve electricity supply, curb inflation, and broaden its tax base for inclusive and sustained growth.