Former Governor of Anambra state and 2023 presidential candidate of the Labour Party, Peter Obi, has expressed concern over Nigeria’s absence from the International Monetary Fund (IMF) list of Africa’s fastest-growing economies, describing it as a reflection of the country’s misplaced priorities and weak governance culture.
In a recent statement posted on his verified X handle, Obi said he found Nigeria’s omission deeply troubling.
He argued that the nations featured in the report were not necessarily richer in natural resources than Nigeria but had achieved economic progress through discipline, visionary leadership, and strategic investments in human development.
“These nations are not richer than us in natural resources, but they have become richer in discipline, leadership, and commitment to improving their people and their human capital. They are growing their economies through investing in critical areas of development education, healthcare and pulling people out of poverty, while ensuring fiscal prudence and stability,” the former Governor said.
The former Anambra State governor lamented that Nigeria’s economy continues to struggle under the weight of poor policy choices, corruption, and waste, even as smaller African nations chart new paths toward sustainable development.
“Our own economy, sadly, continues to struggle under the weight of poor policy choices, corruption, and waste,” he said. “We must return to the basics: production over consumption, human capital over patronage, and governance over politics.”
He added that Nigeria had “all it takes to not just be amongst the fastest growing economies, but to lead them.”
“What we need is competent and compassionate leadership, one that sees governance as a call to service, not as a transaction for criminal acquisition of unearned wealth. Let us recommit ourselves to building a nation that values transparency, productivity, and shared prosperity. With the right leadership and collective will, Nigeria can once again become the pride of Africa. If smaller nations can grow their economy through discipline and commitment to clear policy direction, then the giant of Africa must awaken,” Peter Obi wrote
The Director of the IMF’s African Department, Abebe Selassie, had disclosed during the launch of sub-Saharan Africa’s latest Regional Economic Outlook at a press briefing during the latest World Bank and IMF Annual Meetings in Washington, D.C.
The IMF revealed that Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda continue to lead the continent’s growth trajectory in the world.
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.
What you should know
In its latest World Economic Outlook (WEO), the IMF upgraded Nigeria’s economic growth projection, forecasting a 3.9% expansion in 2025 and 4.2% in 2026.
In July, the IMF had projected Nigeria’s growth at 3.4 percent, but the latest report reflects a 0.5 percentage point increase, signaling renewed confidence in the country’s reform-driven economic recovery.