- The International Monetary Fund (IMF) has excluded Nigeria from its latest list of Africa’s fastest-growing economies.
- While nations like Rwanda, Ethiopia, Benin, Uganda, and Côte d’Ivoire record growth rates between 6% and 11%, Nigeria’s economy is projected to grow by just 3.3% in 2024.
- Analysts attribute Nigeria’s weak performance to overreliance on oil, inflation, policy inconsistency, and poor infrastructure. Experts urge urgent reforms to revive growth and competitiveness.
Nigeria, Africa’s biggest economy, has been excluded from the International Monetary Fund’s (IMF) latest ranking of the continent’s fastest-growing economies.
The IMF report highlights smaller nations such as Benin, Côte d’Ivoire, Rwanda, Uganda, and Ethiopia as Africa’s new growth leaders, posting between 6% and 11% GDP growth, while Nigeria lags at about 3.3% in 2024.
Experts blame Nigeria’s slow progress on overdependence on oil, inflation, policy inconsistency, weak infrastructure, and population pressure. Meanwhile, other African countries are driving growth through diversification, fiscal discipline, and reforms.
Analysts warn that Nigeria’s exclusion signals a need for urgent reforms in economic diversification, governance, and infrastructure to reclaim its position among Africa’s growth leaders.
In other news…. The Lagos State Government has responded to accusations made by Nollywood actress Sarah Martins, who claimed she was assaulted by uniformed officers while distributing food to the less privileged
Martins had earlier shared her ordeal on Instagram, explaining that the incident occurred in Lekki as she was preparing meals for homeless individuals.
According to her account, a group of uniformed men believed to be officials of the Lagos State Environmental Sanitation Corps (LAGESC/KAI) interrupted her outreach program, confiscated her food items and cooking tools, and halted the activity.
In reaction to the viral post, the Lagos State Ministry of the Environment and Water Resources issued a statement on Thursday, October 16, clarifying its position on the matter.
The ministry confirmed that its officers had engaged with Martins but stated that her actions breached existing environmental and public safety regulations.
It explained that the actress was found cooking on a road median along Admiralty Way in Lekki Phase 1 an act classified as an illegal use of public property.
Part of the statement read:
“While the state appreciates acts of charity and benevolence, such initiatives must comply with established environmental and sanitation guidelines to ensure public health and safety.”
The ministry further warned that using public spaces for private or commercial purposes could cause infrastructure damage, traffic obstruction, and potential health hazards.
However, the government acknowledged the importance of humanitarian initiatives and urged Lagosians to work with relevant agencies to ensure that charitable programs are carried out in line with state regulations.
“We encourage all individuals and organizations engaged in philanthropic activities to liaise with the appropriate authorities for proper guidance and compliance,” the statement concluded.
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