The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow faster than several advanced nations, including the United Kingdom and the United States, in 2025.
In its latest World Economic Outlook report released on Tuesday, the IMF raised Nigeria’s GDP growth forecast from 3.0% to 3.4%. This is a 0.4% increase from its previous estimate in April.
With this upward revision, Nigeria is now expected to outpace countries like the UK (1.2%), Germany (0.1%), Canada (1.6%), and the US (1.9%) in economic growth next year.
The revised forecast follows a GDP rebasing exercise by Nigeria’s National Bureau of Statistics (NBS), which updated the country’s total economic output to ₦372.8 trillion (about \$243 billion) in 2024, up from ₦314 trillion the previous year. The new figures include a wider range of informal sector activities.
Although Nigeria is still the fourth-largest economy in Africa—behind South Africa, Egypt, and Algeria—the IMF’s improved outlook reflects growing confidence in Nigeria’s economic reforms and resilience.
The global lender also revised growth predictions upward for other countries. China’s forecast rose from 4.0% to 4.8%, India from 6.2% to 6.4%, and Brazil from 2.0% to 2.3%. Meanwhile, gains for most advanced economies remained small.
The IMF said the overall improvement in global growth was due to lower U.S. tariffs, better financial conditions, a weaker dollar, and increased government spending in major economies. Global economic growth is now expected to reach 3.0% in 2025, up from an earlier estimate of 2.8%.
