Mixed reactions have trailed a recent report ranking Nigeria as one of the top 10 countries globally contributing to global economic growth in 2026.

The report from the International Monetary Fund (IMF) listed 10 countries, including India and Nigeria, among the top contributors to global economic growth for 2026.

The IMF data placed Nigeria at number six with a projected 1.5 per cent real GDP growth while India was ranked ahead of the United States of America as number two, with 17 per cent growth.

According to the IMF data, Nigeria is projected to contribute 1.5 per cent to global real GDP growth in 2026, thus placing one of Africa’s leading economies ahead of several advanced and emerging economies, including Germany, Brazil, and Indonesia.

Other countries in the top 10 include: Indonesia at 3.8 per cent, Türkiye at 2.2 per cent, Saudi Arabia at 1.7 per cent, Vietnam at 1.6 per cent, Brazil at 1.5 per cent, and Germany at 0.9 per cent.

The report has generated mixed reactions amidst the domestic macroeconomic challenges and cost of living crisis.

Daily Trust reports that tech giant, Elon Musk wrote on his official account that “The balance of power is changing,” rating Nigeria’s ranking.

The IMF specifically cited domestic strength rather than export dependency as the engine.

Daily Trust reports that despite rising poverty, the federal government has insisted the economic reforms are bearing fruits.

The twin-reform of the government which is the fuel subsidy removal and the unification of the naira has raised inflationary pressures and deepened poverty levels among Nigerians.

However, the reforms have received plaudits from the multilateral organisations with the IMF recently raising Nigeria’s economic growth projection to 4.4 per cent in 2026, from 4.2 percent in 2025, amidst impact of ongoing government reforms and improving macroeconomic conditions.

The projection was contained in the IMF’s January 2026 World Economic Outlook (WEO) Update.

According to the IMF, growth across sub-Saharan Africa is expected to strengthen, rising from 4.4 percent in 2025 to 4.6 percent in both 2026 and 2027. This acceleration is attributed to macroeconomic stabilisation efforts and structural reforms in several key economies across the region.

What the rating means?

Ugochukwu Chuks, a chartered accountant in an article, “Nigeria’s Resurgence: Economic Relevance, Global Growth, and the Reawakening of a Giant,” said Nigeria’s emergence among the top ten contributors to global real GDP growth “is more than a statistic, it is a strong signal that Africa’s largest economy is reclaiming its relevance in the global economic order.”

He said, “At a time when growth momentum is shifting away from mature economies toward large emerging markets, Nigeria’s position reflects scale, resilience, and renewed economic direction.

“This performance enhances investor confidence, strengthens Nigeria’s visibility in global capital markets, and reinforces the country’s attractiveness for foreign direct investment.

“It also signals a gradual but important transition from oil dependency toward a more diversified economy driven by manufacturing, telecommunications, financial services, construction, agribusiness, and the digital sector. Such diversification improves economic stability, expands the tax base, and creates employment, especially for Nigeria’s youthful population.”

According to him, “While challenges remain, Nigeria’s current trajectory confirms one truth: the country is too large, too dynamic, and too entrepreneurial to be written off.”

“This moment should be seen not as a destination, but as an invitation, to build an economy that is diversified, competitive, and capable of sustaining growth for decades to come,” he said.

However, another economist, Dr. Marcel Okeke said the ranking is far from the reality on ground, describing it as “international propaganda.”

He said, “Forget about those rankings. I don’t want to accuse the IMF and World Bank, but at the end of the day they are managed by human being, I don’t want to accuse them of anything, otherwise if our economy is as good as they are painting it, me and you would not be going through what we are going through here.

“There is poverty, there is impoverishment and hunger in the land and somebody even said food is becoming too cheap. This is part of the campaign and propaganda.”

Spokesperson of Lagos APC, Seye Oladejo said the Lagos State Chapter of the All Progressives Congress (APC) has taken note of the recent comments credited to global technology entrepreneur and investor, Elon Musk, on the prospects of the Nigerian economy.

“His objective assessment stands in sharp contrast to the persistent narrative of gloom, decline, and hopelessness being peddled by the opposition for narrow political gains.

“Coming from one of the world’s most influential innovators and investors- whose opinions are shaped by hard data, market realities, and future trends- Mr. Musk’s outlook reinforces what discerning observers already know: Nigeria remains a country of vast economic potential, resilience, and strategic relevance, particularly in the areas of technology, energy transition, digital innovation, and human capital,” he said.