Federal Government Welcomes IMF Endorsement of Nigeria’s Economic Reforms

Federal Government Welcomes IMF Endorsement of Nigeria’s Economic Reforms

The Federal Government has welcomed the International Monetary Fund’s (IMF) positive assessment of Nigeria’s economy, describing the report as a strong validation of the economic reform agenda being implemented under President Bola Ahmed Tinubu.

According to the IMF’s 2026 Article IV Consultation Report, key reforms introduced by the administration—including the removal of fuel subsidies, foreign exchange market liberalisation, the end of deficit monetisation, and improved fiscal discipline—have contributed to greater macroeconomic stability and strengthened the country’s resilience to external shocks.

The Fund noted that the reforms have helped improve investor confidence, bolster external reserves, and create a more stable economic environment despite ongoing global uncertainties.

The IMF also observed that Nigeria’s foreign exchange market has remained relatively stable, with the exchange rate premium staying below five percent even amid rising global energy prices linked to tensions in the Middle East. It added that the country could benefit from increased oil revenues if elevated crude prices are sustained.

Reacting to the report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the government was encouraged by the IMF’s findings, noting that they reflect the positive impact of ongoing economic reforms.

He acknowledged, however, that poverty and food insecurity remain major challenges facing many Nigerians and reiterated the government’s commitment to addressing them through targeted investments in social protection programmes, agricultural development, and job creation initiatives.

The IMF further projected that Nigeria’s economy would record growth of more than four percent in the medium term, while public debt is expected to continue declining as a percentage of Gross Domestic Product (GDP).

The Federal Government said it remains focused on sustaining reforms aimed at promoting inclusive growth, strengthening economic stability, and improving the living standards of Nigerians.

Federal Government Welcomes IMF Endorsement of Nigeria’s Economic Reforms