The International Monetary Fund (IMF) has called on the Nigerian government to expedite the completion of its cash transfer program aimed at supporting vulnerable households. Julie Kozack, Director of the IMF’s Communications Department, highlighted the importance of this initiative during a press briefing on March 27, 2025. The IMF emphasized that, while Nigeria is implementing economic reforms to stabilize its economy and foster growth, these efforts must be paired with social interventions that directly assist the most vulnerable populations.
Kozack acknowledged the severe challenges faced by many Nigerians due to the country’s ongoing economic difficulties. She stressed that completing the rollout of cash transfers to the vulnerable is a critical priority. In addition to this, improving revenue mobilization was also mentioned as a necessary step for sustaining long-term growth and development. The IMF’s comments reflect their ongoing concern over the economic hardship experienced by the Nigerian population.
Earlier this month, IMF First Deputy Managing Director Gita Gopinath visited Nigeria, engaging with key government officials and civil society leaders. Her visit included meetings with Finance Minister Wale Edun and Central Bank Governor Yemi Cardoso. Gopinath also met with students and private sector representatives in Abuja and Lagos. The IMF has announced plans for further visits, with its staff returning next week to lay the groundwork for the 2025 Article IV Consultation, a regular review of Nigeria’s economic and financial policies.
The IMF has previously called for the expansion of Nigeria’s cash transfer program, especially in rural areas where poverty and food insecurity are increasingly prevalent. According to data from the World Bank, over three million households had received cash transfers by May 2024, though the majority of beneficiaries were located in urban areas. The World Bank has stated that these transfers are crucial for alleviating poverty, especially as inflation and low economic growth continue to strain Nigeria’s poor populations.
Source: naira metrics