IMF Commends Nigeria’s Economic Reforms as Growth Outlook Strengthens Under Cardoso
Nigeria’s ongoing economic reforms have received global recognition from the International Monetary Fund (IMF), which praised the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso for stabilizing key indicators and setting the economy on a sustainable path. The IMF’s latest World Economic Outlook highlighted Nigeria’s declining inflation, steady exchange rate, and rising foreign reserves as signs of recovery driven by consistent monetary and fiscal coordination.
In its October 2025 report, the IMF projected Nigeria’s GDP growth at 3.9% in 2025 and 4.1% in 2026, reflecting stronger macroeconomic fundamentals and improved investor confidence. The Fund credited these gains to the CBN’s exchange rate unification and investor-friendly reforms, which helped cushion the economy from global headwinds such as weaker oil prices and shifting trade dynamics. IMF Chief Economist Pierre-Olivier Gourinchas noted that Nigeria’s policy alignment and domestic reforms have given the country a unique advantage among emerging markets.
Governor Olayemi Cardoso, speaking at the IMF/World Bank Annual Meetings in Washington, D.C., said the international commendation validates Nigeria’s tough but necessary reforms. He explained that the central bank’s focus on restoring monetary policy orthodoxy, halting deficit financing, and clearing the backlog of foreign exchange commitments has boosted confidence and pushed external reserves above $42 billion. Cardoso described the naira as a “competitive regional currency,” crediting the CBN’s early action in building buffers against global shocks.
Recent CBN data show that real GDP expanded by 4.2% in Q2 2025, supported by higher oil output, improved investor inflows, and increased domestic production. Cardoso said these results signal a “developmental turning point” for the Nigerian economy. He emphasized that continued discipline and collaboration between fiscal and monetary authorities will be key to transforming these short-term gains into long-term prosperity. “Our task now,” he said, “is to ensure these hard-won gains translate into real opportunities for Nigerians.”
Analysts say the IMF’s endorsement marks a significant vote of confidence in Nigeria’s reform agenda and its resilience amid global uncertainty. With inflation easing, the naira stabilizing, and fiscal reforms deepening, Nigeria is positioning itself as a stronger player among emerging economies. As Cardoso remarked, “This is only the beginning. The real test is to make sure growth becomes inclusive and sustainable.”
source: punch