Nigeria is intensifying its collaboration with the International Monetary Fund (IMF) as it charts a course for robust, reform-driven economic growth. Over the weekend, a high-level IMF delegation led by Axel Schimmelpfennig, Assistant Director of the African Department, met with Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, in Abuja. The talks focused on Nigeria’s ongoing economic reforms, fiscal priorities, and preparations for the 2026–2030 National Development Plan.
The IMF delegation’s visit is part of a consultative mission to evaluate Nigeria’s macroeconomic framework and reform strategy ahead of the IMF’s forthcoming country report. Schimmelpfennig commended Nigeria’s policy consistency and reform momentum, highlighting the government’s efforts to maintain stability even in pre-election periods. “What we see in Nigeria is a continued commitment to reform and policy consistency, a signal of growing institutional strength,” he said during the meeting.
Minister Bagudu reaffirmed Nigeria’s dedication to aligning fiscal reforms with national development plans to ensure inclusive growth. He expressed appreciation for the IMF’s guidance and technical assistance over the past two and a half years, emphasizing that the feedback received has been instrumental in shaping evidence-based economic management. The minister noted that the administration under President Bola Tinubu has prioritized discipline, transparency, and inclusion in its reform agenda.
Central to Nigeria’s vision is the goal of building a $1 trillion economy by 2030. Bagudu highlighted the Renewed Hope Ward-Based Development Plan, which seeks to harness the economic potential of Nigeria’s 8,809 wards through coordinated, bottom-up growth initiatives. He explained that the 2026–2030 National Development Plan aims to create a cohesive, data-driven framework that aligns strategies across federal, state, and local governments for sustainable development.
The minister also underscored the ongoing collaboration with the IMF on macroeconomic modelling, fiscal planning, and global comparative data. “We are not lamenting; we are learning and refining,” Bagudu said, emphasizing that Nigeria’s partnership with the IMF is focused on innovation, not dependency. This cooperation is expected to guide the country’s reform-driven path toward long-term, inclusive economic growth.
source: The Sun