Nigeria, IMF Strengthen Partnership on Economic Reforms and 2026–2030 Growth Plan
Nigeria has reaffirmed its commitment to evidence-based policymaking and inclusive economic transformation as the global economy pivots toward reform-driven growth. Over the weekend, a high-level delegation from the International Monetary Fund (IMF), led by Assistant Director of the African Department, Mr. Axel Schimmelpfennig, met with Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, in Abuja to review the country’s ongoing reforms and medium-term growth outlook. The talks also centered on the forthcoming 2026–2030 National Development Plan.
The meeting formed part of the IMF’s consultative mission to evaluate Nigeria’s fiscal priorities, macroeconomic framework, and reform progress ahead of its upcoming country report. Schimmelpfennig praised Nigeria’s reform trajectory, noting that the IMF was eager to understand how the government’s medium-term strategies align with broader development objectives. He emphasized that Nigeria’s consistency in pursuing reform—even in a pre-election year—signals growing institutional strength and policy maturity.
In response, Minister Bagudu reaffirmed the government’s commitment to fiscal discipline and coherent national planning, underscoring that these efforts are vital to achieving inclusive and sustainable growth. He expressed appreciation for the IMF’s technical support, acknowledging the role of international collaboration in refining Nigeria’s economic policies. “Our engagement with the IMF has helped ensure that our reforms remain evidence-based and impactful,” he said.
Bagudu further outlined the administration’s vision of transforming Nigeria into a $1 trillion economy by 2030, emphasizing transparency, inclusion, and accountability as central pillars. He explained that the Renewed Hope Ward-Based Development Plan aims to harness the economic potential of all 8,809 wards across the country, promoting bottom-up development and community-driven growth.
The Minister added that the forthcoming 2026–2030 National Development Plan will integrate fiscal, subnational, and structural reform strategies into a unified, data-driven framework. He highlighted ongoing collaborations with the IMF in macroeconomic modelling and fiscal planning, describing them as “partnerships for innovation, not dependency.” Bagudu concluded that Nigeria’s reform journey remains adaptive, forward-looking, and focused on building a resilient economy capable of delivering long-term prosperity for its citizens.
source: tribune