Nigeria Economic Reforms Gain IMF Support as FG Vows to Sustain Policy Drive

The Federal Government of Nigeria has welcomed the latest assessment from the International Monetary Fund, describing it as strong validation of its ongoing economic reform agenda. The government says the report reinforces confidence that recent policy decisions are beginning to stabilise the economy and strengthen investor trust.

Speaking on Tuesday via his official X account, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the findings reflect progress made through tough but necessary reforms. These include the removal of fuel subsidies, the end of deficit monetisation, liberalisation of the foreign exchange market, and tighter fiscal discipline under the Federal Government of Nigeria.

In its 2026 Article IV Consultation report, the International Monetary Fund acknowledged that Nigeria still faces major challenges, including poverty, food insecurity, and fiscal transparency concerns. However, it also noted that recent reforms have improved macroeconomic stability, strengthened external reserves, and enhanced the country’s resilience to global economic shocks.

The IMF projected Nigeria’s economy to grow by 4.0% in 2025 and 4.1% in 2026, citing improved foreign exchange operations, stronger banking sector performance, and ongoing fiscal reforms. It also estimated that about 63% of Nigerians live below the national poverty line, while 27 million people faced food insecurity in late 2025.

Reacting to the report, Oyedele said the government remains committed to translating macroeconomic gains into real improvements in citizens’ lives. He highlighted ongoing efforts such as cash transfer programmes, student loans through NELFUND, healthcare investments, and support for small businesses, stressing that economic stability must lead to inclusive and sustainable growth.

source: newtelegraph