The Federal Government (FG) has welcomed the International Monetary Fund (IMF)’s 2026 Article IV Mission Concluding Statement on Nigeria, describing it as an independent validation of the economic reforms being implemented under President Bola Tinubu’s administration.
In a statement issued on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF’s assessment affirmed that the government’s reform agenda is strengthening macroeconomic stability, restoring investor confidence, and laying the foundation for sustainable and inclusive economic growth.
According to Oyedele, the IMF acknowledged that measures implemented over the past two and a half years have improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks.
The Fund highlighted improvements in the functioning of the foreign exchange market, stronger external reserves, ongoing fiscal and revenue reforms, resilience in the banking sector, and overall macroeconomic stability.
The government noted that the IMF’s findings reinforce its position that the country is moving in the right direction and is now better equipped to withstand global economic uncertainties.
It also welcomed the IMF’s recognition of key policy decisions, including the removal of fuel subsidies, the end of deficit monetisation, the liberalisation of the foreign exchange market, and efforts to strengthen fiscal discipline.
These measures, Oyedele said, have helped reduce economic vulnerabilities, rebuild confidence, and strengthen Nigeria’s policy buffers against external shocks.
He equally pointed to the IMF’s assessment of Nigeria’s resilience amid the recent conflict in the Middle East, which has triggered higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains.
Despite these challenges, the IMF observed that Nigeria has maintained stability, with the foreign exchange parallel market premium remaining below five per cent, sovereign spreads largely stable, and investor confidence intact.
The Fund emphasised that Nigeria stands to benefit from higher global energy prices through increased export earnings, stronger fiscal revenues, and greater foreign exchange inflows.
The FG reiterated its commitment to translating these opportunities into long-term economic gains by boosting crude oil production, expanding domestic refining capacity, increasing gas production and exports, and attracting new investments into the energy sector.
While acknowledging the IMF’s concerns about persistent poverty and food insecurity, the government maintained that progress is being made, citing nearly 10 per cent growth in per capita income in 2025.
It stressed, however, that macroeconomic stability alone is not enough and that economic growth must be inclusive and improve the living standards of Nigerians.
To achieve this, the government disclosed that it is expanding social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and other interventions aimed at improving livelihoods.
In the agricultural sector, the FG declared that it is scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at increasing productivity, expanding irrigation and dry-season farming, strengthening value chains, and improving food security.
The government further welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms, including the implementation of new tax laws, digitisation of revenue collection processes, and efforts to improve transparency and accountability.
It assured that steps are already being taken to address the IMF’s recommendations on fiscal reporting, budget transparency, and data reconciliation through improved coordination among institutions and stronger public financial management systems.
The government stated that the IMF’s medium-term outlook for Nigeria remains positive, with projections of economic growth above four per cent, stronger external reserves, rising investments, and improved fiscal revenues.
It noted that public debt has declined relative to GDP, while reserve buffers have strengthened significantly, developments that complement recent sovereign credit rating upgrades and reflect the growing resilience of the Nigerian economy.
The FG reaffirmed its commitment to maintaining macroeconomic stability, accelerating inclusive growth, deepening structural reforms, improving the investment climate, and creating jobs.
While acknowledging that challenges remain, it maintained that the reforms are building a stronger economic foundation aimed at delivering lower inflation, higher incomes, greater economic opportunities, and an improved quality of life for Nigerians.
