By Business Desk
The Federal Government has welcomed the latest assessment by the International Monetary Fund (IMF), describing it as a strong validation of ongoing economic reforms under President Bola Ahmed Tinubu.
The position was contained in an official statement signed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
According to the IMF 2026 Article IV Mission Concluding Statement on Nigeria, the country’s reform programme continues to strengthen macroeconomic stability, improve investor confidence, and enhance resilience against external shocks.
The Fund noted that key policy measures implemented over the past two and a half years have begun to yield positive results, including improved foreign exchange market functioning, stronger fiscal discipline, and a more resilient banking sector.
Government officials said the report confirms that Nigeria is now better positioned to withstand global economic uncertainties compared to previous years.
The IMF specifically highlighted major reforms such as the removal of fuel subsidies, liberalisation of the foreign exchange market, elimination of deficit monetisation, and ongoing fiscal consolidation efforts, which it said have reduced economic vulnerabilities.
Despite rising global risks, including energy price shocks linked to geopolitical tensions, the Fund noted that Nigeria has demonstrated resilience, with indicators such as the foreign exchange parallel market premium and sovereign spreads remaining relatively stable.
It added that Nigeria stands to benefit from higher global energy prices through improved export earnings, stronger fiscal revenues, and increased foreign exchange inflows.
On social impact, the IMF acknowledged that while progress has been recorded, poverty and food insecurity remain major concerns, stressing the need to ensure that macroeconomic gains translate into improved living standards for citizens.
In response, the Federal Government said it is expanding social protection programmes, including conditional cash transfers, small business support schemes, student financing through the Nigerian Education Loan Fund (NELFUND), healthcare interventions, and consumer credit initiatives.
In agriculture, the government disclosed ongoing investments in mechanisation, irrigation, and value-chain development under the Renewed Hope National Agricultural Mechanisation Programme aimed at boosting productivity and food security.
The IMF also commended Nigeria’s progress in revenue mobilisation, tax reforms, and public financial management reforms, noting improvements in transparency and digitisation of revenue systems.
It recommended further strengthening of fiscal reporting and budget transparency, while the government said reforms are ongoing to improve data integrity and coordination among fiscal institutions.
The IMF projected continued economic growth above four per cent in the medium term, alongside rising investment inflows, improved external reserves, and stronger fiscal revenues.
It also noted a decline in Nigeria’s debt-to-GDP ratio and improved reserve buffers, describing the developments as signs of strengthening economic resilience.
The Federal Government reaffirmed its commitment to sustaining reforms aimed at macroeconomic stability, inclusive growth, job creation, and improved investment climate.
It said the ultimate objective of the reforms is to ensure tangible improvements in citizens’ welfare, including lower inflation, higher incomes, better employment opportunities, and improved quality of life.