The Federal Government has welcomed the latest assessment of Nigeria’s economy by the International Monetary Fund, describing it as an independent validation of the economic reforms introduced by the administration of President Bola Ahmed Tinubu.
In a statement issued on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF’s 2026 Article IV Mission Concluding Statement acknowledged significant progress in strengthening Nigeria’s macroeconomic stability and resilience.
According to the minister, the IMF noted that reforms implemented over the past two and a half years have improved foreign exchange market operations, strengthened external reserves, enhanced fiscal management, and reinforced confidence in the banking sector.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth,” the statement said.
The government said the IMF specifically recognized the impact of key reforms, including the removal of fuel subsidies, the end of deficit monetisation, the liberalisation of the foreign exchange market, and efforts to improve fiscal discipline.
“The Government is particularly encouraged by the IMF’s recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have contributed significantly to reducing vulnerabilities and rebuilding confidence in the economy,” Oyedele stated.
The minister also highlighted the IMF’s assessment that Nigeria is better positioned to withstand global economic shocks, including disruptions arising from the ongoing tensions in the Middle East.
Despite rising global energy prices and supply chain challenges, the IMF observed that Nigeria has maintained relative stability, with the foreign exchange parallel market premium remaining below five percent and investor confidence largely intact.
“The IMF further noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows,” the statement added.
On poverty and food security, the Federal Government acknowledged the IMF’s concerns, while emphasizing that economic growth must lead to improved living standards for Nigerians.
“While progress is being made in terms of per capita income growing by nearly 10 percent in 2025, indicating marked reduction in poverty levels, we are mindful that macroeconomic stability, while necessary, is not sufficient on its own. Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians,” Oyedele said.
The minister noted that the government is expanding social intervention programmes, including direct cash transfers, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and livelihood support schemes.
He also pointed to ongoing investments in agriculture through the Renewed Hope National Agricultural Mechanisation Programme, aimed at boosting productivity, expanding irrigation, 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, revenue collection digitisation, and enhanced fiscal transparency.
According to the statement, Nigeria is already implementing measures to improve fiscal reporting, strengthen data integrity, and deepen accountability in public finance management.
Looking ahead, the IMF projects economic growth above four percent over the medium term, supported by stronger reserves, rising investments, and improved fiscal revenues.
“While challenges remain, the direction is clear and the foundations are stronger. The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for every Nigerian — lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life,” the minister said.
The Federal Government reiterated its commitment to sustaining economic reforms, maintaining fiscal discipline, improving the investment climate, and promoting inclusive growth across the country.