The Federal Government said it welcomed the International Monetary Fund’s (IMF) latest assessment of Nigeria’s economy.
In a statement on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the assessment validates the economic reforms introduced under President Bola Tinubu and confirms that Nigeria is on a stronger path to growth and stability.
According to the minister, the IMF’s 2026 Article IV Mission Concluding Statement shows that reforms implemented over the past three years have strengthened macroeconomic stability, improved investor confidence and enhanced Nigeria’s resilience to external shocks.
“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,” Oyedele said.
According to him, the IMF highlighted improvements in the foreign exchange market, stronger external reserves, fiscal and revenue reforms, banking sector resilience and broader macroeconomic stability.
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The government also welcomed the IMF’s recognition of key policy measures, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation and stronger fiscal discipline.
“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before,” Oyedele said.
He noted that despite economic pressures arising from the conflict in the Middle East, including higher energy and food prices, Nigeria has remained resilient.
According to him, the IMF stressed that the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have stayed broadly stable and investor confidence has been preserved.
The minister noted that Nigeria is well-positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues and increased foreign exchange inflows.
He hinted that efforts would continue to increase crude oil production, expand refining capacity, boost gas exports and attract fresh investment into the energy sector.
While acknowledging the IMF’s positive assessment, the federal government admitted that poverty and food insecurity remain significant challenges.
“Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians,” Oyedele said.
He said the government would continue to strengthen social intervention programmes, including cash transfers to vulnerable households, support for small businesses, student loans, consumer credit initiatives and healthcare investments.
The government also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms, including new tax laws, digital revenue collection and greater transparency.
The IMF projects economic growth above four per cent, rising investment, stronger fiscal revenues and improved external reserves.
The government said these projections, alongside recent sovereign rating upgrades, reflect the growing resilience of the Nigerian economy.
“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 all Nigerians,” Oyedele added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X