By Esther Ososanya
The International Monetary Fund (IMF) has commended Nigeria’s monetary and fiscal authorities for implementing critical reforms that have boosted macroeconomic stability and driven down inflation to 23 percent.
In its Article IV report released Tuesday, the IMF said Nigeria’s Central Bank maintained an appropriately tight monetary policy stance and urged it to stay the course until disinflation is fully entrenched.
The Fund praised recent reforms in the foreign exchange market, noting that enhanced price discovery and liquidity have helped stabilise the naira and restore investor confidence.
The IMF also applauded the discontinuation of deficit monetisation and the ongoing recapitalisation of the banking sector.
It endorsed the central bank’s drive for financial inclusion and capital market expansion while stressing the need for risk-based supervision in areas such as mortgage and consumer lending, fintech, and crypto operations.
The report highlighted Nigeria’s improved foreign reserves position, strong current account surplus, and increased portfolio inflows.
It noted that real GDP growth hit 3.4% in 2024, driven by higher oil output and a vibrant services sector. The IMF projected medium-term growth to hover around 3.5%, supported by a new domestic refinery and continued reform momentum.
Poverty, Food Insecurity Still a Concern
However, the IMF warned that rising poverty and food insecurity remain pressing challenges. It urged the government to intensify efforts to ensure inclusive growth, tackle agricultural productivity issues, and strengthen social safety nets.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.