FG Welcomes IMF Endorsement, Vows To Sustain Economic Reforms

Federal Government says IMF backing validates reforms and strengthens confidence in Nigeria’s economic recovery and resilience.

The federal government has welcomed the International Monetary Fund (IMF) 2026 Article IV Mission Concluding Statement on Nigeria, expressing a resolve to sustain the current economic reforms.

While noting the Fund’s overall positive assessment of the country’s reform programme.

The Minister of Finance and Coordinating Minister of the Economy, Mr.Taiwo Oyedele said in a statement that the IMF report provided “further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth.”

Citing the multilateral institution’s report on the country, Oyedele said the IMF observed that reforms implemented over the past three years have yielded improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks.”

The Fund, he noted, specifically highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and growing macroeconomic stability.

“These developments affirm that Nigeria is moving in the right direction and is better positioned to withstand global economic uncertainties than at any time in recent years.

“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.

“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.

The recent conflict in the Middle East has created new challenges for economies around the world through higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains.

“While these developments present inflationary pressures, the IMF acknowledged that Nigeria has demonstrated notable resilience. Despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five percent, sovereign spreads have remained broadly stable, and investor confidence has been preserved.

“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 minister said.

According to him, the federal government remains focused on translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas production and exports, and attracting new investments across the energy value chain.

The government, he explained, acknowledged the IMF’s observation that poverty and food insecurity remain significant challenges

The minister stated that while progress is being made in terms of per capita income growing by nearly 10 per cent 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, he admitted.